fraud

I Trust My Employees, I Don’t Need Crime Insurance.

Posted by BFBOND on February 13, 2014
Crime Coverage, Fidelity Bonds / Comments Off on I Trust My Employees, I Don’t Need Crime Insurance.

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Trust and morals are  a core element of any type of relationship—business or friendship. And no one hires, at least knowingly, a dishonest employee. Sometimes people change, however. Employees can become dishonest, albeit only a minority of them do. Employees can rationalize their theft in many ways: ‘the company won’t miss it,’ ‘they’re not paying me enough,’ or the person succumbs to a gambling or some other addiction.

Unfortunately businesses do go bankrupt because their employees’ steal large amounts of money, or smaller amounts over a period of years, or in some other way commit computer fraud or some other type of fraud. This has an impact not only on your business but also on your other employees and those who count on your services or products.

To learn more about commercial crime insurance and how to protect your business, visit us at www.BF Bond.com. We’ll work with you to:

  • Assess the risk potential for external or internal criminal actions
  • Determine the precise insurance coverage you need for your business
  • Click here to learn more about Crime/Fidelity Bonds

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Typical Fidelity/Crime Insurance coverage highlights include:

Posted by BFBOND on February 13, 2014
Crime Coverage, Fidelity Bonds / Comments Off on Typical Fidelity/Crime Insurance coverage highlights include:

Typical Fidelity/Crime Insurance coverage highlights include:

Comprehensive coverage for:

  • Employee theft
  • Money and securities while on premises or in transit
  • Forgery
  • Funds transfer fraud
  • Computer fraud
  • Money order and counterfeit currency fraud
  • Credit card fraud
  • Optional client coverage
  • Coverage for investigative costs for covered losses
  • Responds to Employee Retirement Income Security Act of 1974 (ERISA) plan bonding requirement.
  • Broad definition of employee, including directors and officers; employees, including part-time, leased, temporary, and seasonal employees; and volunteers.
  • Worldwide coverage.

Complete the EZ application for a quick quote

 

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Why do I need Fidelity/Crime Insurance?

Posted by BFBOND on February 13, 2014
Crime Coverage, Fidelity Bonds, Uncategorized / Comments Off on Why do I need Fidelity/Crime Insurance?
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Why do I need Fidelity/Crime Insurance?

Fraud and embezzlement in the workplace is on the rise, occurring in even the finest work environments.

  • 82% of workplace crime is carried out by employees
  • 1 in 4 employees has either committed or witnessed workplace fraud and abuse
  • 1 in 4 employees committing fraud against their employer has been with the company for more than 10 years
  • Only 1 in 3 of those who have witnessed a workplace crime bother to report it

These crimes can go on for years and when discovered the impact can be huge. Smaller companies are especially vulnerable to Fidelity crimes because the trust factor is increased due to the closeness of the employees.

Most business insurance policies either exclude or provide only nominal amounts of coverage for loss of money and securities as well as employee dishonesty exposures.

Employee dishonesty causes as much as 20% of the nation’s business failures.

White collar crime can have serious financial consequences, even threatening a private company’s survival. Bernard Fleischer & Sons, Inc. offers a solution to handling crime losses such as dishonesty, forgery, robbery, safe burglary, computer fraud and other criminal acts committed by employees, leased employees, volunteers or someone required to be bonded under ERISA, through a Crime Insurance Policy. For more information about Fidelity/Crime Bonds call 1.800.921.1008 or visit our website to get a free no obligation Fidelity/Crime Insurance quote.

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Overview of crime coverages

Posted by BFBOND on February 13, 2014
Crime Coverage, Fidelity Bonds / Comments Off on Overview of crime coverages

 

Today’s business environment is constantly evolving, and executive liability and crime exposures are rapidly changing
right along with it. Making sure your client’s insurance coverage is keeping pace is now even easier with the new
enhancements:
Multitude of coverages to suit every need
Below are some of the highlights of coverages
Loss from forgery or alteration of covered

instruments (including business credit card
instruments)
• Loss of money, securities and other property
on your premises or banking premises
• Loss of money, securities and other property
while in transit
• Loss from acceptance of unpaid money orders
and counterfeit money (including coins and
travelers checks)
• Loss from computer crime (including computer

