90% Of all theft losses of significance involve employees, often long-term employees that have located a weakness in the business, a gap, perhaps, in its internal control and processes that can be exploited. The variety of schemes used by dishonest employees continues to grow as does the technology that touches nearly every aspect of businesses and grows your exposures in ways never before imagined.
Crime insurance, also at times known as fidelity insurance, is used to manage and address loss exposures resulting from a variety of criminal acts such as robbery, burglary and other types of theft including employee theft. Crime related loss exposures can vary significantly among businesses and often require special underwriting skills. The agents at SHBG can assist you and represent the world’s leading crime insurers.
Crime insurance is written mostly on a separate Commercial Crime Insurance contract. Commercial crime insurance can cover money, securities and other property against a variety of criminal acts, such as employee theft, robbery, forgery, extortion and computer fraud.
A common, standard, Commercial Crime policy can include a number of coverage sections, called insuring agreements, and these can include:
1. Computer fraud
2. Employee Theft
3. Forgery or Alteration
4. Funds Transfer Fraud
5. Inside the Premises – theft of money and securities
6. Inside the Premises – robbery or Safe burglary of other property
7. Money Orders and Counterfeit money
8. Outside the Premises
9. Third Party Coverage