A Commercial Crime Insurance Policy provides the following coverages:
Employee Theft Coverage
A Commercial Crime Insurance Policy provides compensation for direct losses of Money, Securities or Other Property Caused by Theft or Forgery by any Identifiable Employee of the Insured Company acting alone or in collusion with others.
Premises Coverage
A Commercial Crime Insurance Policy provides compensation for direct losses caused by the actual destruction, disappearance, wrongful abstraction or Computer Theft of Money or Securities within or from the Premises, Banking Premises or night depository chute or safe maintained by any bank or trust company.
Coverage under this Insuring Clause also include:
- loss of or damage to other property by Robbery or attempt thereat within the Premises,
- loss of or damage to such property contained within any safe which results from Safe Burglary or attempt thereat within the Premises,
- damage to a locked safe, cash drawer, cash box or cash register within the Premises by felonious entry or attempt thereat or loss by felonious abstraction of such container from within the Premises; and
- damage to the Premises resulting from such Safe Burglary or Robbery
Transit Coverage
A Commercial Crime Insurance Policy provides cover for direct losses caused by the actual destruction, disappearance or wrongful abstraction of Money or Securities outside the Premises while being conveyed by the Insured, Insured’s Employee, an armoured vehicle company or any other person authorised by the Insured to have custody of the Money or Securities.
Depositors Forgery Coverage
Under the Depositors Forgery Coverage Section, the Commercial Crime Insurance Company is liable for direct losses caused by forgery or alteration of any cheque, draft or a similar bill of exchange to pay a certain sum of money by the Insured including:
- any cheque or draft made or drawn in the name of the Insured payable to a fictitious payee
- any cheque or draft procured from the Insured or the Insured’s employee by anyone impersonating another and made or drawn payable to the one impersonated; and
- any cheque or draft made or drawn by the Insured payable to bearer as well as to a named payee without authority of the payee.
Counterfeit Currency
Another important Commercial Crime Insurance Policy Coverage relates to Counterfeit Currency. The Policy pays for loss sustained by the Insured resulting from the receipt of Counterfeit Currency by the Insured in good faith and in the ordinary course of business.
Electronic Fraud
A Commercial Crime Insurance Policy provides coverage for direct loss sustained by the Insured caused by Theft of Money or Securities held by an Insured, committed by the Third Party’s unauthorised access to the Computer System of the Insured.