What is Commercial Crime Insurance?
Crime is a serious exposure for both individuals and businesses. Crime exposures can vary significantly among different types of insureds and often require specialized underwriting skills. Insurers have developed specialized commercial crime insurance forms that allow an organization to cover many crime exposures that are either not covered or excluded under its other insurance coverages.
The commercial crime form and policy includes eight insuring agreements:
- Employee Theft
- Forgery or Alteration
- Inside the Premises – Theft of Money & Securities
- Inside the Premises – Robbery or Safe Burglary of Other Property
- Outside the Premises
- Computer Fraud
- Funds Transfer Fraud
- Money Orders and Counterfeit Money
The most commonly written coverage is for “employee dishonesty”, which is, briefly, theft of an employer’s property by its own employee or employees. Crime coverage, being highly specialized coverage, requires specialized applications which we will provide to you upon your request.