EMPLOYEE THEFT COVERAGE
is the insuring agreement that covers employee theft of money, securities and other property. Coverage applies regardless of the number of employees involved in the loss. This is an important point, because the limit of insurance applies per act, and not per employee. Most property and inland marine coverage forms specifically exclude dishonest acts of employees so this coverage is needed to fill that very large coverage gap. Coverage is provided using either a standard ISO form or a Surety & Fidelity Association of America form.