The ISO program allows crime coverage to be a separate crime policy. Or, it can be a coverage part to join your other property coverage. Seven types of crime coverage are offered. You may take one, several, or all seven. The seven are:
- Employee Theft
- Forgery or Alteration
- Inside the Premises – Theft of Money & Securities
- Inside the Premises – Robbery or Safe Burglary of Other Property
- Outside the Premises
- Computer Fraud
- Money Orders and Counterfeit Paper Currency
Employee Theft covers loss or damage to money, securities and other property. You’re covered whether an employee acted alone or with others.
Forgery or Alteration covers checks, drafts, promissory notes and similar items regarding the payment of a sum of money. The insurer pays your defense costs in addition to the dollar limits of your coverage.
Inside the Premises – Theft of Money & Securities covers theft, disappearance and destruction. Damage to the premises caused by an actual or attempted theft is covered. So is loss or damage to a locked safe, vault, cash register, cash box or cash drawer. Vandalism, if not related to a theft attempt, is excluded (check your property policy for vandalism coverage).
Inside the Premises – Robbery or Safe Burglary of Other Property. Damage is covered here as in the above coverage. The key to coverage here is other property. Nearly any tangible property is covered. This includes a piece of jewelry, a gun, a computer part, etc. This coverage meshes tangible property with the intangible property (above).
Outside the Premises protects money and securities in the hands of a messenger or an armored car service. The perils are theft, disappearance, or destruction. Property other than money and securities is covered only if the loss or damage results from an actual theft or attempted robbery.
Computer Fraud coverage fits money and securities coverage to the new financial world. Losses are paid when a computer is used to fraudulently transfer money, securities, and other property from your premises to a person or place outside your premises. This is NOT computer insurance; it is fraud insurance.
Money Orders and Counterfeit Paper Currency protects your acceptance of such items in good faith in exchange for merchandise or services.
These explanations of the seven crime coverages are short and simple. In truth, they are subject to many conditions, exclusions, definitions, etc.
Tip. Pick through the seven for the ones most fitting for your business. Discuss with your agent how they will work for your firm’s protection.
If you’d like to learn more, contact one of our Licensed Advisors . We’re here to help.