Commercial Crime Insurance Fundamentals

Commercial Crime Insurance Fundamentals

Understand the fundamentals of Commercial Crime Insurance: what's covered and what's not, how policies are structured, and what to do and expect there is a claim. This course also includes information and tools to support good buying decisions and guidance on risk mitigation.


What You Will Learn

What is covered and not covered under a commercial crime insurance policy, including key differences in coverage between policies offered by different insurance companies.
What constitutes a claim, how the different claims reporting requirements work, and what to do and expect from the broker and the insurer when a potential claim occurs.
How to Buy
What organizations need to do and know before buying; questions to ask insurers so that you can obtain the coverage that best fits the needs of your organization.
Risk Mitigation
What organizations can proactively do to minimize the potential for crime and minimize the extent of loss, if and when crime does occur.

Course Curriculum

Welcome to Commercial Crime Insurance Fundamentals

  • Welcome Message from Instructor
  • Course Objectives
  • Downloadable Material

What is Commercial Crime Insurance?

  • Chapter introduction & objectives
  • What is commercial crime insurance? FREE PREVIEW
  • Commercial crime statistics
  • What is insured by a commercial crime policy?
  • Who is insured by a commercial crime policy?
  • What crimes are covered?
  • Who perpetrated the crime?
  • Where did the loss occur?
  • How was the crime committed?
  • What is not covered in a commercial crime policy?
  • Interactive Exercise Instructions
  • Interactive Exercise

Can the Claim be Covered?

  • Chapter introduction & objectives
  • The crime must fit the terms of the policy
  • Two kinds of insuring agreements
  • Requirements for coverage
  • The complex nature of employee crime
  • Manifest intent FREE PREVIEW
  • Robin Hood fraud
  • Who is an employee?
  • Claim reporting rules
  • The timing of events
  • Loss sustained
  • Loss discovered
  • How to avoid reporting a claim too late
  • Discovery date
  • When crime strikes
  • Activity: What to do and expect when filing a claim?
  • Interactive Exercise

More on Policy Coverage

  • Chapter introduction & objectives
  • What does coverage look like in a commercial crime policy?
  • What is covered? Employee insuring agreements
  • What is covered? Non-employee insuring agreements
  • Extensions
  • Client property coverage
  • Employee benefit plan/ Pension administrator's coverage
  • Social engineering fraud
  • ERISA bond
  • Personal account protection
  • Telephone fraud, mail and courier rider, data restoration
  • Claim expense and extended reporting period
  • Activity - Claim Scenarios
  • Interactive Exercise

Combating Commercial Crime

  • Chapter introduction & objectives
  • Employee crimes: common, expensive and complex FREE PREVIEW
  • Common types of fraud
  • Claims example: large gold mining company
  • Claims example: lawyer
  • Not-for-profit organizations claims examples
  • Managing commercial crime risk
  • Human resources controls
  • Operations controls
  • Interactive Exercise

Buying Commercial Crime Insurance

  • Chapter introduction & objectives
  • Why organizations buy commercial crime insurance?
  • The application process
  • Application checklist
  • Social engineering fraud application checklist
  • What to buy? A look at different options
  • What to buy? Choosing an option
  • Other coverage decisions: who is covered and what is covered?
  • Other coverage decisions: policy terms (loss sustained to loss discovered & vice versa) FREE PREVIEW
  • Other coverage decisions: limits
  • Other coverage decisions: coverage limit
  • Other policy decisions: deductible
  • Other terms and conditions
  • Selecting an insurer
  • Interactive Exercise

Course Wrap Up & Final Assessment

  • Course Survey
  • Course Wrap Up
  • Commercial Crime Insurance Fundamentals Final Assessment

About ITC Courses

ITC takes pride in delivering high quality, unbiased courses on professional and management liability insurance and related topics. Designed specifically for online delivery, our courses are interactive, include activities and quizzes, use practical illustrations and real-life case studies and deliver knowledge in bite-sized portions so even just 5 minutes is learning time well spent.

How we build courses

ITC courses are the product of a collaborative approach. We work closely with subject matter experts to build out course content, the ITC design team brings that content to life, and no course is published before undergoing an intense review by an industry panel. Our process also includes post-publication reviews and updates because ITC is committed to delivering quality courses that remain accurate, relevant and up-to-date, long after they are first published.


Insurance Brokerage, Canada

Very clear, concise content, delivered in an easy to understand way. Whether an industry vet or just starting out, you will learn something from this course- I did! It’s easy to see how this platform could complement any corporate training program. I’d thoroughly recommend ITC to any L&D manager.

Broker, Australia

ITC effectively tackles complex subject matters in a very creative manner. I would highly recommend to anyone looking to broaden their understanding.

Broker, Canada

Great way to enjoy an evolving subject matter. Thank you ITC, enjoyed that!

Broker, Australia

Tough topics. Beautifully presented.

Senior Underwriter, Canada

I’ve been in the industry for nearly 15 years and event I learned some things in this course! It’s a straightforward and intelligent way of presenting a complex issue. Not a small feat.

Everyone will find this course helpful, no doubt.

Broker, Canada

Most insurance courses are either pitched at people learning about the subject for the first time or jump straight into advanced topics. The ITC courses do a great job for all learners and I particularly liked the online format since you can either spend time starting from the beginning or quickly move on to the areas of most interest to you. The course material also went beyond insurance policy language – addressing risk management, claims processes, what buyers should consider, and more.

Frequently Asked Questions

Are there prerequisites for ITC courses?

With ITC, you can take any course at any time. For the best learning experience, a prerequisite may be recommended in the course description.

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