Fidelity and Crime Insurance
What is Crime Insurance?
Crime insurance protects organizations against direct loss from dishonest or fraudulent acts committed by their employees. Crimes commonly experienced by organizations include:
- Employee theft
- Unauthorized funds transfers
- Receipt of counterfeit money
- On-premises or in-transit theft of money and securities
- Computer-related crime (for money and securities only. Fidelity/crime policies exclude theft of information)
- Forgery of specified documents
- Social engineering fraud
In addition to the above exposures, coverage for social engineering and third-party computer crime losses is also readily offered and can be added to a crime insurance program. Crime programs do not cover losses of intangible items, such as data, personal or other sensitive information, patents, or trade secrets. Crime insurance is also referred to as fidelity insurance since certain crime policies cover employee theft losses.
Why is Crime Insurance Important?
In an increasingly sophisticated and digitized business environment, more organizations are at risk of suffering losses due to criminal activity. Traditional threats such as robbery and physical theft have been overtaken by white-collar crime events involving internal actors and third parties. In today’s world, the focus is on employees, electronic crime and social engineering. With these risks becoming increasingly sophisticated, sound risk management practices are essential to achieve an optimized risk transfer solution.
How Aon Can Help
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Innovative Program Design
One example of our innovative approach to program design can be seen in the U.S. financial industry. The risk profiles of U.S. mid-market banks are evolving quickly with escalating exposures around fraud and technology. The insurance industry has historically underwritten risk and offered capacity through separate cyber, fidelity bonds (crime) and professional liability policies. Aon has designed a proprietary blended mid-market form, CyberCrime Plus. With the support from leading insurers, this coverage can be scaled up to provide optimized capacity levels for our mid-market banking clients.
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Best-in-Class Coverage Terms
Specially negotiated coverage enhancements are designed to provide broad coverage. Our brokerage and claims teams collaborate to translate what we see in claims to help inform coverage negotiations. Aon’s claims team typically handles more than 200 crime claims every year.
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Data and Analytics
Aon provides anonymized peer purchasing information, such as industry-leading pricing data on program limits and retentions. It can be customized using a wide array of parameters, including public vs. private and industry sectors.
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200+
Aon’s claims team typically handles more than 200 crime claims every year.
