It is my assumption that large accounts, such as investment funds, or superannuation accounts, have insurance against fraud or theft. How does the insurance work? What would happen if a large amount of cash (say $100,000,000) went missing from one of the accounts?
Please excuse the simplicity and naivety of the question, insurance and finance aren’t my realms.
Note: Not looking to steal, I’m an aspiring writer.
In: Economics
You must have crime coverage in some part of your property policy, especially employee theft as employees are the most likely to steal given the opportunity. You must have safety controls in place or you won’t even get this coverage. Just like any other claim, they’ll see if it is from a covered cause of loss. If it is, then it’ll pay out up to the limit of your policy. $100M is a very high amount, I would be shocked. Insurance won’t pay out on claims that will devastate the company.
I work in the commercial insurance industry. Let me know if any questions for me, anyone else or otherwise based on this. There’s a lot missing here in my response even. It’s all very technical based on the policy if you are going to write about it.
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