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This policy covers all direct pecuniary loss sustained by any act of fraud or dishonesty committed by any of the organization’s employed including:
• Embezzlement – Misappropriation by employees of property entrusted to them by their employer
• Larceny or Theft – Taking with the intent to steal and keep the employer’s property
• Forgery – Forged receipts or cheque signatures
• Wire transfer fraud
• Other criminal acts
This type of insurance may be written in any one of the following ways:
1. Individual basis – Covers one named employee and is for a specific amount.
2. Blanket basis – Covers all personnel.
3. Position basis – Covers occupations rather than individuals.
This policy carries a ‘Discovery Period’ – this period limits claims payable to those discovered within time parameters not exceeding six (6) months for a current employee, and three (3) months for former employees.
Beacon’s underwriting considerations: This type of insurance is underwritten strictly on an accommodation basis. A proposal form must be completed and the policy is subject to an excess.