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Commercial Crime Fidelity Bond Coverages

Below the various coverages that are available on a commercial crime policy are explained along with examples of what would constitute a loss under each coverage.

Coverage Purpose Loss Examples
Employee theft(This coverage is referred to as “employee dishonesty” coverage in some non-ISO forms.) To cover theft of money, securities, or other tangible property by an employee or employees of the insured, with or without outside assistance. Theft by an employee is not covered under any of the other coverages. Employee sets up fictitious payroll accountEmployee opens store an hour early, pockets all transactions prior to normal opening, and destroys early-morning records

Employee takes an incoming rebate check, does not record it, and takes that amount in cash, replacing the cash with the rebate check

Warehouse employee sets company goods outside for his after-hours pickup

Forgery or alteration To cover loss from the forgery or alteration of the insured’s checks or other written instruments of the insured instructing payment to be drawn on them (including directions for payment by an agent of the insured or purported to be drawn by such an agent) Contractor submits voucher to bank for payment on insured’s construction loan with insured’s forged approvalThird party uses his computer to imitate insured’s checks

Third party alters insured’s legitimate check, adding a zero and increasing the payment tenfold

Inside the premises theft of money and securities To cover theft of money and/or securities from inside the insured’s premises or inside the insured’s banking premises. Coverage also extends to unexplained disappearance or destruction of money and securities. Thief burglarizes insured’s premises, stealing negotiable securitiesVandals break into insured’s premises and set fire to cashier area, burning cash on hand

Owner opens premises and finds $10,000 is missing, though nothing else seems missing or disturbed

Outside the premises To cover theft of money and/or securities or robbery of “other property” while in the custody of an employee, partner, LLC member, or relative of the insured outside the premises. (Coverage also extends to unexplained disappearance or destruction of money and securities. “Other property” means tangible property that is not money or securities.) Thief burglarizes employee’s home where company receipts are being held for morning depositRobber stops employee on the street demanding company deposits

Armed bandit stops an employee and demands the jewels he is transporting to a second store

Inside the premises—robbery or safe burglary of other property To cover loss or damage to “other property” from robbery of an employee, partner, or LLC member while the property is in their custody inside the premises (excluding property in the custody of a watchman or janitor) and to cover loss or damage to “other property” from safe burglary (or attempted safe burglary) Burglar breaks in and steals computer chips and electronic equipment from the insured’s safeEmployee is held at gunpoint in the office while thieves steal valuable paintings

Safe burglar breaks in and steals antique silverware from the safe

Computer fraud To cover loss or damage to money, securities, and/or other property from the use of a computer to fraudulently transfer funds from inside the insured’s premises or the insured’s banking premises to a person or place outside those premises Computer hacker breaks into insured’s computer system and ships the insured’s products to himselfThird-party programmer sets up default program paying a fictitious business account $1 for every $100 paid out to suppliers
Funds transfer fraud To cover loss of money and/or securities from fraudulent instructions telling a financial institution to move money and/or securities from the insured’s transfer account. Fraudulent instructions include instructions given without the insured’s consent by electronic means, teletype, telegraphic means, cable, facsimile, or telephone. Thief submits fraudulent funds transfer order to insured’s bank by telephoneThief sends fraudulent facsimile order to investment firm handling insured’s benefit plan investments, ordering funds transfer
Money orders and counterfeit currency To cover loss resulting from the good-faith acceptance of counterfeit paper currency or acceptance of counterfeit money orders purported to be issued by a post office, bank, or express company Insured accepts fake money order, which is not honored by the bankInsured accepts counterfeit $100 b

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2 thoughts on “Commercial Crime Fidelity Bond Coverages”

  1. kiesha says:

    Wanted to have a quote emailed to me for fidelity Crime Bond Amount 50,000
    Business Name : Avid Healthcare Services

    Number of Employees [5 – 9 \/] I usually state that it varies bcos we are an agency

    Years in Business [5 \/]

    Years of Owner Experience within Industry [Over 10 \/]

    Annual Revenue ] [$100,000 – $500,000 \/]

    Brief description of the business (e.g., I replace tile floors in kitchens.) Temp staffing and home health

    Industry Division HR and Healthcare

    Industry Group N/A

    Industry Service N/A

    Common Coverage Types

    [ ] General Liability ? Already have this…..

    Offers protection for third party claims against your business such as bodily injury and property damage.

    [ ] Business Owners Package Policy (BOP) ?

    Get more protection and save money in one convenient package.
    BOP provides both General Liability and Building/Property coverage.
    [ ] Commercial Auto ? we own no cars

    Coverage for vehicles used for commercial purposes
    Cars, vans, trucks, trailers
    Liability, physical damage, specialized

    [ ] Workers Compensation ? have this already SCIF

    Benefits to employees for illnesses and injuries on the job
    Required for almost every state
    Protects your business from legal exposure
    Other Coverage Types
    [ ] Commercial Property ?…No property

    [ ] Professional Liability (E&O) ?…..Have this

    [ ] Directors and Officers Liability ?

    [ ] Commercial Crime ?

    1. John says:

      I have emailed you an applcation

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