Commericial Crime Insurance

Information about Commercial Crime cover

A commercial crime policy protects the policy holder’s money and other property against theft by employees. It also covers malicious damage and theft committed by non-employees through computer hacking, extortion and fraudulent transfer instructions.

Under a commercial crime policy, you can also obtain cover for contractual penalties which you may face, if your business cannot deliver as a result of theft.

Many businesses may have fidelity guarantee cover in place. Commercial crime policies offer wider cover than your traditional fidelity guarantee cover in that commercial crime policies can be arranged to provide cover the following (which are generally excluded under a standard fidelity guarantee policy):

  • Losses arising out of computer fraud
  • Losses arising out of electronic data loss
  • Theft or malicious damage caused by a virus
  • Extortion
  • Contractual penalties
  • Losses arising out of fraudulent transfer instructions
  • Losses caused by unidentifiable employees (Fidelity guarantee policies often require that the employee who caused the loss be identified before they will respond to cover a loss)
  • Reinstatement of office records. Remember that although your office contents policy pay provide you with cover for loss of documents- this cover will only extend to documents which are lost accidentally- and would provide no cover where e.g. documents have been intentionally and fraudulently altered.
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Commercial Crime Insurance

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