Employee theft
- An employee of a property management firm stole rent paid in cash by a resident. The property manager's crime policy paid out $2,062 for the loss.
- A bike messenger employed by a trade association to courier cash deposits to a local bank was taking the cash and hiding it in the trunk of his car parked a few miles away. The theft was discovered when the employee was involved in a car accident, subsequently destroying a majority of the cash. The cash loss totaled $13,000, of which, $5,000 was salvageable from the wreck. The trade association's crime policy paid out the remaining $7,000, after the insured paid their $1,000 retention.
Funds transfer fraud
- Multiple fraudulent credit card charges were made by an employee on the insured's corporate credit card. Losses totaling $6,849 were covered by insured's crime policy.
- An employee skimmed money from the ATM machine in the insured's office location. The insured's crime policy paid out $95,000 for the claim.
Personal accounts alteration
- Over several years, an employee conspired with vendors to inflate product and service prices while the employee kept the difference. Losses totaled over $1 million; most of which was covered by the insured's crime policy.
- A receptionist was discovered taking cash refunds of false returns and crediting her personal credit card. The insured made a claim for the recovery of the funds in the amount of $17,186 for the cash paid and credit card refunds paid to her personal credit card. The claim was a covered loss under insured's crime policy. In the meantime, the former receptionist was prosecuted by the local district attorney's office for the theft.
Employee forgery
- An employee was caught forging money orders in the insured's name. The $1,000 loss was covered under the insured's crime policy.
- An employee broke into the insured's office building, stole checks, and cashed $16,000 worth of forged checks before he was apprehended. The insured's crime policy paid out $16,000, less the insured's $1,000 retention, for this employee theft and forgery claim.
For more information about Victor's Non-profit Management Liability program, connect with your Business Development Contact or email managementliability.us@victorinsurance.com.