Commercial Crime Insurance
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About CCI –Commercial Crime Insurance
- What is CCI (Click on Every points should be get breif explanation as below mentioned Contents)
- Basic Coverages.
- Add On Coverages.
- Claim Process Support.
- Free Consultation for the CCI Product.
What is CCI?
Commercial crime insurance is a type of coverage designed to protect businesses from financial losses resulting from criminal activities. This can include theft, fraud, embezzlement, and other criminal acts committed by employees, third parties, or others.
Basic Coverages
Commercial crime insurance generally includes several key coverages:
- Employee Dishonesty: Covers losses from theft, fraud, or embezzlement committed by employees.
- Forgery or Alteration: Protects against financial loss resulting from forged or altered checks, drafts, or other financial documents.
- Theft of Money and Securities: Covers losses due to theft of money and securities both on the premises and while in transit.
- Robbery or Burglary: Provides coverage for losses due to robbery or burglary involving physical entry into a building or place where money or securities are kept.
- Computer Fraud: Covers losses due to fraudulent activities involving computer systems, including hacking and phishing schemes.
- Funds Transfer Fraud: Protects against losses resulting from fraudulent instructions to transfer funds, typically via electronic means.
Each policy may have specific terms, limits, and exclusions, so it’s crucial to review the details to ensure comprehensive coverage tailored to the business’s needs.
Add on coverages
In addition to basic coverages, commercial crime insurance can often include various add-on coverages or endorsements to address specific risks. Some common add-ons include:
- Social Engineering Fraud: Covers losses resulting from schemes where fraudsters manipulate employees into transferring funds or divulging sensitive information.
- Extortion: Provides coverage for losses due to threats of violence or damage, where extortionists demand money or other valuables.
- Counterfeit Money: Protects against losses from accepting counterfeit currency or negotiable instruments.
- Data Breach or Cyber Crime: Includes coverage for losses related to cyber attacks, including data breaches and the costs of responding to and recovering from such incidents.
- Safe Deposit Box Coverage: Covers losses related to theft from safe deposit boxes.
- Third-Party Theft: Provides protection against theft or fraud committed by third parties who are not employees of the business.
These add-ons can enhance a policy’s protection, tailoring coverage to address the specific risks and exposures faced by a business.