While policies can vary, the following are usually not covered by crime insurance: The consequences of any of the above crimes can be financially devastating for businesses and result in serious reputational damage, making crime insurance an essential part of a company`s arsenal. In addition, the Employee Retirement Income Security Act, 1974 (ERISA) requires that any person handling funds from an eligible benefit plan be tied, a feature typically included in a commercial crime policy. To help policyholders develop strong evidence of loss, many policies offer their clients some coverage to engage court accounts or lawyers. Marsh Risk Consulting`s forensic accounting and claims services practice can help policyholders develop their proof of loss, which could greatly improve a company`s recovery under a crime insurance policy. Commercial crime insurance provides protection against financial losses related to business-related crimes, including employee theft, counterfeiting, robbery, and electronic crime. While strong internal protocols can help a company avoid fraud, dishonest employees and external scammers can bypass the security of even the best-run companies and companies with the most robust controls, resulting in potentially significant financial losses. While employees remain the biggest concern for organizations, a crime insurance policy generally also covers losses caused by certain actions of non-employees, including: Crime coverage may vary from insurer to insurer, but policies generally share the following characteristics: As a general rule, the insured should notify the insurer in writing as soon as possible, but no later than 30 to 60 days after discovery. Right. As a general rule, the insured must provide proof of loss within four to six months of the discovery. Although most insurers are willing to grant extensions for the presentation of evidence, the burden of proof to cover damages lies exclusively with the insured. Corporate crime insurance policies offer coverage in two scenarios: policyholders must complete a complete quote form to help an insurer understand the risks the business faces.
This form usually requires policyholders to provide information about: There are two cases that trigger the discovery of damage:. .