In 2018, 55% of Canadian companies had experienced economic crime, a significant increase from 37% in 2016.*
* PricewaterhouseCoopers 2018 Global Economic Crime and Fraud Survey
Crime is evolving and so are
your customers’ needs.
Businesses today face a multitude of threats from both inside and outside sources, causing unplanned expenses and lost time. Help your customers protect their business and gain peace of mind with Intact Insurance’s modernized Crime insurance.
Simplified and Customized Coverage:
Complements your customers’ property and/or Commercial General Liability (CGL) policy and can be tailored to their business needs.
Your customers can choose from Crime 1.0 or Crime 2.0, each of which provides broad coverage for claims commonly experienced by businesses.
Modernized and Enhanced Coverage:
New coverages include Funds Transfer Fraud, and Expenses, such as Medical Expenses, Professional Fees, and more. Computer Fraud coverage is now available for all customers.
New Social Engineering Fraud coverage can be purchased by endorsement as part of our base offer.
Limits for coverages are now offered per occurrence rather than as an aggregate limit.
Benefits for your customers
Our Crime coverage is a customizable and broad solution that will meet your customers’ current needs and anticipate future risks.
EMPLOYEE DISHONESTY COVERAGE
THEFT, ROBBERY OR BURGLARY COVERAGE
SOCIAL ENGINEERING FRAUD COVERAGE
Whatever its size and operations, your customers' business is unique. Talk to your customers today about how our customized Crime coverage protection can help protect their business.
If you customers require higher limits, standalone Crime coverage is available through our Specialty Solutions division.
More information can be found on intactspecialty.ca
Your customer, a computer wholesaler, employs several staff to run the office and warehouse. The office accounts clerk, who does not have authority to access the warehouse area, was caught on surveillance entering and removing a laptop and several tablets. Further investigation revealed that the clerk had also been illegally withdrawing money from the company by issuing cheques to a fictitious vendor.
Coverage is provided for the loss of the laptop, tablets and the money that was illegally withdrawn.
Your customer, a computer sales and service provider, secured a contract with a local university to upgrade desktop computers. The company sends an employee to the university for a week to carry out the installation of the upgrade. After the contract was completed, the university discovered that laptops and tablets were missing and that your customer’s employee had stolen them.
Coverage is provided for loss sustained by the insured’s client resulting from the dishonest act committed by the insured’s employee. Your customer had to compensate the university $7,000 for the stolen items and as a result, the policy reimburses your customer.
Theft, Robbery or Burglary
Your customer operates a telecommunications retail store. Armed robbers stormed into the store just before closing and left with smart phones, smart watches and the cash from the day’s sale. While there they also smashed glass display cases.
Coverage is provided for the loss of cash, merchandise and damage to the display cases.
Your customer is the Canadian distributor for a brand name line of watches. The sales representative, an employee, receives an order for several watches. They prepared the order and took the watches home to deliver them the next morning. Their house was broken into during the night and along with their personal contents, the order for the watches was stolen.
Coverage is provided for the watches that were stolen from within the living quarters of a messenger. As an employee of your customer, the sales representative meets the definition of a messenger.
Your client is a wholesaler and retailer of computers and electronics. Unbeknownst to your client, an unknown third party had hacked into their computer system and made the following instructions:
Entered a series of invoices for cheque payment totalling $6,500 to a fictitious vendor.
Inputted an order for five laptops for immediate delivery to a fictitious vendor via a bona fide warehousing and logistics company.
It was only later at the end of the month that they realized that they had been defrauded.
Coverage is available for the loss of $6,500 from the cheque payment and the cost of the five laptops.
Your insured operates a hunting and fishing equipment store. A customer came in wanting to buy two items at a total cost of $6,000. The customer does not have a credit card and the insured advised that they accept money order, bank draft or cash. The customer came in the next day with a $5,000 bank draft issued by the bank and $1,000 in cash and picked up the items. The insured later discovered that the cash was counterfeit. When the insured tried to cash the bank draft, he discovered the bank draft was also fake; it was not issued by the bank.
Coverage is provided for the fake bank draft and counterfeit currency.
Social Engineering Fraud
An accounts payable clerk received email instructions from someone who appeared to be their vendor advising that they have changed banks. The email contained instructions on company letterhead with information on the current bank account and the new account. The clerk then made the change in the system. Several months later when the vendor followed up for payment, it was discovered that the vendor had never changed banks and that someone had pretended to be them. The total amount transferred to the fraudster’s account was $25,000.
Social Engineering Fraud coverage, when purchased with a Crime 2.0 policy is available to the insured for the loss of $25,000 as a direct result of the money transfer.
Frequently Asked Questions
Below you will find answers to common questions about commercial Crime and Specialty Solutions Crime coverages.
If you have a question which has not been covered on this page, please contact your Intact Insurance underwriter.