Engaged by defense counsel to evaluate carrier’s investigation and claims handling conduct for a loss under a Financial Institution Crime policy. The dispute resulted after a claim for loan losses was denied based on the loss not resulting from employee dishonesty. Attorney John Moore, Faegre Drinker Biddle & Reath LLP (215) 988-2750. Appalachian Community Federal Credit Union v. CUMIS Insurance, Case No. 3:20-CV-0553 In United States District Court for the Eastern District of Tennessee Northern Division.
Crime Insurance Fidelity Bonds Insurance Expert Witness
Crime Insurance is sometimes referred to as an Employee Dishonesty Bond or Fidelity Bond. Most coverage is now written as 2-party insurance (employer-insurance company) rather than as a bond. Crime Insurance can be difficult to properly structure during underwriting, and commonly presents difficulties at claim time:
- What dollar limit should the business buy?
- Will it be enough at claim time?
- Why is my employee theft claim not covered by Property Insurance?
- Should we buy blanket coverage or specific coverage?
- How do I prove my loss when an employee theft is discovered?
Employees who steal can be most creative when pilfering company assets. Today’s high tech world creates new loss exposures originating from computer systems fraud and forgery. Many Crime Insurance claims develop over several years. Employee theft involves money and property (inventory, supplies), and all too common, long tenured and trusted employee(s). Worse, when confronted, the guilty employee(s) rarely knows how much they stole.
Call (817) 980-4897 to discuss your case.
What We Offer
We offer years of experience dealing with the nuances of Crime Insurance. During our agency years we routinely recommended and wrote Crime Insurance for a wide array of insureds, including;
- Banks
- Insurance Companies
- Distributors
- Contractors
- Retailers
- Manufacturers
- Services
- Non-Profit Entities
We advised clients with coverage design, loss prevention, and claim management when employee thefts were discovered. We assisted clients and insurance carrier accountants in the forensics used to substantiate such losses. A short phone call should tell if we might assist with your particular Crime Insurance case issues.
Crime Insurance / Fidelity Bonds Cases
Engaged by senior bank officer to perform portfolio review of in force insurance policies. Consultation focused on analysis and recommendations regarding coverage structure for Directors & Officers Liability, Financial Institution Bond/Crime Insurance, and Cyber Liability. Brad Perry, CFO, People’s Bank – Paris, TX, (903) 783-3800.
Engaged by counsel for Louisiana bank to analyze Crime Insurance coverage and claim issues following employee theft loss. Attorney Jim Colvin – Colvin Weaver & Cerniglia, LLC (318) 927-6149; First Guaranty Bank v. Bancinsure.