Crime coverage can be instrumental in protecting a golf course from all sorts of illegal activities that may arise. Ultimately, golf courses are vulnerable to criminal activities. Despite the level of security measures and competent employees, crimes can occur within the grounds at any time. Sadly, trespassers can exploit the relative seclusion of golf courses. Determined criminals may target high-end equipment for theft. Furthermore, , disagreements among golfers can escalate into physical altercations or acts of assault.
Golf course owners often choose to obtain a crime insurance policy to safeguard against the financial losses stemming from such illegal activitiescrime insurance policy. But what exactly is crime coverage? How does it work? What gets coverage and what does not? We’ll answer these questions below.
What is Crime Coverage for Golf Courses?
Crime coverage (also known as business or commercial crime insurance) is a specialized insurance that helps enterprises mitigate the financial impact of theft, fraud, forgery, employee dishonesty, and other illegal acts. Ultimately, it exists because many standard commercial insurance policies do not provide coverage for losses related to criminal activities.
How Does Business Crime Coverage Work?
Businesses can purchase crime insurance in two ways: as part of an industrial package policy or as a standalone policy.
An industrial package policy, or “special multi-peril insurance,” offers a comprehensive package of different policies to protect businesses from crime, property loss, liability, and other potential risks.
Businesses can purchase business crime insurance as a standalone policy to supplement their existing insurance coverage. Additionally, this option gives them the flexibility to specify the types of crimes they want the policy to cover. It allows them to focus on their specific vulnerabilities.
It’s important to note that business crime insurance is not automatically included in a commercial business package policy unless specifically stated.
Examples of situations where a business insurance policy would provide coverage include embezzlement through an electronic payment system, employee theft from a cash register, losses from forged checks or unauthorized payments, unaccounted inventory during busy periods, theft by robbers, and similar incidents.
What Does Not Get Coverage?
Exclusions commonly found in commercial crime Insurance policies include:
- Legal expenses
- Losses caused by employees after the employer has become aware of their crime
- Data theft, including the theft of a company’s data, trade secrets, client lists, or intellectual property
- Salaries, bonuses, commissions, fees, and any associated lost income
- Fines and penalties
- Consequential or indirect losses, such as business interruption or loss of potential income
It’s essential to review the specific terms and conditions of the crime insurance policy, as coverage may vary from carrier to carrier. Understanding these exclusions will help assess risk exposure and determine if additional insurance policies are needed to address those specific areas.
About T2 Green Insurance
T2 Green Insurance provides comprehensive insurance that is customized to your club, resort, or golf management company, from industry professionals whose sole focus is insuring this class. We are dedicated to providing you with innovative products, underwriting expertise, and exceptional results so that your insurance needs are covered with confidence. Reach us at 844-223-9005 with any questions or so we can begin tailoring a package that works best for your club.
