What is Commercial Crime Insurance?

Commercial crime insurance is a kind of policy that is designed to meet the needs of organizations other than financial institutions such as banks. A commercial crime policy in India typically comes with a number of different types of coverage against commercial crimes such as forgery or alteration coverage, employee dishonesty coverage, funds transfer fraud coverage, computer fraud coverage, money and securities coverage, money orders and counterfeit money coverage and kidnap, ransom, or extortion coverage.
Therefore the commercial crime insurance policies provide coverage against dishonest employees as well. There are a number of commercial crime insurance companies in India from where you can buy commercial crime insurance online without having to face any hassle. It’s equally important to compare various commercial crime insurance policies on offer by different insurers available in India to get the best commercial crime insurance coverage at a lower premium rate. You can use our site GIBL for a swift and unbiased comparison of commercial crime insurance quotes online.

Importance of Commercial Crime Insurance Policy in India

Commercial crime insurance policy online, in general, is a first party loss insurance, in other words, loss suffered by the insured in the event of a crime committed by a third party. In the wake of such increased instances of cyber-crime and online treacherous activity of money and fraud done by trusted employees and strangers from different part of the country and the world, it is a prudent idea to shield the losses of your enterprise and financial liabilities by opting for a dedicated commercial crime insurance policy in India. Commercial crime insurance policies are fundamentally designed to provide coverage against white collar crimes.

Commercial Crime Insurance Coverage:

In today’s business world, white collar crime has become an undeniable reality. Witnessing any sort of infidelity from workers of an organization or company has become a common issue in today’s world. The best thing you can do to get your business organization protected against all such commercial crime is to get yourself allied with a comprehensive commercial crime insurance policy online. Find out the robust and extensive commercial crime insurance coverage below.

Employee Theft Coverage:

This commercial crime insurance plan cover the loss of money, securities or any other possession, property or belongings by counterfeit , theft or fraud by an identifiable employee of the insured.

Transit Coverage:

The transit coverage under commercial crime insurance plan covers any loss from destruction, disappearance, securities outside the insured’s premises or wrongful abstraction of money by a third party, while being passed on by the insured, an armored motor vehicle company or any person authorized by the insured.

Depositors Forgery Coverage:

This commercial crime insurance coverage covers any loss arising out of such instruments like cheques deceitfully drawn on the insured’s accounts by a third party.

Computer Fraud Coverage:

This is an extension under commercial crime insurance policy in India to cover losses sustained by the insured in the event of computer fraud by a third party and this includes coverage for expenses incurred by the insured caused from a computer violation.

Premises Coverage:

The premises coverage under commercial crime insurance policy is designed to cover the losses from disappearance, destruction, unlawful abstraction or computer theft of securities or money from the insured’s premises by third parties.

Salient Features and Benefits of Commercial Crime Insurance Policy in India

The commercial crime insurance policies certainly have a number of special benefits to offer its procurers. Find out the key benefits and features under commercial crime insurance coverage in India.
• This insurance policy comes with the availability of four insuring clauses with a computer fraud extension to those who meet the criteria backed by a cumulative limit of liability.
• The premium of commercial crime insurance plan depends on evaluation of the risks based on the information provided by the business organization.
• Superseded deductible cover: If a loss is partly covered by commercial crime insurance policy and partly under a prior policy and the prior insurer has applied a deductible, then the deductible commercial crime insurance policy applies will be brought down by the amount of the previous insurer’s deductible
• The insurance policy offers broad explanation of “employee”, including cover for impermanent employees hired from an organization.
• Employee benefit plans coverage available.
• Coverage available for operations in designated territories.
• Availability of prior losses coverage given that the insured purchased prior, uninterrupted and continuous fidelity or bond insurance policies from a preceding insurer.
• The policy can be terminated by written notification in accordance with the terms and conditions.

Commercial Crime Insurance Exclusions

Just like any other insurance plans in India, commercial crime insurance online also has a number of factors and circumstances and conditions that are not covered. Find out the exclusions on commercial crime insurance policy in India below.
• Fees or expenses in defending or prosecuting any legal proceedings.
• Losses contributed or caused by the fraud or theft of the insured’s partner
• Losses due to insurrection, war, civil war, revolution, rebellion, military action or governmental expropriation or intervention.
• Loss of trade secrets.
• Any expenses incurred by the insured in establishing existence or amount of any covered loss.
• This insurance policy doesn’t cover loss of income.
• Any expenses incurred by the insured in establishing existence or amount of any covered loss.
• This insurance policy doesn’t cover loss of income.
• Losses not reported within one (1) year of voluntary dissolution/liquidation or within sixty (60) days of the policy’s termination of the insured.
• Loss involving the cost of reproducing any information contained in damaged or lost accounts, manuscripts, records etc.

How GIBL Can Help You With Commercial Crime Insurance Policy?

GIBL, being one of the fastest growing online insurance broking portals can help you unearth the best commercial crime insurance policy. We let our customers nationwide instantly compare various insurance quotes with other polices and plans online to bring what’s best for them. Get commercial crime insurance quotes instantly online from GIBL and secure your business today.