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

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What is covered and not covered under a commercial crime insurance policy, fidelity coverage, key differences between policies offered by different insurance companies.
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What constitutes a claim, how the different claims reporting requirements work, and what to do and expect from the broker and the insurer when a potential claim occurs.
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How to Buy

What organizations need to do and know before buying commercial crime insurance, questions to ask insurers when securing this important coverage.
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Risk Mitigation

What organizations can proactively do to minimize the potential for crime and minimize the extent of loss, if and when crime does occur.

Learning Objectives

After taking this course, you’ll be able to:

  1. Explain what commercial crime insurance is all about;
  2. Review insurance policy wordings and understand the implications of the terms and conditions;
  3. Identify different claims reporting requirements and explain what to do and expect in the case of a crime loss;
  4. Assess risk management gaps and propose options for combating crime within an organization;
  5. Ask the right questions of the insurer in order to obtain the coverage that best fits the needs of the organization.

Course Curriculum

  • 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

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. 


Chief Operating Officer, Energy Company

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.

David Marsh, Partner, Broker

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.

Rob H., SVP, Broker

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.

Broker, Australia

ITC effectively tackles complex subject matters in a very creative manner. I would highly recommend to anyone looking to broaden their understanding.

Broker, Canada

Great way to enjoy an evolving subject matter. Thank you ITC, enjoyed that!

Manager, SVP, Canada

I’ve been in the insurance industry for over 20 years and this is by far the best educational material I have seen! Great for new and established professionals!


With ITC, you can take any course at any time. For the best learning experience, a prerequisite may be recommended in the course description.

At ITC, we want to hear from you! Our courses are specifically developed to provide relevant and up-to-date training on insurance topics. If there is something you’d like to learn or explore and we don’t have the course, please reach out!

We take pride in providing up-to-date relevant courses! ITC is committed to reviewing all course content at least once a year and making any necessary updates or additions to course materials.

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Check the CE / CPD page on our website to find out which courses qualify for credit in your jurisdiction then register for your chosen course. Once you’ve successfully completed the entire course, including all the quizzes, you will be prompted to register for your digital certificate of completion.

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Commercial Crime Insurance Fundamentals

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