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Understanding Commercial Crime Liability

Commercial crimes typically refer to financially motivated, nonviolent criminal activities perpetrated by business professionals.


In the ever-evolving landscape of modern business, Commercial Crime Liability insurance is a vital safeguard against a spectrum of illicit behaviours that could compromise a business's financial stability and reputation. 

 

How can Commercial Crime affect my business?
In today's interconnected world, businesses encounter unprecedented challenges in defending themselves against commercial crime. Globalisation and technological advancements have widened the avenues for fraud, theft, and deception, especially during economic uncertainty. 


Here are a few examples:

  • Globalization and Tech: Globalisation and tech advancements increase commercial crime risks, especially in economic instability.
  • Diverse Threats: Theft, deception, and fraud can come from employees, external sources, or both, often for personal gain.
  • Cybercrime Surge: Cybercrime rises with tech reliance, from data breaches to business interruptions.
  • Economic Uncertainty: Economic instability fuels criminal activity, with employee fraud spiking during layoffs.
  • Cross-Border Risks: Global operations expose businesses to international criminals, complicating detection.
  • Mergers and Acquisitions: Organisational changes resulting from mergers or acquisitions can heighten exposure to crime.

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At GIG Gulf, we recognise the complexities of modern business environments and the paramount importance of asset protection. Our Commercial Crime Liability insurance empowers you to safeguard your business against the risks of commercial crime and navigate confidently in today's dynamic marketplace.

  • Limits up to US$5 Million: GIG Gulf offers limits up to US$5 million, making it an attractive lead insurer for large publicly listed and private companies.
  • Comprehensive Coverage: GIG Gulf’s Commercial Crime Insurance policy provides comprehensive cover, ensuring thorough protection against various forms of commercial crime.
  • Tailored Policies: Our experienced underwriters have local authority to tailor the policy to suit insureds' needs, eliminating the need for overseas approval and expediting the process.

Our flexible policies allow customisation to address the specific risks faced by your business. Whether you're operating a multinational corporation or a local business, investing in Commercial Crime Liability insurance is a sensible decision.


Providing you with the ultimate cover
Our Commercial Crime insurance provides comprehensive coverage, protecting your business from criminal activities. Whether standalone or part of a multi-line or international program, GIG Gulf's coverage shields against diverse crime-related losses, including*:

  • Internal (employee) and external (third party) crime cover
  • Loss of money and securities on or off the business premises, including theft, disappearance or destruction of cash or securities, and loss of other property due to robbery
  • Forgery, alteration, and counterfeiting
  • Computer Fraud, Funds Transfer Fraud, Money Orders & Counterfeit Paper Currency
  • Credit card fraud
  • Claims and legal expenses that occur to establish the loss
  • Automatic cover for new subsidiaries 

 

We also offer extensions for:

  • Care, Custody & Control
  • Investigation costs
  • Contractual penalties
  • Impersonation fraud
  • Business interruption or business income losses, and 
  • Multi-year policy terms