What is Money and Securities/SafeAir Crime Program?
The Money and Securities/SafeAir Crime Program is a specialized commercial crime insurance product that covers loss of money, securities, and other negotiable property due to theft, employee dishonesty, forgery, or other criminal acts. It’s designed for organizations that handle cash, checks, bearer instruments, or transit valuables and complements other business protections such as commercial liability, property coverage, and equipment coverage. Typical underwriting looks at controls, background screening, and physical safeguards as part of overall risk management considerations.
Who needs it
Organizations that commonly seek this coverage include clubs, associations, small businesses, event organizers, retailers, contractors, and operators who accept payments or store valuable instruments. Public agencies and municipalities with cash-handling operations may require a tailored program; see the Commercial Crime Insurance for Public Entities for program details and eligibility that often differ from private-sector policies.
What it typically covers
Coverage sections usually include employee dishonesty (fraud or theft by employees), loss during money or securities in transit, theft from locked safes or premises, and forged or altered instruments. Some programs add limited coverage for automated teller or vending losses and computer fraud. For guidance on who qualifies for different components of crime coverage, review Who Is Eligible for Crime Insurance? to compare common eligibility standards and available endorsements.
Common exclusions or limitations
Most policies exclude intentional criminal acts by owners, damage unrelated to theft (such as wear and tear), and losses caused by war or governmental seizure. Policy limits, waiting periods, and conditions for proof (such as timely police reports and internal audit records) can constrain recovery. Exclusions for property damage or bodily injury mean you’ll still need event liability or commercial auto exposure policies for non-financial losses.
Factors that influence cost
Premiums depend on underwriting factors such as the amount of funds handled, the robustness of internal controls, employee screening practices, frequency of transit, and historical loss experience. Operational hazards like transportation risks or facility risks (for example, poorly secured storage) raise rates, while documented risk management practices and segregation of duties can lower them. For broader context on managing crime exposures alongside other coverages, see Protect Your Business from Financial Devastation with Commercial Crime Coverage Insurance.
Proof of insurance & compliance
Insureds often must provide certificates or policy endorsements to meet contractual or regulatory obligations. Insurers typically require proof of loss documentation, police reports, audit trails, and evidence of preventive controls to process claims. Maintain organized records of cash handling procedures, employee training, and internal controls to support compliance and claims.
How to get a quote
To obtain an accurate quote, prepare basic information about annual receipts, cash-on-premises limits, transit frequency, payroll size, and existing fraud-control procedures. Discuss these details with your broker or, if you prefer to start online, talk to your agent. A specialist underwriter will evaluate exposures and recommend terms, deductible options, and any endorsements that align with your organization’s risk profile.
Frequently Asked Questions
What’s the difference between employee dishonesty and theft in transit?
Employee dishonesty covers loss caused by an employee’s fraudulent acts, while theft in transit covers loss while money or securities are being moved between locations or bank deposits.
Do standard business property policies cover money and securities?
Most property policies exclude money and securities or limit coverage severely; a crime policy specifically written for money and securities is usually required for meaningful protection.
How soon should I report a suspected loss?
Report suspected losses to your insurer and local authorities immediately and follow the policy’s proof-of-loss requirements. Timely reporting and documentation improve the chances of a successful claim.
Still have questions? Talk to a local insurance expert.