Fidelity
Includes coverage for employee theft, ERISA fidelity and
employee theft of client property for direct loss of, or
direct loss from damage to money, securities and other
property.
Claim example:
An employee leveraged her role as
executive director to procure payment to fraudulent
vendors and to procure gift cards and other goods for
personal benefit.
Forgery or Alteration
Includes coverage for loss sustained through forgery or
alteration of outgoing negotiable instruments made or
drawn by you, or drawn on your account(s), or made or
drawn by one acting as your agent.
Claim example:
A signature of another person was
fraudulently signed on a check and cashed at the
insured’s bank . An affidavit
of forgery was executed claiming that the person’s
signature that appears on the check was not placed on
the check by that person.
On Premises
Includes coverage for direct loss from damage, money or
securities located inside the premises directly caused by
theft, robbery or safe burglary.
Claim example:
Rent checks from eight different
residents were stolen from inside the insured’s
premises. Loss was discovered after notices were sent
out to residents advising that payments were overdue
and one of the residents advised that his check had
already been cashed.
In Transit
Includes coverage for direct loss of money or securities
directly caused by theft, disappearance, damage or
destruction while in transit outside the insured’s
premises and in the care and custody of a messenger or
armored vehicle company.
Claim example:
A company lost money was stolen from its messenger’s
truck while in transit.
Money Orders and Counterfeit Money
Includes coverage for direct loss caused by the insured’s
good faith acceptance of worthless money orders or
counterfeit money.
Claim example:
A company received a counterfeit
cashier’s check for payment of delivered equipment.

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Crime Insurance what is it?

Posted by BFBOND on February 13, 2014
Crime Coverage, Fidelity Bonds / Comments Off on Crime Insurance what is it?

Crime Insurance
For Private and Non-Profit Organizations

 

Crime insurance AKA Fidelity addresses the most common fidelity threats, including losses due to employee dishonesty, credit card forgery, computer fraud and theft and disappearance and destruction of property.  With crime protection from Bernard Fleischer & Sons, Inc, you can obtain a wide range of coverages to help protect your business against financial loss due to certain crimes.

You know and trust the people who work for you, but
that trust may be misplaced. After all, one third of all
employees admit to stealing from their employers. And
we’re not talking about the pens and paper: The median
loss from employee fraud is $175,000.*
Maintenance of strong, enforceable internal controls
should be a priority for any entity. Yet even the best
internal controls, no matter how well conceived,
frequently fall short of stopping a trusted employee
from engaging in fraudulent activity. In fact, the
median time length of occupational fraud schemes is
18 months, and the number one way that an employer
discovers a crime is by accident.*
Fidelity and Crime Coverage provides an important
backstop against the actions of a thieving employee. With
this coverage, your company’s assets are protected at
the time of a crime’s discovery, regardless of whether it
occurred prior to or during the policy period.
Why you need protection
Employee dishonesty is costly and pervasive.A high
percentage of business revenue was lost as a result
of occupational fraud and abuse. And, when it comes to
occupational fraud and abuse, your business’ size doesn’t
matter — no business is safe.
Claim scenarios
Stolen inventory –additional inventory of
products for alleged seasonal sales pushes. In reality, a
portion of that inventory was sold “out the back door”
unbeknownst to corporate headquarters.
Embezzlement
An employee altered company deposit slips after
the owner of the company had approved them. The
employee would prepare two deposit slips: one
depositing funds into the company’s account, the other
depositing funds into the employee’s bank account.
Payroll fraud
A payroll employee had access to payroll checks and
vacation checks. Over an eight-year period, the clerk
issued duplicate checks on all legitimate employee
vacation pay.
False payment
In less than a year, a sales supervisor located outside
of the United States When customers legitimately purchased
and received goods, the employee stole their payments
for his own use. The employee attempted to cover up
the loss by substituting fraudulent checks drawn upon
other third party entities.
Billing scheme
Four employees colluded to defraud their employer
through a phony billing scheme. The employees, including
a supervisor, established fictitious vendors and submitted
bills for work performed by other, genuine vendors.
Innovative risk management services

 

To learn more about our fidelity and crime coverage,
talk with us 212 566-1881

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