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Fidelity Bonds & Crime Insurance

Fidelity, bonding and crime insurance is an expanding class of protection.  Fraud, theft, and embezzlement are increasingly common occurrence.  Criminals continue to find creative ways to use modern technology to threaten and attack corporations and organizations.  Although the best protection for a corporation’s assets is a well established system of procedures and internal controls, this should be reinforced with fidelity and crime insurance.

Standard Coverages Include:

  • Dishonest acts by employee’s 
  • Robbery and burglary committed on insured premises
  • Mysterious disappearance or destruction of money and securities
  • Off premises hold-up and robbery
  • Acceptance of counterfeit money and money orders
  • Cheque forgery

Specialized Coverage Include:

  • Computer fraud
  • Extension of credit on the basis of forged security
  • Extortion
  • Credit card forgery
  • The cost of investigation and proving and employee dishonesty loss

Main Policy Types:

  • 3D Bond:  Dishonesty, disappearance, destruction insurance policy is the basic policy. Specialized coverage endorsements are then added to enhance the policy such as computer fraud, credit card forgery, and extortion
  • Financial Institution Bonds.  This is a variation of the 3D Bond.  Investment dealers, deposit taking institutions and insurance companies purchase this type of bond.

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