Commercial Crime Insurance
Technological enhancements in business operations in recent years have increased the potential for major corporate losses. Fraud involving computers has fast become a major issue and increased the number of frauds being reported to insurers. In addition global company downsizing and increases in takeover activity increase the probability of employee dishonesty.
Despite many companies having very solid internal controls there is always the possibility that these can be breached by employees or third parties. The only absolute failsafe to protect the companies’ assets is to purchase commercial crime insurance.
Key Features of Commercial Crime Insurance
Aon offers a broad range of products to meet different client requirements. Obviously, a medium sized engineering company faces a completely different set of risk exposures to a major financial institution.
Commercial crime insurance pays for any losses following employee fidelity and third party fraud.
Important coverage areas to consider are as follows:
- fraud committed prior to the inception of cover, but discovered during the policy term.
- including theft of pension scheme assets
- broad definition of employee
- no warranted system of control
- payment of auditors fees to substantiate any claim