Crime Policy

• Coverage Scope: The policy typically covers a wide range of criminal acts that can result in financial loss to a business. These include employee theft, embezzlement, burglary, robbery, forgery, computer fraud, funds transfer fraud, counterfeit currency, and more.
• Employee Dishonesty: Protection against losses caused by employee dishonesty is a key focus of this policy. This includes theft of money, securities, or property committed by employees or authorized individuals within the organization
• Types of Coverage: Different types of coverage are included under the Crime Policy.
• Employee Theft Coverage: Protects against losses resulting from theft committed by employees.
• Forgery or Alteration Coverage: Covers losses due to forged or altered documents, including checks, money orders, or credit instruments.
• Computer Fraud Coverage: Protects against losses resulting from unauthorised access, hacking, or fraudulent computer transactions.
• Funds Transfer Fraud Coverage: Covers losses resulting from fraudulent funds transfers conducted by hackers or unauthorized individuals.
• Extortion Coverage: Provides coverage for losses resulting from threats of extortion.
• Policy Limits and Deductibles: These policies have specified limits of liability, which represent the maximum amount the insurer will pay for covered losses. There are also deductibles, which are the amounts that the insured business must pay out of pocket before the insurance coverage applies.
• Customisation: These can be customised based on the specific needs and risks of a business. Coverage limits, deductibles, and specific crime coverages can be tailored to the organization's requirements.

Crime policies are essential for businesses of all sizes and industries to protect themselves against financial losses resulting from criminal activities, since they provide financial safeguards, help mitigate risks, and offer peace of mind in the event of theft, fraud, or other criminal acts.

Note: Businesses need to carefully assess their crime risks and work with an insurance professional to select the appropriate coverage and policy terms for their specific needs.