Crime Insurance and its coverages

7.10.2021
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Crime Insurance is a type of Insurance Coverage that helps protect any business from Employee Dishonesty, robbery, burglary, or Forgery. Crime Coverage can be part of a commercial package insurance policy or can be taken separately.

Most of the time companies forget to purchase any coverage against the crime. But seriously, Crime Insurance is more trustworthy than any senior staff or employee.
Crime Insurance
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Crime Insurance Include different type of coverages that are listed below:

Computer Frauds: Computer frauds mainly cover money, securities, and property. In this coverage, any fraudulent activity related to the computer can be covered which may include funds transfer of Insured property to another person. This coverage is also known as ISO Commercial crime coverage.
Crime Insurance 1
Employee Dishonesty: In this coverage, any dishonest activity of the employee is covered. This includes any type of employer. In this coverage, multiple opportunities for employee dishonesty are covered which may consist of the ordering of supply and parts and so on.
Crime Insurance 2
Forgery and Alteration: If a person forges a signature on a check or another monetary instrument to get the money that may belong to the insured.
Crime Insurance 3
Lessees of Safe deposit Boxes: This Coverage usually covers the insured’s safety deposit boxes that may belong to the specific location. If there is any loss of security caused by theft, disappearance, and destruction while loss of property due to burglary, robbery, and vandalism, this coverage comes into use.
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Robbery and Safe Burglary: This coverage usually covers the securities inside the insured premises and banking premises. If there is any robbery, this coverage helps to cover up the expense. To the most expensive theft, disappearance, and destruction coverage, this coverage is an alternative.
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Securities deposited with others: This coverage mainly covers the securities which are inside the custodian premises, while being transported by the custodian or being deposited in a depositary that is caused by theft and destruction. Those securities that are kept outside should be considered in this coverage.

Premises Burglary (Other than money and securities): This coverage usually covers the property, other than money and security. In these premises, Loss caused by robbery and burglary can exist.
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Coverage Provisions:

  • A crime insurance policy can be written based on “named perils” which means any loss must fall under the crime specified categories in the policy to trigger coverage.
  • For commercial crime policies, a limit is applied separately to each and every loss.
  • Here, deductibles can apply separately to each loss. If a series of acts are done by the same person or same group of people that are deemed a single loss.

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