A local commercial bank purchased a Commercial Crime Coverage Form with Inside the Premises--Theft of Money and Securities Coverage. There is a limit of $250,000 and a deductible of $10,000. A burglar entered the bank while it was closed, broke into the safe, and stole $224,000. It cost $30,000 to repair the damage to the safe. The bank submitted a claim for $254,000. How much is the insurance company obligated to pay the bank?

Answer rating: 100% (QA)

The insurance company is obligated to pay the bank 244000 Heres the breakdown Coverage ... View the full answer