Commercial Crime Insurance Fundamentals

Understand the fundamentals of commercial crime insurance: what’s covered and what’s not, how policies are structured, and what’s required and what to expect when there is a claim. The course also includes information and tools to support good client buying decisions and guidance on risk mitigation.

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Continuing Education Credits

This course is approved for 1.5HR CE Credits for BC, AB, SK, MB and ON (Technical Skills).

Course Objectives

By the time you’ve completed this course you’ll be equipped to:

Explain what commercial crime insurance is all about
Review insurance policy wordings and understand the implications of the terms and conditions
Identify different claims reporting requirements and explain what to do and expect in the case of a crime loss
Assess risk management gaps and propose options for combating crime within an organization
Ask the right questions of the insurer in order to obtain the coverage that best fits the needs of the organization

Course curriculum

1. Welcome Message from Instructor
2. Course Objectives
3. Downloadable Material
1. Chapter introduction & objectives
2. What is commercial crime insurance?
3. Commercial crime statistics
4. What is insured by a commercial crime policy?
5. Who is insured by a commercial crime policy?
6. What crimes are covered?
7. Who perpetrated the crime?
8. Where did the loss occur?
9. How was the crime committed?
10. What is not covered in a commercial crime policy?
11. Interactive Exercise Instructions
12. Interactive Exercise
1. Chapter introduction & objectives
2. The crime must fit the terms of the policy
3. Two kinds of insuring agreements
4. Requirements for coverage
5. The complex nature of employee crime
6. Manifest intent
7. Robin Hood fraud
8. Who is an employee?
9. Claim reporting rules
10. The timing of events
11. Loss sustained
12. Loss discovered
13. How to avoid reporting a claim too late
14. Discovery date
15. When crime strikes
16. Activity: What to do and expect when filing a claim?
17. Interactive Exercise
1. Chapter introduction & objectives
2. What does coverage look like in a commercial crime policy?
3. What is covered? Employee insuring agreements
4. What is covered? Non-employee insuring agreements
5. Extensions
6. Client property coverage
7. Employee benefit plan/ Pension administrator's coverage
8. Social engineering fraud
9. ERISA bond
10. Personal account protection
11. Telephone fraud, mail and courier rider, data restoration
12. Claim expense and extended reporting period
13. Activity - Claim Scenarios
14. Interactive Exercise
1. Chapter introduction & objectives
2. Employee crimes: common, expensive and complex
3. Common types of fraud
4. Claims example: large gold mining company
5. Claims example: lawyer
6. Not-for-profit organizations claims examples
7. Managing commercial crime risk
8. Human resources controls
9. Operations controls
10. Interactive Exercise
1. Chapter introduction & objectives
2. Why organizations buy commercial crime insurance?
3. The application process
4. Application checklist
5. Social engineering fraud application checklist
6. What to buy? A look at different options
7. What to buy? Choosing an option
8. Other coverage decisions: who is covered and what is covered?
9. Other coverage decisions: policy terms (loss sustained to loss discovered & vice versa)
10. Other coverage decisions: limits
11. Other coverage decisions: coverage limit
12. Other policy decisions: deductible
13. Other terms and conditions
14. Selecting an insurer
15. Interactive Exercise
1. Course Survey
2. Course Wrap Up
3. Commercial Crime Insurance Fundamentals Final Assessment- Westland