Commercial Crime - Fidelity
What is insured?
Insurance provides for coverage for the loss of university cash, securities, bonds and money.
What do I do if I receive notice of a claim?
- Notify Internal Audit for assistance with documenting the amount of loss.
- All incidents must be reported to the Department of Public Safety and Security or the governing police agency.
- Notify Human Resources if employee embezzlement is suspected.
- Report the loss to Risk Management Services by completing a Complete a Claim Submission Form: https://rm-umich.csc-fsg.com/UoM/(S(beppg4lrb3d4xwx0n5t3lxap))/report.aspx
- Forward a “Proof of Loss” form to Risk Management Services accompanied by documentation supporting the amount claimed.
Is there a deductible?
Departments are charged a deductible of $1000 for coverage of each occurrence.
Once an employee has been confirmed performing a dishonest act, employee should be terminated or further crime will not be covered.
All restitution agreements and payments should be forwarded to Risk Management Services for review and processing.