Corporate fraud in recent times has grown with the expansion of internet use & connectivity.
Although many organizations have foolproof internal controls there is always a possibility of
breach in their systems & procedures either internally by their own staff or third parties. The hi- tech fraud involving computers has become a major issue and traditional insurance policies such as money & fidelity insurances fail to bridge the gap between a physical theft of cash & the electronic theft.
Hence, the solution to protect your company’s assets is to purchase a commercial crime insurance
which addresses the above exposure, helping companies to protect their financial losses arising
out of such acts.
Primarily, a commercial crime insurance policy pays for losses arising out of employee fidelity and third-party fraud. Important coverage to consider are:
- Fraud committed prior to the inception of cover, but discovered during the policy term
- Embezzlement of funds by the employees through illegal interception of IT systems
- Auditors / Expert fees to investigate and substantiate the claim
- General Insurance
- Health & Illness (EB)
- Motor Insurance
- Specialist Line
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