Commercial crime insurance comprehensively covering criminal loss to corporate assets — employee embezzlement and breach of trust, third-party fraud, forgery and hacking (including social-engineering fraud).
N2N Insurance Brokerage does not represent any single insurer — it independently represents the client as an FSS-registered broker (Reg. No. 2026-012201). We compare the wordings, rates and service of AIG · Chubb · DB · Hyundai · KB · Meritz to propose the cover and price best suited to your risk. Each insurer's full wording is provided at application and binding.
Commercial crime insurance comprehensively covering criminal loss to corporate assets — employee embezzlement and breach of trust, third-party fraud, forgery and hacking (including social-engineering fraud).
Both employee dishonesty and external crime in one policy.
Cover for remittance fraud by email impersonation/forged instructions.
Investigation, external audit and legal-response costs.
Designed on the standard wordings of global insurers such as Chubb and AIG.
Handling large funds and securities.
Routine overseas remittances and account operation.
Frequent store cash and goods custody.
| Policy period | 1 year (renewable) |
|---|---|
| Payment | Lump sum or instalments |
| Insurers | AIG · Chubb · DB · Hyundai |
| Turnaround | 2–3 weeks (including organisation/internal-control review) |
| Channel | Dedicated consultation with our broker (010-5755-6465) |
If the insured event has already occurred at the time the contract is made, the contract is void. However, where the contract is void due to the company's intent or negligence, or where the company knew or could have known of the nullity before acceptance yet did not refund the premium, the company refunds the premium with interest at the policy-loan rate published by the Korea Insurance Development Institute, compounded annually, for the period from the day after payment to the day of refund.
The specific losses not covered (exclusions) are set out in each insurer's policy wording and product description; on this page, see the “Cover” tab(or the “Losses not covered” section) for the main exclusions. For other cover-specific grounds on which claims are not paid, please refer to the policy wording.
The company provides cover, in accordance with the policy, from the time it accepts the application and receives the first premium. Where the company accepts the application after receiving the first premium with it, cover also begins from the time the first premium was received.
The application must be completed by the policyholder, and the policyholder and the insured must sign it by hand. Failure to sign by hand may result in disadvantages regarding the validity of the contract. On an internet cyber-mall, an electronic signature may be used instead.
The policyholder has the right to be given and have explained the information needed about the product they wish to buy.
The insurer and N2N Insurance Brokerage must explain the important matters of the product to ordinary financial consumers.
When applying, the policyholder, the insured or their agent must disclose truthfully the facts they know regarding the questions in the application (including the questionnaire). Otherwise the claim may be declined or the contract cancelled. Where insurance is taken out by telephone or other means of communication, the duty is performed by answering the seller's questions, which are recorded, without a separate written questionnaire, so answers must be given with particular care.
If, after the contract is made, any of the following arises in respect of the subject-matter insured, the policyholder or the insured must notify the company in writing without delay and obtain endorsement on the policy.
The surrender value is the amount paid if the contract is cancelled early. Unlike bank savings, insurance combines risk protection and savings: part of the premium is paid out as claims to other policyholders who suffer accidents, and part covers the insurer's operating expenses, so the surrender value on early cancellation may be less than the premiums paid, or nil.
Under Article 59-4(1) of the Income Tax Act (special tax credit), for protection-type insurance taken out by an employee only, a tax credit of 12% of the premium paid (capped at KRW 1 million per year) is available. Tax matters may change with amendment or repeal of the relevant tax law.
Except as provided by law, the insurer and N2N Insurance Brokerage do not collect, use, inspect or provide personal data related to this contract — for its conclusion, maintenance and claim payment — without the consent of the policyholder, the insured or the beneficiary. However, for those purposes the insurer may, with the consent of the policyholder and the insured and in accordance with law, provide personal data to other insurers and insurance-related bodies.
The above is a summary and excerpt of the policy wording; for grounds on which claims are not paid and other details, please refer to the policy wording and product description.
Five areas of internal and external crime risk
A large funds-transaction area. The highest insider-crime risk.
Many staff and an accounting department. A D&O combination area.
High-volume payment processing. A BEC (email-fraud) risk area.
Funds-transfer and document-handling departments. An embezzlement/forgery risk area.
Overseas branches and funds movement. A control-gap risk area.
A mid-sized company discovered a long-running embezzlement by an accounting-department employee during a regular audit. Under this wording the embezzlement loss was reviewed, with whether separation of duties, double-check and a regular-audit system were operated during the loss period as the key to the cover assessment. The part where some funds transfers were made via a forged signature was additionally assessed under the separate forgery area, while the part where some funds were taken by external BEC (email fraud) was handled separately at the cover boundary with cyber insurance. A case showing that crime insurance is not simple asset cover but a comprehensive area combined with internal control and cyber.
Source: (General industry example)
The wording and structure points decision-makers most often overlook
Separation of duties, double-check and regular audit affect both underwriting and the post-accident cover process. Weak control means conservative underwriting or a higher premium, and a control gap after an accident can be assessed as a ground for exclusion.
BEC, account-transfer fraud and funds taken via a system intrusion sit at the boundary of crime and cyber insurance. Some accidents can be covered by both, some by neither — a precise boundary review at combined design is key.
Crime (especially long embezzlement) often has a large time gap between occurrence and discovery. Wordings differ on discovery-basis vs occurrence-basis, with a prompt-notice duty after discovery, so a precise wording review is needed.
The questions decision-makers ask most when considering commercial crime insurance
It covers a company whose assets suffer loss from the criminal acts of employees or outsiders. Loss from a fidelity breach — internal embezzlement, fraud, breach of trust, document forgery — is the core area, separate from theft insurance, which centres on external theft.
Usually (1) internal embezzlement, breach of trust and fraud, (2) loss from document/signature forgery, (3) computer fraud (electronic-funds-transfer fraud), (4) external third-party fraud and deception, (5) in some wordings, funds taken via a cyber intrusion, and (6) investigation and legal-defence costs.
Theft insurance centres on theft/robbery by external intrusion, while commercial crime insurance centres on non-physical crime — fraud, embezzlement, deception by employees or outsiders. As one site is often exposed to both, combining the two is common.
Financial institutions, large-staff sites, companies with high funds-transfer/payment volume, companies with accounting/finance departments, and globally operating companies are the core area. With a D&O combination area too, it is becoming a risk-management standard for listed and mid-large companies.
For funds taken via a cyber intrusion (BEC, account-transfer fraud), the cover boundary between crime insurance and cyber insurance differs by wording. Some accidents can be covered by both, some are excluded by one. A precise boundary review at combined design is key.
An internal-control system — separation of duties, double-check, regular audit, electronic approval — greatly affects underwriting and the premium. A site with weak control faces conservative underwriting or a higher premium, and control adequacy is assessed in the post-accident cover process too.
The insurer assesses it on the site scale, sector (finance, general, retail, service), staff numbers, funds-transaction volume, internal-control system, past incident history and global territory. The exact premium and acceptance are confirmed after underwriting by insurers such as AIG, Chubb, DB, KB, Meritz and Hyundai.
