This coverage is used to insure against loss of money, securities or other property belonging to you, or for which you are liable, that is caused by employee dishonesty. Please note, coverage does not include inventory shortage unless you can prove that the loss was sustained through dishonest acts of employees.

LOSS OF CLIENTS' PROPERTY

This coverage is used to insure against loss of money, securities or property sustained by your "clients" through any fraudulent or dishonest act of an "employee" acting alone or in collusion with others while acting within the scope of his/her employment.

Please note that if they were not acting in the scope of their employment it would be THEFT. Our Repossessed Property Coverage provides coverage for theft (other than money and securities). Money & Securities coverage for non employees is a separate coverage.

"Client" means a grantor of credit who contracts with you to repossess certain collateral for which the said client holds a secured interest.

"Employee" in addition to General Definitions in the policy shall include Independent Contractors subject to your direction and control and performing services for you.

"Money & Securities" shall mean funds collected on behalf of said client.

"Property" shall mean repossessed vehicles or any tangible property other than "Money & Securities" having intrinsic value.

No claim or loss shall be recognized if such notice is not given within 6 months of the date of repossession by the insured or sale of chattel by the insured.