World Library  
Flag as Inappropriate
Email this Article

Crime insurance

Article Id: WHEBN0018241757
Reproduction Date:

Title: Crime insurance  
Author: World Heritage Encyclopedia
Language: English
Subject: Insurance, Prosecution association, Anarcho-capitalism, Aggression insurance, Taxation as slavery
Collection: Types of Insurance
Publisher: World Heritage Encyclopedia

Crime insurance

Crime insurance is insurance to manage the loss exposures resulting from criminal acts such as robbery, burglary and other forms of theft. It is also called "fidelity insurance". Many businesses purchase crime insurance that allows them to file claims for employee theft or other offenses with the potential to cause financial ruin.

Because crime insurance loss exposures can vary significantly among policyholders and require special underwriting skills, insurers prefer to insure certain types of crime insurance loss under separate Commercial Crime Insurance forms. These forms allow organizations to cover crime losses that are not insured under other insurance policies.

Briefly described, commercial crime insurance covers money, securities and other property against a variety of criminal acts, such as employee theft, extortion and computer fraud. Many insurers use Insurance Service Office's (ISO's) commercial crime forms.

The ISO Commercial Crime Coverage form includes these eight insuring agreements:

  1. Employee Theft
  2. Forgery or Alteration
  3. Inside the Premises - theft of money and securities
  4. Inside the Premises - robbery or Safe burglary of other property
  5. Outside the Premises
  6. Computer Fraud
  7. Funds Transfer Fraud
  8. Money Orders and Counterfeit money

Some organizations buy crime insurance instead of a surety bond.

Anarcho-capitalists favor the use of crime insurance by individuals as well, to cover losses due to murder, rape, and other violent crimes in addition to property crimes; this type of crime insurance is termed aggression insurance.

This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.

Copyright © World Library Foundation. All rights reserved. eBooks from Project Gutenberg are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.