The Need for Crime and Fidelity Insurance

Posted on: December 2, 2015 by Newmark Insurance

Crimes such as embezzlement and theft are common among businesses of all types. While these typical white-collar crimes may be familiar to most, the following lesser known crimes also have the ability to plague a company. In order to protect your operations, a Crime and Fidelity Insurance program is critical.

Environmental Schemes- Small Business Trends states that these involve fraudulent practices by individuals, corporations, organizations, and even governments which concern the protection or management of the environment. A common offense under this category includes companies that lie about their emission rating and misreport the figures unlawfully.

Pigeon Drop- This crime occurs when a “pigeon” or a “mark” is offered large sums of money in exchange for an upfront charge. However, once the con artist has collected the money, they disappear. Experts say that wealthy, older citizens are typically targeted for this kind of ploy.

Telemarketing Fraud- Selling nonexistent or fraudulent items over the phone contributes to this type of fraud. These include, but are not limited to, charity fraud, fraudulent timeshare sales, charging illegal advancement fees, and more.

Jury Duty Fraud- This occurs when a scammer calls an unsuspecting victim, claims they failed to show up in court, and requests their personal and credit card for “verification purposes.” In turn, the perpetrator steals their identity.

Kickbacks- This occurs between two or more parties who accept to be paid on a quid pro quo basis. As the money is agreed upon in advance, the terms are settled prior to the fraudulent service.

At NewMark Insurance Services, we understand the implications of these lesser known ploys. While some may be small in scale, they have the potential to devastate a business over extended periods of time. We offer quality coverages to ensure the protection of your firm and your employees. To learn more about our products, contact us today at (855) 777-6549.

Posted in: blog Crime and Fidelity Insurance