Crime Insurance

What is crime insurance?

Typically offered on an all-risks basis and will cover a variety of financial losses from fraudulent behaviour. Crime insurance can be combined with cyber insurance to provide comprehensive protection.

What types of crime insurance cover are available?

Employee fraud insurance

Third-party fraud insurance

Client fraud insurance

Social engineering fraud insurance

Get indemnity™ crime insurance

Get indemnity™ crime insurance can combine the protections available under a crime policy and a cyber policy, typically referred to as cyber and crime insurance. To reduce your fraud exposure read: CyberCrime Prevention and Business Insurance Explained 1O1

Cyber insurance vs crime insurance?

A cyber crime can potentially be covered under both crime insurance and cyber insurance, however each provides cover in different ways:

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How to prevent cyber crime insurance losses?

All companies and industries will face their own challenges to prevent dishonesty and business fraud, below is a list of common practices that promote good risk management:

Centralised systems and controls	Dedicated IT personnel	Dedicated internal audit function
Segregation of duties for banking functions	Dual signatories for authorising payments	Independent wage check against personnel records
Pre-employment screening	Whistle blowing policy	Encryption software
Unique passwords	Antivirus software	Firewall

 

How do insurers price your crime insurance cost?

Insurers are confronted with a number of challenges in attempting to accurately price your crime insurance cost. For example, the diversity of exposures from different business activities, increasing sophistication of criminals.

 

Below are key considerations when insurers calculate your crime insurance cost:

• The size and scope of an applicant's activities and territorial exposure measured by turnover, employee numbers and total assets will impact your crime insurance cost.

• The quality of controls to mitigate potential exposures, will also impact your crime insurance cost:

  • Are employee duties segregated, so no one employee can control any transaction from start to finish?

  • Do you maintain a dual authorisation procedure for transferring funds?

  • When recruiting for positions of trust involving money or stock, do you undertake background checks?

• Frequency and severity of claims, in addition to any remedial action for any historic losses will impact the availability of crime insurance.

How does a crime insurance policy work?

Crime insurance policies operate on a losses discovered basis. Which means the current policy will respond to claims once the loss has been identified and notified to the insurer.

How to compare quotes for cyber and crime insurance?

To compare cyber and crime insurance quotes from a range of wholesale insurers, please complete our online application. Our digital onboarding process has been designed with our customers in mind, recording material information to promote competition between insurers.

If your business is perceived as carrying a high hazard exposure or you have recent claims activity, you should engage with your crime insurance broker early in the renewal process.