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 Insurance and Claims Administration 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 Insurance and Claims Administration accompanied by documentation supporting the amount claimed.
Is there a deductible?
Departments are charged a deductible of $1000 for coverage of each occurrence.
Other Information
Employee Dishonesty
Once an employee has been confirmed performing a dishonest act, employee should be terminated or further crime will not be covered.
Restitution
All restitution agreements and payments should be forwarded to Insurance and Claims Administration for review and processing.