Did you know that Crime insurance provides more than just the Fidelity Bond requirement in a management contract? All of our associations are required to have Fidelity Bond coverage and to satisfy that requirement, our associations buy Crime coverage that provides an Employee Theft limit based on financials. However, a standalone Crime policy offers additional coverages as follows:
- Employee Theft: covers loss of money or property resulting from theft committed by an employee
- Forgery or Alteration: covers loss of money from a forged or altered check
- Theft of Money Inside Premises: covers your money stolen from your premises or financial institution by another person
- Robbery Inside Premises: covers your property stolen from your premises
- Outside Premises: covers your money or property that is in the care of an outside party such as a messenger
- Computer and Funds Transfer Fraud: covers loss from a fraudulent instruction made on a computer or through your financial institution
- Money Orders and Counterfeit Money: covers loss from unpaid money orders or acquired counterfeit money
Communities have the option to buy any of the additional coverages at varying limits and deductibles. Our recommendation for communities is to purchase all coverages for piece of mind. However, knowing that cost is a factor, our minimum recommendation is to purchase higher risk coverages such as Forgery & Alteration and Computer & Funds Transfer Fraud at the same limit needed for Employee Theft and to add the other coverages at a lower sublimit.
Please review you association’s coverages to make sure that the critical coverages are included at limits that meet the need of the association.