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    Management liability

    Crime/Fidelity insurance

    Priya Vansh

    Priya Vansh

    Underwriter

    Dishonest employees are a major threat to the health of all businesses, particularly at times of economic uncertainty. Employee theft causes significant losses to Canadian business and, if under-insured, can even result in bankruptcy.

    Crime insurance protects an organization from loss of money and securities, resulting from theft by its own employees. With state of the art coverage and broad terms, Beazley's PlatinumPlus policy brings clarity and peace of mind to clients seeking crime and fidelity insurance.

    Highlights

    • Nine broad insuring agreements:
      •  Employee dishonesty
      •  Forgery or alteration - includes forged electronic signatures
      •  On premises
      •  In transit
      •  Money orders and counterfeit paper currency fraud
      •  Computer fraud and funds transfer fraud
      •  Client property coverage
      •  Credit card coverage
      •  Expense coverage - includes audit expense coverage and data restoration expense
    • Broad definition of employee including:
      •  Part-time and seasonal employees
      •  Volunteers, students, consultants, retirees and trainees
      •  Sixty day post termination
    • Per loss language (no policy aggregate limit of liability)
    • Automatic coverage for employee benefit plans
    • Coverage for theft by unidentified employees
    • Automatic subsidiary coverage with 25% threshold
    • 60 Day notice of cancellation
    • 60 Day discovery period
    • "Unlawful taking" language
    • No general aggregate
    • Option to include sublimit for Fraudulent Instructions Coverage (aka Social Engineering Coverage)

    Key territories

    Worldwide

    Target markets

    Technology firms

    • Technology
    • Media and business services companies
    • Manufacturers
    • Distributors and retailers

    Media and business services companies

    • Insurance companies
    • Stockbrokerage firms
    • Mutual funds companies
    • Investment management firms

    Limits

    • Up to $25,000,000

    Crime/Fidelity insurance forms

    Application forms

    Crime Insurance Application
    Fradulent Instruction Coverage Addendum

    Fact sheets

    Crime and Fidelity Insurance