Trustworthy Bank Thought They Were Fully Insured... The Policy Exclusion Proved Otherwise.
Most Crime and Fidelity Insurance policyholders never realize how specific policy language can affect their policies — until they learn how it can affect a claim. My Policy Advocate™ helps you understand your coverage before you need it.
Trustworthy Bank’s Screening Non-Compliance*
An eight-year veteran teller embezzled $180,000 from Trustworthy Bank. The bank found its employee background check files—required annually—had not been updated in 18 months. The insurer denied the claim, citing non-compliance with the screening condition precedent.
Potential Denial (The Exclusion):
Failure to maintain up-to-date employee screenings (such as criminal background checks) is a frequent reason to void employee dishonesty coverage.
Risk Identified by My Policy Advocate:
Employee background screening condition.
Policy Language:
“Coverage applies only if the Insured performs annual criminal background and employment verifications.”
Discovery by Clara, our Ai Assistant:
Clara identifies the required frequency of background checks or screenings, a common and often overlooked condition precedent in fidelity policies.
Questions to Ask Your Agent:
- What constitutes proof for annual screening?
- Are automated services accepted? How soon after hiring must screening occur?
* This scenario described is fictious and is solely for illustrative or educational purposes so the insured has the opportunity to discuss these issues with their licensed insurance producer.
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For Educational Purposes Only: My Policy Advocate is an educational platform, not a licensed insurance agent, broker, or financial advisor. We do not sell insurance or provide legal, financial, or tax advice. Our goal is to help you understand your existing policies.
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