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Crime Insurance Policy

According to statistics, about 90% of company fraud is carried out by a company’s own employees, usually by its managers and supervisors. Companies generally opt for Business Crime Insurance policy to ensure protection from losses resulting from business-related crime when a company is victimized by someone perpetrating embezzlement, forgery, robbery, securities theft. Crime Insurance provides protection can cover merchandise, money or other property loss. Fortunately, this only happens in minor cases such as company separation, which can be emotionally devastating and financially crippling, company restructures which breed resentment with new bosses, frustration with career prospects, looming retirement date and pension worries or even boredom. With Commercial Crime insurance, as an employer, you can make sure your business is protected against any dishonest acts of your employees including damage to your property, fraud or theft of a client’s property.
Coverage
Employee Theft Coverage: Loss of money, securities or other property by theft or forgery by an identifiable employee of the insured.
Premises Coverage: Losses from destruction, disappearance, wrongful abstraction or computer theft of money or securities from the insured’s premises by third parties.
Transit Coverage: Losses from destruction, disappearance, wrongful abduction of money or securities outside the Insured’s premises by a third party, while being conveyed by the insured, an armored motor vehicle company or any person authorized by the insured.
Depositors Forgery Coverage: Losses from instruments such as cheque fraudulently drawn on the insured’s accounts by a third party.
Computer Fraud Coverage: An extension to cover losses sustained by the Insured due to computer fraud by a third party including cover for expenses incurred by the insured due to a computer violation.
Major Exclusions
Losses due to war, civil war, insurrection, rebellion, revolution, military action or governmental intervention.
Loss involving the cost of reproducing any information contained in lost or damaged manuscripts, records, accounts, etc.
Loss of income.
Loss of trade secrets.
Fees or expenses in prosecuting or defending any legal proceedings.
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