Crime Coverage or Fidelity Policies


Typical business owner's policies do not cover criminal or intentional acts of the owners or employees.  Some industries such as banking, professional services, or other duties involving money are more suseptable to wire fraud, identity fraud, theft, etc. Crime insurance is insurance to manage the types of claims resulting from criminal acts such as robbery, burglary and other forms of theft. It is also called "fidelity insurance".   The Crime policy enables a business owner to file a loss of crime that could have the potential of financially ruining a company if that coverage was not available.


In short, commercial crime insurance covers money, securities and other property against a variety of criminal acts, such as employee theft, robbery, forgery, extortion and data breaches or computer fraud. 


If the insurance carrier is basing the contract off the Insurance Service Organizations terms of a crime policy, then the Commercial Crime Coverage form includes these eight insuring agreements:


1.Employee Theft
2.Forgery or Alteration
3.Inside the Premises – theft of money and securities
4.Inside the Premises – robbery or Safe burglary of other property
5.Outside the Premises
6.Computer Fraud
7.Funds Transfer Fraud
8.Money Orders and Counterfeit money


Crime policies may be purchased in leui of a surety bond and typically have a broader coverage form with higher limits of coverage available.