Crime policies respond to loss from dishonest acts and from certain fraud schemes, on terms that require attention before a loss.

Employee theft coverage for loss of money, securities and other property resulting from theft by an employee, generally requiring manifest intent to cause loss and to obtain a benefit. Loss discovered rather than sustained during the policy period, in most modern forms.

Forgery and alteration coverage for checks and similar instruments.

Computer fraud and funds transfer fraud coverage for the fraudulent entry of data or the fraudulent instruction to a financial institution.

The social engineering gap. Where an employee is deceived into authorizing a transfer, many policies have denied coverage on the basis that the transfer was authorized. Specific social engineering endorsements address this and usually carry a lower sublimit and a callback verification condition — which means failing to follow the control also defeats the coverage.

Conditions. Notice as soon as practicable, a sworn proof of loss within a short period, cooperation, and preservation of records. These deadlines are enforced.

Exclusions. Loss caused by owners in most forms, indirect and consequential loss, and loss the insured cannot prove other than by inventory computation.