A leading Miami insurance law firm that represents only policyholders in their fight to obtain the fair insurance coverage to which they are entitled, Ver Ploeg & Marino (VPM) provides assistance to businesses and homeowners that have been victimized by fraud and other commercial crimes. Our skills and extensive experience in this area allow us to review your policy and advise you on your strengths and weaknesses. If your insurance carrier denies your claim, we stand ready to assist you in the fight to obtain the compensation you deserve. Seek legal guidance from an attorney at our firm to learn more.
What Fidelity And Crime Insurance Does According To A Miami Insurance Law Firm
Fidelity and crime insurance policies are purchased by many businesses so that they will have coverage in the event a person within the company or outside the company commits a crime that results in a loss to the company. Sometimes, these crimes result in a substantial loss which is why our Miami insurance law firm advises that all businesses carefully consider this type of insurance.
The coverage provided under these policies can be helpful to private and public companies as well as not-for-profits. In addition to money, policy coverage can include the theft of merchandise and other goods.
Fidelity and Crime Insurance policies are often required for homeowners associations (HOAs) as well as community associations (COAs). One of the main reasons for this is that they are responsible for handling large amounts of money paid by residents, including fees and assessments. If a person working for the HOA or COA were to steal these funds, the Fidelity and Crime Insurance policy would provide the HOA or COA with some protection.
Why Your Business Needs Fidelity & Crime Insurance
Most business owners trust their employees and feel that any threats they have are from an outside person or entity. They take precautions, including background checks, to ensure the people they hire are trustworthy and tend to place significant financial responsibility on the shoulders of employees they have had for a long period of time. In reality, many businesses each year experience a loss due to the actions or inactions of trusted employees. By casting a wider net to include other persons your company works with but are not actual employees, such as contractors, even more people have the capability to steal from your business. Thankfully, some Fidelity & Crime Insurance policies include coverage for persons that are not actual employees.
If you have questions regarding what your policy covers, or if your claim has been denied, an attorney from Miami insurance law firm VPM can help.
Examples of Common Types of Crimes Committed By Employees
From small to large, all companies face the risk that an employee will commit a crime that results in the business suffering a financial, and often reputational, loss. Our Miami insurance law firm has seen numerous ways this can occur.
Employees accomplish these thefts through a variety of means, including forging documents. By falsifying signatures employees are able to gain access to funds they should not otherwise have access to. Trusted employees also may have the ability to access funds in order to carry out their jobs. When they redirect these funds to themselves and use them for their own purposes, they have committed embezzlement.
Dishonest employees have been known to commit credit card fraud as well, purchasing items for themself with a company card. This is another type of crime that can be covered by a Fidelity and Crime Insurance policy.
Social engineering is also a way for some employees to gain the information they need to defraud their employer. Social engineering occurs when an employee uses a myriad of malicious manipulations to obtain that information. Examples include utilizing phishing emails and malware to obtain passwords and other sensitive information to which they should not be privy.
Not all methods utilized by an employee to steal from their employer are as high-tech as social engineering, and they do not have to be in order to qualify for coverage under a Fidelity and Crime Insurance policy. Simple theft and robbery of cash can also qualify. For specific questions about what your policy does and does not cover, speak with an attorney from our Miami insurance law firm, VPM.
What To Do When Your Claim Under Your Fidelity & Crime Insurance Policy Is Denied
A theft or act of fraud can have a detrimental effect on you or your business’s finances. At VPM, we understand that and will help you in your fight to obtain the reimbursement you deserve from the insurance company. Our years of experience focused on representing policyholders allows us to craft a case that best supports your claim.
We will meet with you at our Miami insurance law firm to conduct a thorough review of your case. If you have been improperly denied the coverage to which you are owed, we will discuss with you what we feel is the best way to proceed. If alternative dispute resolution is your best option, we can provide you with representation every step of the way. However, should the matter need to proceed to litigation, we can provide you with assistance with that as well.
Our goal is to achieve the most favorable result for you as expeditiously as possible. We accomplish this via our streamlined services and skills that we have honed over the past 20 years.
Speak With An Attorney From A Leading Miami Insurance Law Firm
If you need assistance with a claim for theft or another crime, reach out to schedule an appointment with an attorney from our Miami insurance law firm, VPM. Our years of experience and focused practice ensure we stand head and shoulders above the competition. We represent businesses and homeowners in their fight to secure the fair coverage they deserve for their losses, and we may be reached via our contact page.Share