Every company, regardless of its size, becomes a potential target for white-collar crime, which causes businesses to lose billions of dollars globally. Companies are almost estimated to lose upwards of 1-2% of revenues annually due to fraud and the cost of fraud comes straight off the bottom line. The losses caused by fraud are on the rise are and more prevalent. Experts have acknowledged that this is one of the fastest-growing problem and most prevalent. Companies may be confronted by the potentially devastating crime-related loss that may have a catastrophic impact on their bottom line. Events can strike organizations in virtually any location and any industry, and losses can stem from a wide range of criminal threats from employees or non-employees. Companies thus need to be better prepared to manage such losses by structuring a suitable crime insurance program to meet their individual needs. Crime Insurance policies provide coverage for direct loss of money, securities and other property of the insured arising out of employee theft and /or third-party fraud and dishonesty. The coverage is also extended to cover computer fraud and/or forgery. It is specifically designed to address a number of white-collar crime exposures faced by an organization. This policy even addresses the loss of money, securities and any other assets. Commercial and governmental entities can avail of this policy for insuring their assets, both human and physical.
The Crime insurance policy offers coverage for premises, in-transit, forgery, computer fraud, funds transfer, credit card fraud, social engineering fraud, receipt of counterfeit currency frauds and many other forms of crimes that could hinder the operation of the business organisation.
Scope of our services
With the rapid transformation in lifestyle and technology, the sphere of crime has also widened. Hence, the need for Crime Insurance Policies has increased with time, specifically for companies who are widely exposed to different types of potential criminal incidents across single or multiple geographies.
A good crime policy is more comprehensive and insures against all frauds and dishonesty by both, non-employees and employees. The most robust aspect of this policy is that insurance is also provided, at times, for loss perpetuated over an extended period but discovered during the policy tenure.
The typical Crime Insurance policy covers losses that fall in the categories of a crime specified in the coverage policy. Under a commercial crime policy in the situation of ‘loss discovered’ form, coverage is provided for loss discovered during the policy period, while in the situation of ‘loss sustained’ form, coverage is provided when the loss is actually sustained. The Crime insurance cover for losses in cash, merchandises, assets, or any other property when a crime occurs.
The Financial and Liability Insurance Team at Zoom Insurance Brokers works to ensure overall financial protection of our clients. We seek to enhance sustainability and cost efficiency, by making sure that clients are able to garner the maximum benefits of the Insurance policy. Zoom Insurance Brokers offer solutions to our clients by leveraging on Financial and Liability Team’s skill set in both placement and claims management in the following ways: