Single or Multiple Occurrences

 

Insured picked up money from multiple business locations and while in his possession, the vehicle was broken into and the money taken. The policy has crime form CR 00 21 05 06. It includes crime outside of the premises, agreement 5 with a $10,000 limit and a $2,500 deductible. This was a one-occurrence theft and we paid the limit of $10,000. The entire loss was over $76,000 and the insured is making a claim for the remaining $66,000. We believe as this was one occurrence, then one limit of $10,000 is owed for the entire loss as policy language indicates. Insured thinks there is a $10,000 limit for each location regardless of the single occurrence. What is the correct answer?

Arkansas Subscriber

The money was stolen one time from one location, even though the insured had gathered the money from various locations. The loss is one occurrence. Had there been a theft from each location that the insured was at every time he stopped, that would be multiple occurrences. You are correct in paying for one occurrence as that is what it was.

 

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