Commercial Crime Insurance Fundamentals
Understand the fundamentals of commercial crime insurance: what’s covered and what’s not, how policies are structured, and what’s required and what to expect when there is a claim. The course also includes information and tools to support good buying decisions and guidance on risk mitigation.
What You Will Learn
Coverage
Claims
How to Buy
Risk Mitigation
Learning Objectives
After taking this course, you’ll be able to:
- Explain what commercial crime insurance is all about;
- Review insurance policy wordings and understand the implications of the terms and conditions;
- Identify different claims reporting requirements and explain what to do and expect in the case of a crime loss;
- Assess risk management gaps and propose options for combating crime within an organization;
- Ask the right questions of the insurer in order to obtain the coverage that best fits the needs of the organization.
Course Curriculum
- Welcome Message from Instructor
- Course Objectives
- Downloadable Material
- Chapter introduction & objectives
- What is commercial crime insurance?
- Commercial crime statistics
- What is insured by a commercial crime policy?
- Who is insured by a commercial crime policy?
- What crimes are covered?
- Who perpetrated the crime?
- Where did the loss occur?
- How was the crime committed?
- What is not covered in a commercial crime policy?
- Interactive Exercise Instructions
- Interactive Exercise
- Chapter introduction & objectives
- The crime must fit the terms of the policy
- Two kinds of insuring agreements
- Requirements for coverage
- The complex nature of employee crime
- Manifest intent
- Robin Hood fraud
- Who is an employee?
- Claim reporting rules
- The timing of events
- Loss sustained
- Loss discovered
- How to avoid reporting a claim too late
- Discovery date
- When crime strikes
- Activity: What to do and expect when filing a claim?
- Interactive Exercise
- Chapter introduction & objectives
- What does coverage look like in a commercial crime policy?
- What is covered? Employee insuring agreements
- What is covered? Non-employee insuring agreements
- Extensions
- Client property coverage
- Employee benefit plan/ Pension administrator’s coverage
- Social engineering fraud
- ERISA bond
- Personal account protection
- Telephone fraud, mail and courier rider, data restoration
- Claim expense and extended reporting period
- Interactive Exercise
- Chapter introduction & objectives
- Employee crimes: common, expensive and complex
- Common types of fraud
- Claims example: large gold mining company
- Claims example: lawyer
- Not-for-profit organizations claims examples
- Managing commercial crime risk
- Human resources controls
- Operations controls
- Interactive Exercise
- Chapter introduction & objectives
- Why organizations buy commercial crime insurance?
- The application process
- Application checklist
- Social engineering fraud application checklist
- What to buy? A look at different options
- What to buy? Choosing an option
- Other coverage decisions: who is covered and what is covered?
- Other coverage decisions: policy terms (loss sustained to loss discovered & vice versa)
- Other coverage decisions: limits
- Other coverage decisions: coverage limit
- Other policy decisions: deductible
- Other terms and conditions
- Selecting an insurer
- Interactive Exercise
- Course Wrap Up
- Course Survey
- Commercial Crime Insurance Fundamentals Final Assessment
About ITC courses
ITC takes pride in delivering high quality, unbiased courses on professional and management liability insurance and related topics. Designed specifically for online delivery, our courses are interactive, include activities and quizzes, use practical illustrations and real-life case studies and deliver knowledge in bite-sized portions so even just 5 minutes is learning time well spent.
How we build courses
ITC courses are the product of a collaborative approach. We work closely with subject matter experts to build out course content, the ITC design team brings that content to life, and no course is published before undergoing an intense review by an industry panel. Our process also includes post-publication reviews and updates because ITC is committed to delivering quality courses that remain accurate, relevant and up-to-date, long after they are first published.
Testimonials
Very informative in simple terms!
I found the Ransomware and Insurance 2022 Market Update to be very informative and delivered in simple terms. It will be beneficial to make it available in other languages like Spanish. Perhaps this can be done using a closed caption option.
ITC’s D&O and EPLI courses helped me understand the insurance proposals we receive AND to explain to my executive team and board members the risks we can (and cannot) manage through insurance.
Most insurance courses are either pitched at people learning about the subject for the first time or jump straight into advanced topics. The ITC courses do a great job for all learners and I particularly liked the online format since you can either spend time starting from the beginning or quickly move on to the areas of most interest to you. The course material also went beyond insurance policy language – addressing risk management, claims processes, what buyers should consider, and more.
This Commercial Crime course is fantastic. The content is very easy to follow and the visuals/graphics really helped simplify what is a very commonly misunderstood insurance product. I would certainly recommend this to anybody wishing to learn more about Crime insurance and the key risk exposures that businesses should be aware of.
ITC effectively tackles complex subject matters in a very creative manner. I would highly recommend to anyone looking to broaden their understanding.
Great way to enjoy an evolving subject matter. Thank you ITC, enjoyed that!
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Commercial Crime Insurance Fundamentals
- Foundation
- 73 lessons
- 1.5 Hours
