What is Crime Coverage?
A fraternal organization has exposure to the embezzlement, theft, or mysterious disappearance of monies arising out of its daily operations. Crime coverage can help protect the assets of the organization. Areas that should be of concern include:
- Employee Theft: Loss of money resulting directly from the theft committed by an employee or a volunteer of the organization.
- Forgery and Alteration: Loss resulting directly from the forgery or alteration of checks, drafts, promissory notes, or similar written promises.
- Inside the Premises: Theft of Money and Securities —Loss of money and securities inside the premises or banking premises resulting directly from theft committed by a person present inside such a premises or banking premises and loss resulting directly from disappearance or destruction.
- Outside the Premise: Loss of money and securities outside the premises while in the care and custody of a messenger or an armored motor vehicle company resulting directly from theft, disappearance, or destruction.
- Computer Fraud: Loss or damage to “money,” “securities,” and “other property” resulting directly from the use of any computer to fraudulently cause a transfer of that property from inside the “premises” or “banking premises” to a person or place outside those “premises.”
- Funds Transfer Fraud: Loss of “funds” directly resulting from a “fraudulent instruction” directing a financial institution to transfer, pay, or deliver “funds” from your “transfer account.”
- Money Orders and Counterfeit Paper Currency: Loss resulting directly from your having accepted in good faith, in exchange for merchandise, “money or services:”
- Money orders issued by any post office, express company, or bank that are not paid upon presentations; or
- “Counterfeit money” that is acquired during the regular course of business.Simple financial management best practices can help prevent losses, but insurance coverage will give you peace of mind.Crime Prevention Safeguards
A premium indication for coverage can be obtained by contacting
Holmes Murphy Fraternal Practice
13810 FNB Parkway, Suite 300
Omaha, NE 68154
Phone: (800) 736.4327, ext. 4191
Fax: (800) 328.0522