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Crime Insurance

It can be hard to accept that your own staff might be stealing from you. Unfortunately, the truth is that it may be the most trusted and senior staff who have the knowledge to skirt round security and set up insidious, well-concealed fraud systems. 

And if they do it, it’s often a pattern repeated over years; sometimes on their own, sometimes in collusion with outsiders like suppliers. Fortunately, it’s only a minority who turn bad, but there are many reasons why they do. Like financial pressure resulting from divorce, impending retirement or simply management resentment. Too often it’s a result of addiction, in its many guises. 

Fraud can impact the business beyond the money or stock that’s been taken. Customers and investors may lose faith in the management and employee morale may fall. 

It can also be extremely hard to establish how much has actually been taken. Fraud investigation is a specialised field, especially when the period the crime took place over dates back a long time. It's a job best handled by experts, even without considering the sensitivities of having to investigate your own staff. 

According to statistics many quite substantial organisations do not purchase specialised crime cover, relying on the token cover levels often included in property insurance policies.  That could leave them exposed with no cover for stock or goods, uselessly-low limits or sharp restrictions on discovery periods. 

Crime insurance from AIG not only provides comprehensive protection from the effects of dishonesty, but it also enables businesses to demonstrate their commitment to effective risk controls.

Market

Mid to large-sized companies.

Features & Benefits

  • Clients have a choice of investigative specialists to utilise – with costs covered by AIG (up to sublimits provided). This means faster claims resolution and enhanced recovery prospects
  • Wide definition gives better protection to the Insured and addresses exposures created by a company’s decision to outsource functions previously performed internally
  • Crime cover is available on its own, as an addition to directors and officers cover and in a specialist form designed for financial institutions
  • Protects the companies money and stock, plus third parties’ property under its control
  • Meets costs of defending third party accusations of employee dishonesty, even if unfounded

Cover

  • Dishonest acts during the policy period, or first discovered within it
  • Addresses fraudulent or dishonest acts caused by employees, third parties, temp or seasonal staff, contractors and outsourcing operations
  • Fraud investigations costs

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