01 / The meaning
What it means.
A business package might include a crime section or a separate crime policy may be arranged. Employee theft, forged documents, computer fraud and payment deception can be treated as distinct events. Some provisions address direct loss of money or property rather than damage to reputation, investigation expenses or future profits. A cyber policy and a crime section can therefore address different parts of the same incident.
Describe how money or property could leave the business and who could authorise it. A criminal allegation does not automatically satisfy a policy definition, and an outside scam is not necessarily employee dishonesty. Controls such as independent payment verification and separation of duties can affect both prevention and underwriting. After discovering a suspected loss, preserve records and follow the required notification process without assuming all investigation spending will be reimbursed.
02 / Put it in context
A practical example.
Hypothetical example: a wholesaler receives a forged instruction to change a supplier’s bank details. Its adviser reviews the transaction path and selected crime sections because ordinary theft wording may not address an authorised but deceived payment.
This example illustrates the term. It does not predict a claim outcome.
03 / Read the detail
What to check.
- Identify the specific criminal or dishonest acts included.
- Separate direct financial loss from consequential and response costs.
- Check payment-verification conditions, sublimits and discovery provisions.
04 / Start a useful conversation
A question for your broker.
Which part of our crime cover addresses the way this money or property was lost?
05 / Connect the terms
Keep the meaning in context.
06 / Apply it to your business
Related insurance guides.
Further reading
Read the source guidance alongside the relevant policy wording.
General information only. This does not take into account your objectives, financial situation or needs. Before acting, consider whether the information is appropriate for you. Cover is subject to insurer acceptance and the policy terms, conditions, limits and exclusions. Read the Financial Services Guide and the relevant PDS (where applicable) and/or policy wording before deciding.
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