Crime Insurance / Fidelity Bonds

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.

Crime Insurance / Employee Dishonesty Witness Cases

Cases are listed only after we are disclosed as an Insurance Expert to opposing counsel.

January 2006 - Engaged by counsel for Louisiana bank to analyze Crime Insurance coverage and claim issues following employee theft loss. Attorney Jim Colvin - Colvin Weaver & Cerniglia, LLC (318) 927-6149; First Guaranty Bank v. Bancinsure

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Burl Daniel, CPCU, CIC, CRM     |     817.980.4897    |     burl@burldaniel.com