What is Commercial Crime Insurance?
Commercial Crime Insurance provides protection against losses caused by various criminal acts. It is distinct from a conventional Commercial Property Insurance policy, which excludes these perils.
What does Commercial Crime Insurance Cover?
A Florida Commercial Crime Insurance policy covers many different types of criminal events such as:
- Employee dishonesty
- Forgery or alteration
- Theft of money or security
- Computer fraud
What are some of the additional coverage options?
Since the scope of a Florida Commercial Crime Insurance policy is very broad, the insured must add the policy endorsements that are necessary for his particular business. Some of the more common options are:
- ERISA Coverage – Provides protection in the event that a pension plan officer embezzles funds from a company-sponsored pension plan.
- Electronic Funds Coverage – Provides coverage in the event of a fraudulent occurrence which results in the transfer of funds out of an insured bank account.
- Money and Securities Off Premises Coverage – Extends coverage for cash and securities theft and disappearance while away from insured premises.
- Theft of Client Property Coverage – Extends coverage for employee dishonesty that causes a the loss of property to the client.
Does a Commercial Crime Insurance Policy have a deductible?
Typically this coverage does have a deductible and the amount varies according to the decision of the insured. In many cases larger deductibles are actually preferred in order to reduce policy premium costs.
Are Any Discounts Available for Commercial Crime Insurance?
These policies are normally underwritten on an individual basis. A business with a claim-free history and/or an enhanced level of risk control will have more coverage options, as well as lower premiums.