Internal Crime definition
Internal Crime means: any dishonest or fraudulent act committed by an Employee with the intent to cause such Loss, whether acting alone or in collusion with others. With regard to any Loss involving a Credit Arrangement or Trading, Internal Crime means only such dishonest or fraudulent acts committed by an Employee which results in an improper financial gain for:
(i) such Employee; or
(ii) any person in collusion with such Employee provided that the Insured establishes beyond reasonable doubt that such Employee intended to participate in such improper financial gain. Improper financial gain does not include salary, fees, commissions, bonuses, profit sharing, other emoluments, remuneration or similar benefits either properly or improperly paid by the Insured to an Employee.
Examples of Internal Crime in a sentence
Loss arising out the voluntary giving or surrendering of Money, Securities, Funds, Property or other property in any exchange or purchase unless such Loss is a direct result of Internal Crime, External Crime, or Extension 1.B) (iii) Erroneous Transfer of Funds.
However this exclusion shall not apply to Loss covered under 1.A)(i) Internal Crime or 1.A)(ii) External Crime.
Loss of Money, Securities, Property or other property whilst in the mail unless such Loss is covered by Insurance Coverage 1.A)(i) Internal Crime.