Theft & payment fraud
Commercial crime
Commercial crime insurance covers specified direct losses from theft or fraud. We examine whether the policy includes client money and compare the provisions for employee theft, payment fraud, and social engineering.
What we check in the terms
- We check the definition of client property for funds held for owners
- We examine who counts as an employee and when a loss must be discovered
- We compare the sublimits for deceptive instructions and unauthorized transfers
- We flag verification duties for changed payment instructions
Policy conditions to understand
Crime policies can treat an unauthorized transfer differently from an authorized payment made after deception. We explain those distinctions and check the crime terms separately from any cyber policy.
Information we use for the submission
- Who can approve and release payments
- How supplier account changes are verified
- Whether accounts contain owner funds or operating funds