Unlike other losses that strike by chance, a distinctive feature of criminal loss is that they are the result of the hostile intent of criminals. Today, crime losses seem to be more prevalent and claims settlements for crime losses are escalating.
Criminal activity against a business can lead to property, third-party and income losses for the business. Unlike a fire that is unlikely to happen more than once, crime losses are often frequently repeated and valuable property are a significant target for these criminal activities.
Commercial Property policies provide “basic” coverage against crime losses, but the following property is excluded:
- Money, “cash cards”, bullion, platinum, and other precious metals, alloys, securities, stamps, tickets and tokens, evidence of debt or title
- Furs, fur garments, jewels, jewellery, costume jewellery, watches, pearls, or precious and semi-precious stones (there is an exception for the first $1,000 of any loss, and for losses from Named Perils, which excludes theft)
- Property loss as a result of a dishonest or criminal act on the part of the Insured or any other party of interest, employees or agents of the Insured, or any other person to whom the property may be entrusted
Adding endorsements to your commercial insurance policies can extend your coverage to provide protection in the event of a break-in or theft.
Unica automatically offers the following coverage in our Connection™ products:
- Employee dishonesty coverage
- Loss inside the premises coverage
- Loss outside the premises coverage
- Money orders and counterfeit paper currency coverage
- Depositors forgery coverage
- Credit card forgery coverage
- Securities in safe deposit boxes
- Crime conviction reward
- Expense of preparing inventory or audit
- Third party losses
Some Connection products are also eligible for computer fraud coverage for both the insured’s interest and their customer’s interest, computer virus fraud coverage, and identity theft expense.
As a business owner, there’s a limit to the amount of risk you can protect against on your own. With additional coverage tailored specifically to protect against elements out of your control, you’ll have ease of mind knowing the impact on your business can be minimized. Speak to your Broker or Find a Broker for more information about protecting your business against crime losses.
