Despite how good a company’s own controls are to detect and prevent fraud, they are never a guaranteed fail-safe procedure and all companies are vulnerable, including yours.
The financial impact of financial Crime can be devastating. Crime Insurance provides organisations with much-needed peace of mind against a severe threat, and can be extended to protect against the growing danger of cyber fraud, in which firms are tricked into sending money by fake emails from fraudsters impersonating managers or suppliers.
Crime insurance will cover you for theft from you by anyone, including employees and third parties. Expenses are also paid to investigate the loss. Cover is provided where your employees have stolen from your clients, or where third parties have taken money, securities, or property of a client of yours whilst in your care, custody and control. Defence costs are paid if a claim from a client crime is brought against you.
The limit of indemnity you select will be on an any one-claim basis. This means that each individual claim or loss has its own limit of indemnity, thought multiple claims or losses arising from the same cause will be treated as the same claim. You will be liable to pay the excess in relation to each loss or claim, which is detailed on your quotation and in the policy schedule.