Crime Insurance
What is Crime Insurance?
What is Crime Insurance?
Crime Insurance is a form of risk management that protects the loss exposures resulting from criminal acts. Crime is one of the top causes of loss for modern businesses. Crime Insurance can protect your business from both first party risks and third party accusations of crime arising from your business. First party coverage is insurance for direct losses to the business from a covered criminal act. Third party coverage is for accusations from others that a criminal act related to your business caused a loss. A common circumstance is an accusation of theft by your employee of another's property.
This kind of business insurance includes 8 Insurance Service Office (ISO) insuring agreements:
Alteration or Forgery
Employee Theft
Theft of securities and money inside the business premises
Safe burglary or robbery inside the business premises
Theft outside the premises
Funds transfer fraud
Computer fraud
Counterfeit money and Money Order fraud
Many businesses purchase crime insurance that allows them to file claims for employee theft or other offenses with the potential to cause financial ruin. Because crime insurance loss exposures can vary significantly among policyholders and require special underwriting skills, insurance companies prefer to insure certain types of crime insurance loss under separate Commercial Crime Insurance forms. These forms allow organizations to cover crime losses that are not insured under other insurance policies (CGL).
Briefly described, commercial crime insurance covers money, securities and other property against a variety of criminal acts, such as employee theft, robbery, forgery, extortion and computer fraud. Many of our insurance companies use Insurance Service Office's commercial crime forms. The ISO Commercial Crime Coverage form includes these eight insuring agreements: Employee Theft Forgery or Alteration Inside the Premises - theft of money and securities Inside the Premises - robbery or Safe burglary of other property Outside the Premises.
Want a Free Crime Insurance Quote?
Grow Green Insurance offers unique crime insurance liability solutions such as:
• Specialty carriers for every industry
• Preferred pricing through partnered relationships
• “Pay What You Want” in Broker Fees