Broker Focus: Crime Insurance

We spoke to the Senior Vice-President at Integro, Patrick Bourk, and asked him about the importance of companies purchasing Crime insurance:

"Why Do Companies Need A Standalone Crime Insurance Package?"

Patrick Bourk (Integro): "Crime insurance as a standalone product is fairly unique. Most companies will rely on their office package policy to provide some sort of Crime coverage as Crime coverage is typically designed to protect against employee dishonety (people who are stealing from the till). An office package policy will often have some kind of $25,000 limit for that and for most companies that might be sufficient.

Where a standalone Crime policy becomes more important is when sometimes it's a regulatory compliance issue. For a lot of financial institutions they have to carry some sort of Crime bond. And in other cases they need something more substantial because of the nature of their business." 

"What Is The Difference Between Cyber and Crime Insurance?"

PB: "Cyber is about protecting data; Crime is about protecting money. If you want to protect against that 'social engineering' fraud component, which is what we call it, sometimes you can endorse it to a Cyber policy (not very often). That's where you're going to want to buy a standalone Crime policy with that special kind of endorsement."

"What Types of Company Need Crime Insurance?"

PB: "It can really apply to any company. Nowadays so many companies are being hacked or being lured into wiring money. Very innocuous emails, "Just click on this and we'll get it authorized". Once again you're talking about money going out the door. And so I think a lot of companies should investigate some kind of social engineering fraud coverage as part of a Crime policy."  

You can browse our current range of Crime products here.