Crime Insurance

A crime insurance policy that is designed to meet the needs of organizations other than financial institutions (such as banks). A commercial crime policy typically provides several different types of crime coverage, such as:

Employee dishonesty coverage sometimes referred to as fidelity coverage provides coverage for employee theft of money, securities, or property.

Forgery or alteration coverage provides coverage for loss due to dishonesty in writing, signing, or altering checks, bank drafts, and other financial instruments.

Computer fraud coverage, sometimes called funds transfer fraud coverage, covers against theft of money, securities, or property by using a computer to transfer covered property from the insured’s premises or bank to another person or place.

Kidnap, ransom, or extortion coverage, referred to as  K&R insurance policies typically cover the perils of kidnap, extortion, wrongful detention, and hijacking. K&R policies are indemnity policies meaning the insured is reimbursed for the loss after they pay the initial loss.

Theft Disappearance destruction (money securities coverage) insures against loss by theft, disappearance, or destruction of the insured’s money and/or securities inside the insured’s premises as well as outside the insured’s premises while in the custody of a courier.

Money orders and counterfeit money coverage is the insuring agreement that covers money or money orders accepted in good faith in exchange for goods, money, and services, that are found to be fraudulent and/or in the case of the money order is not accepted by issuer.

Fiduciary liability covers civil damages and legal fees as a result of lawsuits against pension benefit administrators that are accused of not acting in accordance with the Employment Retirement Income Security Act (ERISA) of 1974.