Under crime coverage, which term is used for the point in time when the insured first becomes aware that a loss occurred?

In the context of crime coverage, the term used to describe the moment when the insured first becomes aware that a loss has occurred is "discovery." This concept is crucial because it triggers the start of the claims process and determines the timing of coverage under the policy.

Understanding this term is important as it affects when a claim can be made. Unlike terms that may refer to the actual event of the loss (occurrence) or the process of informing the insurer (notification), "discovery" specifically highlights the insured's awareness and realization of the loss. This distinction is significant for insurance policies as coverage may depend on when the insured discovers the loss, instead of when it happened.