Most 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 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.
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, which are
- Computer fraud
- Employee Theft
- Forgery or Alteration
- Funds Transfer Fraud
- Inside the Premises – theft of money and securities
- Inside the Premises – robbery or Safe burglary of other property
- Money Orders and Counterfeit money
- Outside the Premises
- Third Party Coverage