Crime insurance is never one-size-fits-all. Companies have wildly different exposure levels to potential criminality, with so many different factors at play.
That’s why it pays to get an experienced broker to review your unique situation. Often we choose different policy elements from different suppliers, building them into a package that accurately caters for your real needs – including the all-important requirement to be highly cost-effective.
What does Crime insurance cover?
A good crime policy is more comprehensive than a traditional fidelity guarantee policy as it covers direct financial loss caused by fraud and dishonesty by:
• non-employees (criminal actors)
It will also cover loss perpetrated over an extended period of time but discovered during the policy period.
Crime insurance helps with crimes related to:
- Computer fraud
- Funds transfer
- Counterfeit currency fraud
- Credit card fraud
Social engineering cover – many policies miss this
Social engineering is a modern crime that takes advantage of our increasing reliance on technology.
For example, a criminal actor can use deception to manipulate an employee to make a payment from your company into an offshore account. Many buyers think that will never happen to me. But it does happen, frequently.
Many policies won’t cover this, because the payment has been made legitimately - in the bank’s eyes, it’s real. We can make sure you are covered.
Scenarios where robust crime insurance is important
• Crimes where an employee is in collusion with a third party
• Situations where losses have taken place over a long period of time, but only discovered during the policy period
• Cyber crime