Our insured carries employee dishonesty coverage under forms CR 00 01 and CR 10 00, both 10/90 editions. The insured owns and places video game machines in various establishments. Periodically, an employee will go to the establishments to collect the money from the machines. The insured pays the establishments a percentage of the take after it is removed from the machines and counted. Only the insured's employees have access to the money in the machines.

One of the insured's employees went to several establishments, took the money out of the machines, and then walked off with it. No part of the money was given to the establishments before the employee took off with it.

The insurer wants to pay only for the percentage of money the owner of the machines is entitled to through its agreements with the establishments in which the machines are placed. We believe the entire amount of money stolen should be paid under the employee dishonesty policy. What is your opinion?