Commercial Crime Insurance/Dishonesty Bond
Commercial crime insurance/dishonesty bond protects your organization against dishonesty, fraud, and forgery from both those within your organization and those outside it.
Canon Law requires that you insure your organization’s assets against losses attributable to acts such as dishonesty, fraud, and forgery both from those within your church community and people outside your parish.
Employee dishonesty coverage can protect bank accounts, donations, plate collections, income from daycare, tuition fees, and other revenues.
Forgery or alteration coverage provides protection against fraud such as forged checks and can be written to cover actions by those who are not employees, directors, officers, trustees, or volunteers.
In addition to protecting money, a commercial crime policy covers equipment such as computers, altarware, fine art, and other valuables against theft.
It’s also important to select adequate protection commensurate with your institution’s exposure to risk to protect against the once-in-a-lifetime dishonesty scheme that most churches think unimaginable.
While assessing policy limits, take the opportunity to audit your security and financial management systems to ensure you are adequately protecting the church assets with which you have been entrusted.