The Crime Insurance Coverage Program provides blanket coverage for dishonest acts of employees (embezzlement, fraudulent transfer of funds, theft of cash), forgery or alteration, computer fraud, fund transfer fraud, and outside premise robbery. The blanket coverage applies to all employees rather than specific positions, reducing the opportunity for coverage gaps where loss is contributed by collusion among more than one employee.
Current ICRMA limits and deductibles are shown below (limits and deductibles vary by coverage period).
|Employee Theft – Per Loss||$ 5,000,000||$ 25,000|
|Forgery Or Alteration||$ 5,000,000||$ 25,000|
|Inside The Premises – Theft of Money And Securities||$ 5,000,000||$ 25,000|
|Inside The Premises – Robbery Or Safe Burglary of Other Property||$ 5,000,000||$ 25,000|
|Outside The Premises||$ 5,000,000||$ 25,000|
|Computer Fraud||$ 5,000,000||$ 25,000|
|Funds Transfer Fraud||$ 5,000,000||$ 25,000|
|Money Orders And Counterfeit Money||$ 5,000,000||$ 25,000|
Timely reporting plays a critical role in any claim. Furthermore, late-reported claims may be excluded from coverage. It is critical that you report the claim as soon as you discover a possible incident.
In the event of a loss or suspected loss, provide the claims department with the following:
- Description of the loss or suspected loss (including a description of how, when, and where the loss or damage occurred)
- If applicable, provide photos of documents
- Notify the adjuster if a law may have been broken
- Cooperate in the investigation and settlement of the claim
All supplemental claim information and general claim correspondence must be sent to:
|The Hanover Insurance Company
P.O. Box 15145
Worcester, MA 01615
National Claims Phone: (800) 628-0250
|With a Copy to:
AJGRMS Claims Department
Phone: (415) 546-9300
Fax: (415) 536-4036
ICRMA’s broker and carriers recommend two forensic accounting firms with offices in Los Angeles:
*MDD typically works with insurance carriers but have made exceptions to work with policy holders when there is no conflict with a carrier.
Prior to January 1, 1997, the California Government Code required that local public agency treasurers be individually bonded. In addition, the City Council also had the authority to require bonds of other officers or employees. In January 1997, California Government Code Section 1481 was amended to extend master bonding provisions to local public agencies. The City Council is required, however, to adopt a resolution approving coverage of all officers and employees under one master bond. Template resolutions are available upon request for members wishing to join the program.