How would a crime policy be effective for a nursing home ?

Kingcold: How would a crime policy be effective for a nursing home ?
For instance a crime policy covering employee theft would it only cover employee theft from the business, other employees, or would it cover theft when an employee steals from someone living in the home? What else would a crime policy cover? Any help appreciated.

Answers and Views:

Answer by Caveat Emptor
I’ve never heard of a “crime insurance policy.” There are liability and property policies.

Answer by mbrcatz
Employee theft is only one part of a crime form – it also would include burglary or robbery from the nursing home. Most often, they get “hit” in the room where the prescription medications are stored.

So, a list of coverage, would include:

Employee Dishonesty
Forgery or Alteration Coverage
Theft, Disappearance and Destruction Coverage
Robbery and Safe Burglary coverage (other than money and securities)
Money and Securities coverage
Premises Burglary Coverage
Computer Fraud Coverage
Premises Theft and Robbery Outside the Premises (like making a bank run)

For employee theft, it covers theft of the nursing home property by the employee, and coverage ceases for that employee, the second they are discovered. It does NOT cover theft of a resident’s property. A resident can get coverage via an HO4 policy, or sometimes an HO3 policy if their spouse is still living in the home.

Answer by Tom Z
The Commercial Crime Policy can be customized to the needs of your organization. There are 8 possible insuring agreements. You can pick and choose what is relevant to your situation. You can just insure one peril, a few perils or all of the perils with varying limits.

The insuring agreements are:

1. Employee Theft (including forgery). Employee theft covers losses to money, securities and other property of the named insured. It does not cover employees stealing from someone who is living at the nursing home.
2. Forgery and Alteration. This insuring agreement applies to the actions of outsiders.
3. Inside the Premises –Theft of Money and Securities
4. Inside the Premises –Robbery or Safe Burglary of Other Property
5. Outside the Premises. Money and securities are covered for theft, disappearance and destruction while outside the premises and in the custody of a messenger or armored car company. Coverage includes theft, robbery or other instances of accidental loss.
6. Computer Fraud
7. Funds Transfer Fraud
8. Money Orders and Counterfeit Money