Risk Management & Tort Defense

A summary of crime insurance coverage, exclusions, and policy information is provided below. Coverage may vary by location or agency. This summary does not alter or amend coverage provided in statute or under the state property/casualty insurance program. Specific exclusions, limitations, or conditions may apply. For additional information, please contact the Risk Management & Tort Defense Division at (406)444-2421.

SUMMARY

1. Insurer: National Union Fire Insurance Company of Pittsburgh, Pennsylvania and Zurich American Insurance Company.
    
2. Broker: Alliant Insurance Services
    
3. Term: 7/1 to 6/30 each fiscal year
    
4. Coverage Territory: This policy applies to insured losses anywhere in the world arising from employees, directors, trustees, board members, officers, leased employees, and other persons performing services for the state/university system including vendors and contractors acting alone or in collusion with others.
    
5. Cause of Loss Covered:
    
   1. Theft, forgery, or alteration of checks, drafts, promissory notes, or similar written promises.
   2. Theft, robbery, or burglary of money, securities, and other property on state or university premises.
   3. Theft, robbery or burglary of money, securities, and other property outside of state or university premises including property in the care, custody, and control of an armored carrier or messenger.
   4. Money orders or counterfeit money that are not paid upon presentation.
   5. Computer fraud resulting from the use of a computer to fraudulently transfer property.
   6. Funds transfer fraud resulting from fraudulent directions to a financial institution to transfer, pay, or deliver funds.
   7. Vendor impersonation fraud.
       
6. Property Covered: Money, securities, and other property as defined in the policy. 
    
7. Major Coverage Exclusions:
    
   1. Accounting errors.
   2. Unauthorized disclosure of confidential information.
   3. Confidential information.
   4. Seizure or destruction of property by a government authority.
   5. Government action.
   6. Nuclear hazard.
   7. Pollution.
   8. War and military action.
   9. Inventory shortages and loss of inventory.
   10. Trading.
   11. Money operating devices.
   12. Vandalism.
   13. Countries with enforceable sanctions.
   14. Loss of income.
   15. Consequential loss including inability to realize income.
   16. Losses arising from fire, except damage to money, securities, and money vaults.
   17. Nuclear risks, radioactive contamination, or biological or chemical contamination.
   18. Accounting or arithmetical errors.
   19. Damage to property arising from vandalism or malicious mischief.
   20. Loss arising from debit or charge cards.
        
8. Valuation of Property: Face value of money of the money issued in that country, the dollar equivalent of money or securities as determined by the rate of exchange on the day the loss was discovered, and replacement cost for property.
    
9. Limits: $10,000,000
    
10. Deductibles:
    1. $500,000 per incident.
    2. $1,000 per agency/university.