People
Separate initiation, approval and reconciliation responsibilities where practical.
COMMERCIAL INSURANCE SOLUTION
Crime & fidelity insurance
Internal fraud and payment manipulation can bypass ordinary property and cyber policies. Crime cover should be reviewed against how money, stock and supplier changes are controlled.
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WHO IT MAY SUIT
Businesses with employees, electronic payments, stock, trust money or delegated financial authority.
Cover can address selected direct financial losses from employee dishonesty, theft, forgery and certain external crime events, subject to the chosen product and controls.
WHAT WE REVIEW
- 01Payment approval procedures
- 02Supplier change verification
- 03Segregation of duties
- 04Banking and administrator access
- 05Stock and cash controls
- 06Prior losses or suspected irregularities
PRACTICAL COVER REVIEW
Insurance responds best when financial controls are clearly defined.
Insurers may require dual authorisation, independent call-backs and restricted access. A control that exists informally may be difficult to demonstrate after a loss.
Payments
Verify new or changed bank details using an independently sourced contact method.
Systems
Restrict privileged access, use MFA and review logs for unusual changes or transactions.
WHY THE DETAILS MATTER
Employee crime and external fraud are not always treated the same.
Identify who can cause a loss
Employees, contractors and external criminals may fall under different definitions. The policy's insured persons and direct-loss requirements matter.
Check social-engineering treatment
A convincing email or phone instruction can lead an authorised employee to transfer funds. This may have a separate sublimit, excess and verification conditions.
Understand discovery and notification
Crime losses can develop over months or years. Discovery periods, prior knowledge and prompt notification requirements should be understood.
Coordinate cyber and management liability
Crime, cyber and management liability sections can overlap but also leave gaps. The same event may involve compromised systems, authorised payments and employee conduct.
Cover is subject to insurer acceptance, the policy schedule, applicable policy wording or Product Disclosure Statement, limits, conditions and exclusions. This information is general and does not take into account your objectives, financial situation or needs.
COMMON QUESTIONS
Questions about crime & fidelity insurance.
These answers are general. The quotation, schedule and policy wording determine the cover offered.
Does crime insurance cover employee theft?
Many products include employee dishonesty or fidelity cover, subject to definitions, evidence, discovery and exclusions.
Is invoice fraud covered by cyber insurance?
Sometimes only to a limited extent. Crime or social-engineering cover may be more relevant, and verification conditions often apply.
Can unexplained stock shortages be claimed?
Policies commonly require evidence of a covered dishonest act and may exclude unexplained inventory shortages. Wording and records matter.
What controls do insurers ask about?
Common questions cover dual approvals, supplier verification, reconciliations, access controls, audit practices, MFA and prior losses.
CONNECTED COVER
Look beyond one policy.
We consider how this cover interacts with the rest of your insurance program.
A CONSIDERED REVIEW
Test the controls around money and stock.
We can review the loss scenarios, policy overlaps and underwriting information before approaching suitable insurers.
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