The money
Commercial crime
Commercial crime addresses specified direct theft and fraud losses. For a property manager, the first question is whose money the policy treats as covered property.
What the review should address
- Client-property wording for money handled on an owner’s behalf
- The employee definition and applicable discovery conditions
- Separate limits for social engineering and funds-transfer fraud
- Any independent verification requirement for payment changes
Where the wording matters
A cyber policy does not establish that a transferred sum is insured. Crime agreements can distinguish unauthorized transfers from payments that someone was deceived into authorizing.
Have these facts ready
- Who can approve and release payments
- How supplier account changes are verified
- Whether accounts contain owner funds or operating funds
Prepare for a discussion
Choose a discussion time
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