Russell Bond & Co., Inc. September 2016  
Crime Coverage
Do your clients have proper Crime Protection?   Whether it be due to a lack of internal controls necessary to identify problems, or not having the proper financial resources to protect them, any incident can significantly impact a bottom line.

Who commits the crime?  You may be surprised at these statistics.
  • 56% are in the position of manager or owner / executive
  • Employees with ten or more years of tenure cause the costliest losses
  • 95% have never been charged / convicted of a prior offense
  • 69% are male
  • 55% are between the ages of 31 and 45
  • 47% have a bachelor's degree
  • Largest number of cases come from the accounting department (17%)
  • Most are risk takers, extroverts, career / success oriented individuals
  • Most act alone and are motivated by greed, addiction problems, revenge or debt / financial issues

Common causes of loss include vendor fraud (billing schemes, ghost vendors, kickbacks), foreign losses (controls are not the same in different countries), check schemes, payroll schemes (ghost employees, improper overtime), expense reimbursements, valuable metals (copper wiring & piping, catalytic converters).

Crime Coverage
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What Insuring Agreements can a Crime policy include?
Employee Dishonesty
Property covered - money, securities and other property

Causes of loss - dishonest acts committed by an employee with the intent to cause loss or financial benefit
Forgery or Alteration
Property covered
- negotiable instruments such as checks, drafts, promissory notes.  Orders or directions to pay a sum of money.

Causes of loss - forgery or alteration of covered instruments; suit against the insured for sums the insured becomes legally obligated to pay
Computer Fraud
Property covered
- money, securities and other property

Causes of loss - fraudulent use of a computer to transfer property from inside the premises or banking premises to a person outside the premises
Funds Transfer Fraud
Property covered - Funds (money & securities)

Causes of loss - fraudulent (written) instruction directing financial institution to transfer / pay / deliver funds from the insured's master account (does not include emails)
Additional Insuring Agreements available include:  Inside the Premises, Outside the Premises (in transit), Money Orders and Counterfeit Paper Currency, Loss of Clients Property.
Our team has access to the industry's leading companies,
with over 50 years experience providing solutions you can count on!
Call Tonya or Jackie for more information: 
Tonya Hollederer Jackie Oddo
Tonya Hollederer, ext. 133
Vice President / Senior Broker

Jackie Oddo, ext. 161
"A Wholesale Insurance Broker unlike any other..."
66 Years
1950 - 2016 
866 Ellicott Square Bldg.  |  295 Main Street  |  Buffalo  |  NY  |  14203
1670 Whitehorse - Hamilton Square Road  |  Hamilton  |  NJ  |  08690
Hampton Ponds Plaza # 12 |  1029 North Road  |  Westfield  |  MA  |  01085
800.333.7226  |  |  Fax: 800.677.6779
Trusted since 1950