SUNDAY, MARCH 6, 2016
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Average loss caused by employee dishonesty is
$140,000 with one in 5 cases over $1 million.
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Background checks are of little help, most
frauds are committed by 1st time offenders
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Firms now rely on internet many to
increase the speed and ease of doing business law firms have been exposed to funds
transfer fraud and conversion by 3rd parties
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Your business owner’s policy may have some crime
coverage in it, but generally the unendorsed policy limit is between $25,000 to
$50,000. This is likely not enough to
cover a fraud committed against your trust account. Many firms have millions of dollars in their
trust accounts.
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Depending on the type of act committed against
the firm, your professional liability insurance policy may or may not provide
any coverage.
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