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In recent years employee dishonesty related losses has raised and despite many companies having very solid internal controls there is always the possibility that these can be breached by employees or third parties.
As a result increased the potential for major corporate losses of which companies may suffer huge financial losses and loss of confidence among shareholders.
The cost of this fraud comes right off a company’s bottom line. Purchasing schemes involving kickbacks, accounts payable fraud involving ghost vendors, payroll and cheque fraud, or inventory theft can reduce corporate profits by millions of dollars
Commercial Crime Insurance is designed to safeguard businesses from such financial losses and protects your company from:
Employee Fraud coverage
Commercial Crime Insurance covers for losses of money or securities that have been embezzled by an employee through acts of theft, fraud or dishonesty.
Premises coverage
Commercial Crime Insurance covers for losses of money or securities that are unlawfully taken, destroyed, or disappear from the Insured’s premises. Insurance also extends to property lost in a robbery or safe burglary that occurs on premises.
In Transit coverage
Commercial Crime Insurance covers for money or securities that are unlawfully taken, destroyed, or disappear while being transported. Insurance also applies to loss of property due to a robbery that occurs during transit.
Forgery coverage
Commercial Crime Insurance Commercial Crime Insurance covers for losses resulting from forgery or alteration of a financial instrument, such as a cheque or draft issued by your company.
Computer Fraud coverage
In today’s electronic world, the risk of sustaining a loss of money, securities, or property, such as inventory, at the hands of a hacker has increased substantially. Commercial Crime Insurance is designed to help protect these assets.
Funds Transfer Fraud coverage
Commercial Crime Insurance Provides coverage for financial institution transfers money or securities based on fraudulent documentation purported to have been sent by the Insured.
Counterfeit Currency Fraud coverage
Protects against fraud committed on the insured causing it to accept any postal or money order issued or counterfeit Singapore currency.
Credit Card Fraud coverage
Commercial Crime Insurance Commercial Crime Insurance covers for forgery or alternation of any written instrument required in connection with any credit card issued to an Insured or to an employee.
Client Coverage
Commercial Crime Insurance helps protect the Insured against loss of money, securities, or other property for which it is legally liable or that it holds in any capacity.
Expense Coverage
Additional insurance is available to cover the cost of establishing the full extent of the loss.
Worldwide coverage
Commercial Crime Insurance reimburses covered losses that occur anywhere in the world.
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