Crime Protection Plus
Employee/Volunteer Theft is one of the most under reported types of loss to both for profit and non-profit organizations. This type of loss goes unreported because many organizations do not want the press associated with this type of loss. Customers and Vendors can lose confidence in an organization. That is why this insurance coverage is so important. Especially since volunteers will be going into peoples homes.
Ten Reasons to Have Philadelphia Insurance Companies Crime Protection Plus
1. Broad Employee Theft coverage including Clients Property, blanket ERISA Fidelity
coverage; expanded definition of “Employee”
2. Computer and Funds Transfer Fraud coverage, including Data Reconstruction
Expense sub-limit - Optional Coverage
3. Investigative Costs coverage – a $25,000 sub-limit for expenses related to a
covered Employee Theft and Client Coverage Loss
4. Personal Accounts Credit Card Forgery coverage included (automatically included
when the Forgery or Alteration Insuring Agreement is purchased) - Optional Coverage
5. Favorable Loss reporting threshold – loss is reported when anticipated value is 25%
or greater than the applicable deductible (Employee Theft and Client Coverage
6. Prior dishonesty cancellation clause per employee subject to $25,000 threshold
7. Automatic coverage for newly acquired entities – up to 25% of the Insured’s total assets
8. Availability of Loss Sustained or Discovery based coverage
9. Third Party Fidelity coverage (off-premises) available by endorsement - Optional Coverage
10. Money Orders and Counterfeit Currency coverage available - Optional Coverage
CRISIS MANAGEMENT ENDORSEMENT - $25,000 limit for crisis management emergency response expenses incurred
because of an incident giving rise to a “crisis.”
Below are some scenarios of actual claims. While the dollar amounts of the below claims are much higher than the funds many villages will have, what would you do if the claim was $25,000 or $50,000?
An employee issued company credit cards in his
own name and charged items for personal use.
$100,000 Employee Theft of Money
A convenience store employee took cash from
the safe and left in the middle of his shift.
The controller and manager colluded to embezzle
money by setting up a fictitious vendor.
The Finance Director embezzled more than $1M
over a 6 year period via overseas wire transfers.
He tried to flee to Columbia and was caught
when going through customs.
$500,000 Employee Theft of Money
A bookkeeper used company funds over a
5 year period to pay for personal expenses
totaling over $800,000.