Coverage for employee dishonesty claims, often referred to as fidelity bond claims typically falls within the coverage provided by Commercial Crime Policies; first party insurance, as opposed to a true bond policy.
Although every commercial crime claim is unique, there are a number of common coverage issues that fidelity insurers face, including: who is considered an “employee” under the policy, application of the term “manifest intent” in the employee dishonesty coverage clause, cancellation of coverage for past dishonesty, limits of liability and loss discovery issues.
By the very nature of acts covered by commercial crime insurance the dishonest employee will take steps to hide the dishonesty and the resulting loss to the employer. The consequences of the dishonesty can therefore be hidden for months if not years and result in significant losses to the business.
At Provencher, our team of experts are among the top in the industry. We approach these claims in a well-orchestrated manner with a team of experts that include: Executive General Adjusters, Forensic Accountants, Financial Analysts, Fraud Examiners, and valuation analysts.