March 1, 2016
From thefts of cargo to stolen wire transfers, crime losses abound for policyholders in every industry. Sometimes these losses are caused by criminal gangs, sometimes by computer hackers, sometimes by disgruntled employees, and sometimes a combination of all of the above. No matter what the cause (or identity of the perpetrator), policyholders often have insurance coverage to protect against these risks. But navigating the insurance fine print and an all-too-often adversarial claims process has become a science unto itself. Below are some of the issues that can arise in the insurance context as well as some of the steps that policyholders can take to mitigate the risk of crime-related losses in the first instance.