Commercial crime insurance covers a business against direct financial losses that arise as a result of theft and fraud by employees, computer fraud, loss due to a computer virus, electronic data loss, extortion, fraudulent transfer instructions or third-party impersonation fraud, among other things.

At Commercial Crime Concepts we apply a franchise instead of an excess. When the loss exceeds the franchise amount, we pay the entire loss (subject to the limit of indemnity) and the insured pays nothing. As with the deductible option, losses that are smaller than the franchise amount are not claimable.

For example:
Sum insured = R1 000 000
Excess/franchise = R100 000
Loss = R250 000

Deductible – The insurer pays R150 000 (R250 000 less the R100 000 deductible)
Franchise – We pay the full R250 000 and THE INSURED PAYS NOTHING

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