Voluntary Parting Exclusion Blocks Coverage for Loss of Money

We insure a dentist. The potential applicable forms are the CP 00 10 04 02, CP 10 30 04 02, and CR 00 20 05 06. The doctor hired a licensed sider to reside the office and paid him $8,000. The sider ordered supplies and some work was done. However, before completion, the sider left the state without paying the siding supplier and his employees. Now the insured is looking for coverage. I do not think the crime policy will cover this as the sider, being a business entity, does not meet the “any natural person” definition of an employee. But is it excluded on the building and personal property form? Under Property Not Covered in the CP 00 10 04 02, 2. a., would this be considered 'accounts, bills, currency…or other evidences of debt, money? If that ends it, fine, but if not, what about under CP 10 30 04 02, exclusions, 2. h. & 2. i.? If “property” means money, do these apply? Or, is this incident covered?

New Hampshire Subscriber

It is our opinion that this would fall under the voluntary parting exclusion on the CP 10 30. The insured gave the money freely to the sider. The sider did not fulfill his contract, which then becomes a legal dispute, but there wouldn't be coverage under the CP 00 10. You are correct that the sider also would not be considered an employee under the CR 00 20.

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