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Camargue Commercial Crime

Camargue Commercial Crime. February 2013 Justin Keevey & John Stebbing. “ the incidence of white collar crime had increased by 76.5% since 2004” iol article 9 Sept 2011. Overview of cover. What is covered?. Theft of the company’s property by employees

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Camargue Commercial Crime

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  1. Camargue Commercial Crime February 2013 Justin Keevey & John Stebbing

  2. “the incidence of white collar crime had increased by 76.5% since 2004” iol article 9 Sept 2011

  3. Overview of cover

  4. What is covered? • Theft of the company’s property by employees • Includes property belonging to others, which the Insured is responsible for • Includes money and any other property • The theft can be committed alone or in collusion with others

  5. What is covered? • Theft by employees (continued) • Not necessary to be able to identify guilty employees • No specific restrictions on the method of theft e.g. Computer hacking is covered

  6. What is covered? • Extortion • Can be committed by employees or third parties • The use of threatened violence to commit theft • Fraudulent Transfer Instructions • A fraudulent instruction to a financial institution to transfer funds by employees or third parties

  7. What is covered? • Computer Fraud • Defrauding the Insured by the accessing of a computer system • Includes the use of viruses • Can be committed by employees or third parties

  8. What is covered? • Contractual Penalties Covers the Insured’s contractual liabilities arising out of • Theft by employees • Computer Fraud committed by non-employees

  9. What is covered? • Contractual Penalties (continued) • Excludes penalties arising out of: • Electronic Data Loss • Computer Virus

  10. Summary of Theft Cover

  11. More about the cover • Policy covers malicious destruction of data, including • Alteration or destruction of data belonging to the Insured or whilst in the insured’s care • The destruction of media • Computer programs • Physical records, if damaged as a result of theft • Use of viruses by employees is excluded

  12. More about the cover • Policy not only covers employee theft/fraud but also gives full Commercial Crime cover (including third party Computer fraud) • Provides cover if the thief completes the proposal form dishonestly • Once caught, no cover for subsequent dishonesty of that employee

  13. More about the cover • Does not cover consequential loss except for contractual penalties • Costs of recovery of uninsured loss • When indemnity limit is exceeded • Insurers will pay the cost of recovery of loss from thief • Typically 10% of indemnity limit

  14. More about the cover • Reinstatement of office records • Cover the cost of reinstating office records which were destroyed during the theft • Includes computer files, business books, plans and other documents • Typically 10% of indemnity limit

  15. More about the cover • Claims preparation costs • Covers the costs incurred to substantiate or quantify a claim • The appointment of an accountant, loss adjuster, auditor, etcetera • Typically 10% of indemnity limit

  16. More about the cover • Legal fees • Covers the legal costs and expenses reasonably incurred as a result of an Insured Event • Typically 10% of indemnity limit

  17. More about the cover • Automatic reinstatement of indemnity limit • Limited to double the indemnity limit • Also covers subsidiaries, if stated in the schedule • Only covers partners/directors/principals who participate in an executive role

  18. Fidelity Guarantee Comparison

  19. Commercial Crime v Fidelity Guarantee

  20. Commercial Crime v Fidelity Guarantee

  21. Commercial Crime v Fidelity Guarantee

  22. Camargue Commercial Crime Risk Management Services

  23. Whistle Blowing Hotline

  24. Risk Management Hotline • Free Whistleblowing hotline (24 hours) • Risk management hotline

  25. “My employees will never steal from me”

  26. “My employees will never steal from me” 72% are going to change their mind

  27. Disclaimer The Camargue Internet team strives to provide you with useful, accurate, and timely information in this presentation. Accordingly, Camargue has attempted to provide accurate information and materials in this presentation but assumes no responsibility for the accuracy and completeness of that information or materials. Camargue may change the content of any information or materials available in this presentation, or to the products described in them, at any time without notice. However, Camargue makes no commitment to update the information or materials in this presentation which, as a result, may be out of date. Information and opinions expressed in bulletin boards or other forums are not necessarily those of Camargue. Neither Camargue, nor its officers, directors, employees, agents, distributors, or affiliates are responsible or liable for any loss damage (including, but not limited to, actual, consequential, or punitive), liability, claim, or other injury or cause related to or resulting from any information posted on Camargue Web site. Camargue reserves the right to revise these terms and/or legal restrictions at any time. You are responsible for reviewing this page from time to time to ensure compliance with the then-current terms and legal restrictions because they will be binding on you. Certain provisions of these terms and legal restrictions may be superseded by expressly designated legal notices or terms located on particular pages of this Web site. ALL INFORMATION AND MATERIALS AVAILABLE IN THIS PRESENTATION ARE PROVIDED "AS IS" WITHOUT ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, AND CAMARGUE DISCLAIMS ALL WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF INTELLECTUAL PROPERTY OR ARISING FROM A COURSE OF DEALING, USAGE OR TRADE PRACTICE. IN NO EVENT SHALL CAMARGUE BE LIABLE FOR ANY DAMAGES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, INDIRECT, SPECIAL, CONSEQUENTIAL OR INCIDENTAL DAMAGES OR THOSE RESULTING FROM LOST PROFITS, LOST DATA OR BUSINESS INTERRUPTION) ARISING OUT OF THE USE, INABILITY TO USE, OR THE RESULTS OF USE OF THIS PRESENTATION, ANY PRESENTATIONS LINKED TO THIS PRESENTATION, OR THE MATERIALS OR INFORMATION CONTAINED AT ANY OR ALL SUCH PRESENTATION, WHETHER BASED ON WARRANTY, CONTRACT, TORT OR ANY OTHER LEGAL THEORY AND WHETHER OR NOT ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IF YOUR USE OF THE MATERIALS OR INFORMATION ON THIS PRESENTATIONS RESULTS IN THE NEED FOR SERVICING, REPAIR OR CORRECTION OF EQUIPMENT OR DATA, YOU ASSUME ALL COSTS THEREOF.

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