Insurance Against Crime
Any commercial operation is a potential victim of crime, whether it’s a third party stealing from you or a dishonest employee. It may be surprising to you that recent studies indicate that almost 25% of business have suffered some form of employee dishonesty.
A Crime Insurance policy can provide coverage for the following scenarios:
- Employee Theft: Losses of money, securities and other property cause by theft or forgery by an employee.
- Premises cover: Losses sustained due to the destruction, disappearance or abstraction of money and securities within or from the Insured’s premises by third parties.
- In Transit cover: Losses sustained due to the destruction, disappearance or abstraction of money and securities outside the Insured’s premises by a third party, while being conveyed by the insured or any authorized person.
- Forgery cover: Losses resulting from instruments which have been fraudulently drawn upon the company’s accounts by a third party.
- Computer Fraud cover: Losses resulting from the unlawful taking or fraudulently induced transfer of money, securities or property through the use by a third party of a computer network and facilities either owned and operated or leased and operated by an Insured.
- Funds Transfer Fraud cover: Losses sustained by an Insured resulting from fraudulent instructions issued to a financial institution by a third party directing them to transfer or pay or deliver money or securities from the Insured’s bank account without the Insured’s knowledge and consent.
- Counterfeit Currency Fraud cover: Losses sustained by the Insured where the insured accepts in good faith and in the ordinary course of business either counterfeit currency or a postal or money order supposedly issued by the post office but not paid upon presentation.
- Credit Card Fraud cover: Losses sustained by an Insured resulting from the forgery or alteration of any written instruction by a third party, required in connection with any credit card issued to an Insured to any employee or partner of an Insured that is a partnership.
- Client cover: Losses sustained by a client resulting from theft fraud or dishonesty by an employee not in collusion with the client’s directors or employees.
- Expense cover: covers investigative costs or computer violation expenses incurred in establishing the existence and amount of any direct loss in excess of the deductible.