The Crime insurance policy has been developed to provide a broad direct financial loss cover for standard industrial and commercial corporations.
The coverage is provided for direct financial loss to the insured arising from fraud including theft, embezzlement, extortion, computer fraud and dishonesty.
Whereby theft means the unlawful taking of the Insured´s money by external persons or employees or the taking of other property by employees.
Embezzlement includes the unlawful taking and possession of the Insured´s money or property by persons in control of it.
Extortion arising from the demand for and release of financial payment in response to threats of violence or threats to sabotage information systems.
Computer Fraud includes the loss of money, property or any other financial loss arising from the manipulation, deletion, dishonest data input or the manipulation of software.
Dishonesty covers the act of an employee, acting alone or in collusion with others, with the intention to cause loss to the Insured and/or for the personal gain of the employee.
The Crime policy excludes consequential loss. There are, however, two standard extensions providing for some form of indirect loss. The loss of interest payable or receivable as a result of a fraud can be included and the Computer Fraud Cover provides for the data and software reconstruction expenses resulting from fraud or sabotage.
The Blanket Crime policy is a composite contract incorporating several areas of coverage that were previously offered as separate policies. In this way the Employee and Computer Crime risks and the Money Premises and Transit risks are dealt with by one contract reducing the potential gaps between different covers.
Coverage is usually written on a blanket basis providing cover for all employees, locations, subsidiaries and operations.
The Blanket Crime cover is suitable for the typical corporate client with a general crime exposure. Corporations with specific requirements or exposures will need an adapted version of the policy. The policy is not suitable for a financial institution since there are other solutions that cater for the needs of a financial institution, namely the Bankers Blanket Bond.
The policy limits for this cover vary from EUR 5m to EUR 100m dependent on the size of the corporation. The limits are per claim and in the aggregate.