A new regulation in New York State will prohibit insurers from excluding companies from commercial crime policies if they employ people who have been convicted of a crime.
The New York Department of Financial Services' new rule, said to be the first of its kind, prohibits insurers from excluding or limiting coverage for loss or damage caused by an employee with a criminal record, as long as the companies considered factors outlined in state law when hiring workers with criminal records.
Commercial crime policies cover losses not covered by other insurance policies for acts such as robbery, theft, extortion and fraud by employees.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
