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
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
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Funds Transfer Fraud
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 By this time, the money wired from the insured to the fraudulent account had been withdrawn.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
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Welfare and Pension Plan ERISA Compliance
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