

All associations purchase Crime coverage as a standalone policy or as part of a package. This type of coverage protects against the theft of association funds or other financial misconduct, but often has limits below what the association may need. Excess Crime provides the same protection, but offers higher limits than a typical property policy, and it can be purchased to replace or supplement a lower limit.
How do you know if you need Excess Crime coverage?
- Determine the type of policy: standalone or package. Package will have multiple lines of coverage. Farmers, State Farm and CAU are some of the common package carriers.
- Review the current policy to determine employee theft/crime limit offered.
- Use financial statements to determine if adequate coverage exists based on state regulations or the Fannie Mae guidelines (full reserve plus three months assessments).
- If determined that a higher limit is needed, excess coverage may be appropriate if the current policy offers a lower limit.
- For assistance, call your broker or click here.