Crime Insurance

Remember “claims made” policies? Crime insurance has a similar discovery form. A loss sustained form accompanies this. Why two forms? Because employee-related crimes are silent crimes. Silent crimes are ones that may take place over a long period of time. They’re often difficult to discover. The discovery form covers you for undiscovered employee crimes, even if they occurred before the policy began. The ISO program allows crime coverage to be a separate crime policy. Or it can be a coverage part to join your other property coverage. Seven types of crime coverage are offered. You may take one, several, or all seven. The seven are: 

1. Employee Theft 
2. Forgery or Alteration 
3. Inside the Premises - Theft of Money & Securities 
4. Inside the Premises - Robbery or Safe Burglary of Other Property 
5. Outside the Premises 
6. Computer Fraud 
7. Money Orders and Counterfeit Paper Currency Employee Theft covers loss or damage to money, securities and other property. You’re covered whether an employee acted alone or with others. Forgery or Alteration covers checks, drafts, promissory notes and similar items regarding the payment of a sum of money. The insurer pays your defense costs in addition to the dollar limits of your coverage. Inside the Premises - Theft of Money & Securities covers theft, disappearance and destruction. Damage to the premises caused by an actual or attempted theft is covered. So is loss or damage to a locked safe, vault, cash register, cash box or cash drawer. Vandalism, if not related to a theft attempt, is excluded.