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Crime policy
Chubb Specialty Insurance

As a global leader in crime insurance, Chubb recognises the risks posed by modern day fraud.  We provide unparalleled coverage, supported by the UK and Ireland’s leading claims handling service.

Key cover features of our comprehensive crime policy are:

Genuine all risks insuring clause consisting of:

  • Criminal taking by anyone of money, securities or property to the deprivation of the insured (no distinction between employee and third party losses).
  • Physical destruction or disappearance of money or securities while on premises, in employee custody or in transit, if caused by any person’s criminal act.
  • Criminal taking by an employee of money, securities or property to the deprivation of a client.
  • Criminal taking by a third party of client money, client securities or client property in the insured’s control and for which the insured is liable.

Expenses cover (with its own extra limit of liability):

  • Cover for contractual penalties included as standard.
  • Cover for loss of interest included as standard.
  • Data reconstitution costs included as standard.

Extortion by detention:

  • Covers surrender of money, securities or other property on the insured’s premises where criminals have detained an employee or employee’s relative (or civil partner) to force such surrender.

Other policy highlights:

  • No warranties or systems of check.
  • Newly acquired companies: automatic cover if acquisition does not increase employee or turnover numbers by more than 25%.  Includes acquired companies with previous losses or business activities that are different to the insured.
  • Major shareholder exclusion threshold increased from 5% to 10%.  Any losses caused by persons owning more than 10% are included over and above the financial value of their shareholding.
  • No basis of the contract clause.
  • No manifest intent requirement.
  • No requirement to identify the perpetrator.
  • Associated companies of the policyholder included as standard.
  • Automatically covers theft from an insured by an individual or any organisation to whom the insured outsources any function.
  • No terrorism exclusion.
  • Insured’s employee benefit plans covered, with nil deductible.
  • 90 day extended discovery period if the policy is non-renewed.