(800) 869-8643

admin@hayesbrokers.com

Crime Insurance: The Basics

Crime Insurance: The Basics

When you think of a crime being committed at your business, the first thing you probably think of is a theft. The good news: your Special Form including Theft property policy covers theft. The bad news? It doesn’t cover other types of crime. What other types of crime? I’m glad you asked! Things such as employee theft, forgery, robbery (but isn’t that theft?), even computer fraud, are all types of crime that your property policy doesn’t cover. Isn’t All Theft Just That – Theft? The Commercial Property Causes of Loss – Special Form (CP 10 30) does include theft, but contains the following exclusion:           The policy excludes coverage for dishonest or criminal acts performed by anyone within your organization at any time. Even leased employees are excluded. In addition, only certain types of physical theft are covered by a commercial property policy. A breakin must show signs of forced entry to be considered theft. If your employees take things during business hours and hand them off to cohorts “on the outside”, their crimes do not fulfill the definition of property theft without forcible entry. Items stolen must also be physical items. Commercial property policies do not cover money and securities, or property other than money or securities that have intrinsic value. Money and securities are defined as currency, coins, current banknotes, traveler’s checks, money orders, tokens, tickets, revenue and other stamps, as well as credit card receipts. None of these items are covered under a standard property insurance policy. What Does Crime Insurance Cover? While limited in scope, Crime Insurance Policies cover 8 types...