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palletcentral.com PalletCentral • September-October 2016 39 difference lies within the coverage triggers, which is similar in concept to occurrence and claims-made coverage triggers in liability policies. For example, under an occurrence policy, the occurrence of injury or damage is the trigger. To identify which crime form your company has, let's take a look at how it is stated in an ISO Insuring Agreement. Discovery Form ISO Commercial Crime Policy (example) reads: "A. Insuring Agreements … applies to loss that you sustain resulting directly from an "occurrence" taking place at any time which is "discovered" by you during the Policy Period shown in the Declarations or during the period of time provided in The Extended Period to Discover Loss Condition E.1.j." The discovery form key words are "... loss ... discovered during the Policy Period ... or in the Extended Period to Discover Loss Condition." In a Loss Sustained Form ISO Commercial Crime Policy (example), we can begin to see the difference when its trigger is defined as: "A. Insuring Agreements … applies to loss you (insured) sustain resulting directly from an "occurrence" taking place during the Policy Period shown in the Declarations, except as provided in Condition E.1.o. or E.1.p., which is "discovered" by you during the Policy Period in the Declarations or during the period of time provided in the Extended Period to Discover Loss Condition E.1.j. The key phrases to consider are "occurrence taking place during the policy period" and "which is discovered by you during the policy period"…"or the Extended Period to Discover Loss Condition." What Does This Mean? Which Form Is Better ? You buy insurance to be protected for the unknown; however, the "fine print" of insurance policies can actually differ from what you think they mean. Thus, if you are looking for the broadest protection on your crime policy, it is important to have a loss discovered form, not loss sustained. Be sure to discuss these terms and any potential scenarios with your insurance provider to get proper crime coverage for your business. PC Dennis P. Bilancia LIC, AAI, AIS, is Vice President/Account Director, Property & Casualty Division at Marsh & McLennan Agency. Dennis focuses on insurance services for the wood packaging industry and recognizes the challenges, and the need for a proactive approach to reducing claims. Dennis can be reached at 734-525-2420 to answer any questions or pro- vide an in-depth review of an existing insurance program.