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Q. What does Crime coverage consist of?
A. Crime coverage protects organizations from loss of money, securities, or inventory resulting from crime, either internal or external. Fidelity / Crime insurance claims allege employee dishonesty, embezzlement, forgery, robbery, safe burglary, computer fraud, wire transfer fraud, counterfeiting, and other criminal acts.
Q. If my client has a general property insurance policy; do I need a crime policy as well?
A. Every policy is different so it is important that we examine the property coverage closely. However, crime related losses are typically covered or can be covered up to a $100,000 limit. At ExecutivePerils, we specialize in challenging crime exposures and for those insureds who have suffered large losses.
Q. Is Fidelity, Crime and Employee Theft the same thing?
A. Over the years ISO and the insurance companies have called different coverages by different names. Historically, Fidelity and Employee Theft were considered the same coverage (also known as Clause 1). Crime is a broader term including; Employee Theft (fidelity), Transit, Premise, and Depositors Forgery.
Please see policies for exact terms, conditions and exclusions.
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