Crime

Crime insurance is one of the most overlooked aspects of the typical insurance program.

Unfortunately, we have seen it happen all too often. A business owner declines to purchase crime coverage because they trust their team. Only to find out later that a “loyal” employee was stealing from them the whole time.

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Coverage Types

Employee Dishonesty
Employee Dishonesty coverage will reimburse the employer for losses sustained resulting from the dishonest acts of the insured’s employees. The acts must cause the insured to sustain loss, and the employee to obtain a financial benefit.

Claim Scenario: Trusted Employee Steals Up To $300,000 From Company Inventory

Sure, Pete knew something was amiss with his cash flow. His sales numbers were good, but he was not able to achieve the bottom line profits that he believed should be there. He scoured through his expenses and confirmed all the sales numbers. It wasn’t until he noticed that his inventory wasn’t lining up that he came to the realization that an employee was stealing large sums of product from him.

I’m not asking you to view every employee with suspicion, but as former President Ronald Reagan used to say of the former Soviet Union “Trust but verify.”

Forgery and Alteration
This coverage will pay for loss resulting from forgery or alteration of, on or in any check, draft, promissory note, or similar written promise, order or direction to pay a sum certain in money, made by or drawn upon by you, or made or drawn by one acting as your agent or claiming to have been so made or drawn.
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Funds Transfer Fraud
We will pay for loss of funds resulting directly from a fraudulent instruction directing a financial institution to transfer, pay or deliver funds from your transfer account.

Claim scenario: Unauthorized Instruction to Transfer Funds

I just read an interesting case in which an insured, who operates within the continental United States, received an email from his well known supplier in another country, stating that instead of transferring payment to the usual account payment should be transferred to a different account. The email received was from the same email address used by the supplier in previous communications. The insured responds to the email requesting his contact to please send these instructions formally by letter, signed and sealed. The contact provides the letter, with the same signature, letterhead and seal as always and sends this letter scanned by email to the insured. The insured proceeds then to transfer the payment to the new account. The insured later learns that the account does not correspond to his suppliers and that somehow his supplier’s IT department was hacked and the email and letters received were fraudulent and did not originate from the supplier but from someone else. By this time, the money wired from the insured to the fraudulent account had been withdrawn. The question posed is would this be covered under the crime policy?

Money and Securities
This coverage form will pay for loss of Money and Securities used in your business while at a bank or savings institution. The loss must occur within your living quarters or the living quarters of your partners or an employee having use and custody of the property, at the described premises, or in transit between any of these places, resulting directly from the theft, disappearance or destruction of the property.
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Welfare and Pension Plan ERISA Compliance
The Pension Reform Act of 1974 states that the fiduciaries of a pension or profit sharing fund are required to post a bond for 10% of the amount of funds handled. This form brings the fund into compliance with that required of the Employee Retirement Income Security Act.
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