Crime Insurance
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Product Summary
Crime coverage protects against the loss of money, securities and other property due to theft, forgery and other criminal acts.
What's Covered?
A Crime policy can have several insuring agreements for specific coverage sections. Employee Theft covers losses to money, securities and other property unlawfully taken by an employee(s). Forgery and Alteration coverage applies to the forgery or alteration of checks by outsiders (i.e., not an employee or named insured). Theft of Money and Securities coverage pays for the loss of money and securities from inside the insured premises. Robbery or Safe Burglary of Other Property coverage is for property other than money and securities having intrinsic value; the act must occur inside the premises.
Outside the Premises coverage is for the theft, disappearance and destruction of money and securities while outside the premises and in the custody of a messenger or armored car service. Computer Fraud covers money, securities and other property fraudulently transferred by computer from the insured premises or banking premises. Funds Transfer Fraud provides coverage for the loss of funds resulting directly from a fraudulent instruction directing a financial institution to transfer, pay or deliver funds from the insured's account. Money Orders and Counterfeit Money covers counterfeit money accepted in good faith in exchange for purchases.
What Isn't Covered?
Any theft or dishonest act of the Named Insured, either committed alone or with an employee, is not covered. Other typical exclusions include inventory shortages, mathematical/accounting errors, loss of income as a result of not being able to use money, securities or other property.
What Affects the Cost of the Policy?
The premium is based on a variety of factors, including the number of employees and number of premises.