What are some of the limitations in the AICPA employee dishonesty endorsement?
• Coverage is limited to employees doesnt cover partners or owners • Employee dishonesty is limited to dishonest acts committed by an employee. There is no coverage for theft against you by a non-employee • No coverage for money or securities in transit with an employee or armed motor vehicle. • No coverage for robbery, theft, disappearance or destruction at banking premises or in transit. • Coverage for losses on property owned or held by your clients on their premises while your employees are performing services is limited to property other than money or securities. • Legal expenses are excluded for any cause or loss • No coverage for computer fraud, transfer fraud by non-employees • No option for coverage under ERISA How are prior acts covered? The AICPA plan employee dishonesty endorsement is limited to a loss sustained basis. A loss must be sustained through acts committed or events occurring during the coverage period or extended reporting period. (No later than one year) Stand a
