{"id":188,"date":"2014-02-13T15:43:40","date_gmt":"2014-02-13T20:43:40","guid":{"rendered":"http:\/\/www.bfbond.com\/blog\/?p=188"},"modified":"2014-02-13T15:43:40","modified_gmt":"2014-02-13T20:43:40","slug":"overview-of-crime-coverages","status":"publish","type":"post","link":"https:\/\/bfbond.com\/blog\/overview-of-crime-coverages\/","title":{"rendered":"Overview of crime coverages"},"content":{"rendered":"

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Overview of crime coverages<\/strong><\/a><\/div>\n
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Today\u2019s business environment is constantly evolving, and executive liability and crime exposures are rapidly changing<\/div>\n
right along with it. Making sure your client\u2019s insurance coverage is keeping pace is now even easier with the new<\/div>\n
enhancements:<\/div>\n
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Multitude of coverages to suit every need<\/div>\n
Below are some of the highlights of coverages<\/div>\n
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Loss from forgery or alteration of covered<\/em><\/p>\n
instruments (including business credit card<\/div>\n
instruments)<\/div>\n
\u2022 Loss of money, securities and other property<\/div>\n
on your premises or banking premises<\/div>\n
\u2022 Loss of money, securities and other property<\/div>\n
while in transit<\/div>\n
\u2022 Loss from acceptance of unpaid money orders<\/div>\n
and counterfeit money (including coins and<\/div>\n
travelers checks)<\/div>\n
\u2022 Loss from computer crime (including computer<\/div>\n
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Fidelity<\/strong><\/div>\n
Includes coverage for employee theft, ERISA fidelity and<\/div>\n
employee theft of client property for direct loss of, or<\/div>\n
direct loss from damage to money, securities and other<\/div>\n
property.<\/div>\n
–<\/div>\n
Claim example:<\/div>\n
An employee leveraged her role as<\/div>\n
executive director to procure payment to fraudulent<\/div>\n
vendors and to procure gift cards and other goods for<\/div>\n
personal benefit.<\/div>\n
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Forgery or Alteration<\/em><\/div>\n
Includes coverage for loss sustained through forgery or<\/div>\n
alteration of outgoing negotiable instruments made or<\/div>\n
drawn by you, or drawn on your account(s), or made or<\/div>\n
drawn by one acting as your agent.<\/div>\n
–<\/div>\n
Claim example:<\/div>\n
A signature of another person was<\/div>\n
fraudulently signed on a check and cashed at the<\/div>\n
insured\u2019s bank . An affidavit<\/div>\n
of forgery was executed claiming that the person\u2019s<\/div>\n
signature that appears on the check was not placed on<\/div>\n
the check by that person.<\/div>\n
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On Premises<\/em><\/div>\n
Includes coverage for direct loss from damage, money or<\/div>\n
securities located inside the premises directly caused by<\/div>\n
theft, robbery or safe burglary.<\/div>\n
–<\/div>\n
Claim example:<\/div>\n
Rent checks from eight different<\/div>\n
residents were stolen from inside the insured\u2019s<\/div>\n
premises. Loss was discovered after notices were sent<\/div>\n
out to residents advising that payments were overdue<\/div>\n
and one of the residents advised that his check had<\/div>\n
already been cashed.<\/div>\n
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In Transit<\/em><\/div>\n
Includes coverage for direct loss of money or securities<\/div>\n
directly caused by theft, disappearance, damage or<\/div>\n
destruction while in transit outside the insured\u2019s<\/div>\n
premises and in the care and custody of a messenger or<\/div>\n
armored vehicle company.<\/div>\n
–<\/div>\n
Claim example:<\/div>\n
A company lost money was stolen from its messenger\u2019s<\/div>\n
truck while in transit.<\/div>\n
<\/div>\n
Money Orders and Counterfeit Money<\/em><\/div>\n
Includes coverage for direct loss caused by the insured\u2019s<\/div>\n
good faith acceptance of worthless money orders or<\/div>\n
counterfeit money.<\/div>\n
–<\/div>\n
Claim example:<\/div>\n
A company received a counterfeit<\/div>\n
cashier\u2019s check for payment of delivered equipment.<\/div>\n
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