Crime Bond, part of the Management Assurance portfolio of covers, is designed to protect the Insured's own assets, and those for which they are legally responsible, against a wide range of fraud and related losses.
The operative clauses have been constructed with simplicity in mind and the Insured will automatically have the benefit of extra provisions.
Employee fraud is a growing problem and is recognised by government bodies, accountants and academics alike. Employee fraud is no longer limited to manual employees or shop assistants stealing stock or petty cash, but increasingly features sophisticated frauds by highly paid and sometimes long-serving employees in management, computing or accountancy positions. Losses in these instances can often run into millions of pounds and indeed have a real affect on the company's balance sheet. When also considering the external risk created by the increasingly sophisticated methods employed by third parties it is essential that an all encompassing wording is in force.
Whilst more widespread use of modern technology in business may have eliminated opportunities for rudimentary dishonesty, it has provided greater scope for more complex large scale fraud. Surveys show that over half of all businesses questioned have suffered a fraud and the majority of these were perpetrated by well established and trusted employees. The current trends have highlighted that viewing this area of coverage as an unnecessary means of protection or a luxury product is very much short-sighted and indeed should be a fundamental part of the company's insurance portfolio.
The policy provides comprehensive cover against the following major areas of potential loss :
- Fraud, dishonesty or malicious acts committed by employees against either the Insured or, in certain circumstances, a client of the Insured
- Forgery
- Securities Fraud
- Computer Fraud or Funds Transfer Fraud
- Robbery, burglary or mysterious disappearance of money or securities whilst on the premises or in transit
- Corporate Card fraud
In addition, certain expenses are covered including investigation expenses and Computer clean-up costs arising in connection with a computer violation or computer fraud.
The above is intended as a brief guide to the cover available. A fuller description of the coverage can be found in any insurance policy which will contain terms and conditions, limits and exclusions that are not mentioned above.
In addition to the above mentioned elements of cover, our policy does not have a warranted system of control and there is no requirement for the defaulter to be prosecuted.
High limits of indemnity are available (up to £50 million) depending on your requirements.
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