INSURANCE EXPERT WITNESS / INSURANCE CONSULTANT

Crime Insurance

(Employee Dishonesty Coverage)

Crime Insurance is sometimes referred to as an Employee Dishonesty Bond or Fidelity Bond. Most coverage is now written as 2-party insurance (employer-insurance company) rather than as a bond. Crime Insurance can be difficult to properly structure during underwriting, and commonly presents difficulties at claim time:

• What dollar limit should the business buy?
• Will it be enough at claim time?
• Why is my employee theft claim not covered by Property Insurance?
• Should we buy blanket coverage or specific coverage?
• How do I prove my loss when an employee theft is discovered?

Employees who steal can be most creative when pilfering company assets. Today's high tech world creates new loss exposures originating from computer systems fraud and forgery. Many Crime Insurance claims develop over several years. Employee theft involves money and property (inventory, supplies), and all too common, long tenured and trusted employee(s). Worse, when confronted, the guilty employee(s) rarely knows how much they stole.

We offer years of experience dealing with the nuances of Crime Insurance. During our agency years we routinely recommended and wrote Crime Insurance for a wide array of insureds, including;

We advised clients with coverage design, loss prevention, and claim management when employee thefts were discovered. We assisted clients and insurance carrier accountants in the forensics used to substantiate such losses. A short phone call should tell if we might assist with your particular Crime Insurance case issues.