90% of all theft losses of significance involve employees, often long-term employees that have located a weakness in the business, a gap, perhaps, in its internal control and processes that can be exploited. The variety of schemes used by dishonest employees continues to grow as does the technology that touches nearly every aspect of businesses and grows your exposures in ways never before imagined.

Crime insurance, also at times known as fidelity insurance, is used to manage and address loss exposures resulting from a variety of criminal acts such as robbery, burglary and other types of theft including employee theft. Crime related loss exposures can vary significantly among businesses and often require special underwriting skills. The agents and underwriters at Morris & Reynolds can assist you and represent the world’s leading crime insurers.


Morris & Reynolds offers all forms and types of crime and fidelity insurance and bonding including:

  • Bankers Blanket Bonds
  • Commercial Crime Policies
  • Fiduciary Dishonesty Policies (ERISA Bonds)
  • Excess coverage including Excess SPIC
  • Insurance Company Blanket Bonds
  • Premises and Transit Form J Policies
  • Public Official Policies
  • Registered Management Investment Company (RMIC) Bonds
  • Stockbroker Blanket Bonds


Crime insurance is sometimes included as part of a package policy or non-crime policy but most often it is written on a separate Commercial Crime Insurance contract. Commercial crime insurance can cover money, securities and other property against a variety of criminal acts, such as employee theft, robbery, forgery, extortion and computer fraud.

A common, standard, Commercial Crime policy can include a number of coverage sections, called insuring agreements, and these can include:

  1. Computer fraud
  2. Employee Theft
  3. Forgery or Alteration
  4. Funds Transfer Fraud
  5. Inside the Premises – theft of money and securities
  6. Inside the Premises – robbery or Safe burglary of other property
  7. Money Orders and Counterfeit money
  8. Outside the Premises
  9. Third Party Coverage



A company’s finance director opened an email with an attached .zip file that contained a virus. The virus obtained the user ID and password to the company’s account with its bank. Immediately thereafter, a fraudulent electronic wire transfer initiated by persons unknown caused $147,000 to be wired from the company’s bank account to an unknown bank account in Arizona. The money was withdrawn before it could be recovered.


A company’s bank allegedly sent it a letter advising of a new security program. The company then received an email that appeared to be from their bank. The company’s employee opened the email, which allowed a Trojan horse computer virus to get in. It was able to read key strokes from the insured’s computer, thereby enabling the perpetrator to obtain banking and password information and initiate a fraudulent electronic wire transfer from the insured’s account. This ended up causing a loss to the company of $683,000.


A company’s Web site was hacked into by an employee of one its customers who changed her employer’s bank routing code on the Web site to her own. When the company paid her employer for services rendered, the money went directly into her account instead.


An insured alleged that an accounting manager and an assistant accounting manager in its wholly-owned Panama subsidiary forged authorized signatures on checks and altered documents. The two employees would issue a check to a vendor, but manually change the payee on the check to the name of a relative. Both employees were fired and the local authorities pressed criminal charges. The insurer paid $319,000 to resolve the claim.


Without anyone’s knowledge or authorization, a bank employee initiated a series of wire transfers of funds maintained at the bank to accounts in the name of fictional entities that the employee had created for this purpose. The bank’s investigation revealed that the entities were set up with the employee’s father as the owner. Once an entity received the money, it then transferred the funds to overseas accounts. The insurer paid the insured the total amount of the loss, less the deductible, of more than $1.8 million.


An insured’s employee and an outside accomplice stole cable from inventory, which was subsequently discovered at a local salvage yard. The employee confessed to police, saying he had been taking the wire from the insured and trying to sell it as scrap to the salvage yard. The insurer paid approximately $73,000.00 to the business.


A vice president of finance embezzled more than $1.2 million over a 10-year period. The scheme included creating false invoices from a vendor, then substituting the check that was issued payable to the vendor with a check payable to himself in the same amount.

When the cancelled checks were returned each month, he replaced the cancelled check payable to him with the un-cashed check payable to the vendor for the false invoice. A casual review of the bank statements and cancelled checks did not reveal the scheme. The insured’s bank noticed that the checks started matching in code and the employee was caught. The insurer paid the policy limit of $500,000.00.


Business insurance is our business. When it comes to your coverage and the risks your enterprise and people face we treat your business as if it were our very own. At Morris & Reynolds we offer a unique, hands on, passionate relationship with our clients that in most cases last decades because of the reliable, results oriented, solutions we provide from year to year. Some of the benefits of our business insurance work for our clients include;


Morris & Reynolds represents and has access to the entire market of leading insurers for all of the risks our business insurance client face. Many of our relationships with major insurers span decades and in some cases date to the founding of our firm in the 1950’s. We also take pride in representing cutting edge and emerging insurers from around the globe to structure the coverage, limits and costs you need and deserve.


Our dedicated professional people are your consultants, problem solvers and partners. We help assess your needs, evaluate solutions and suggest alternatives for your organization. We build a high level of familiarity with your company so we can offer the insights that satisfy your changing risk-financing needs. Some of our products and services include:

  • Alternative Risk Financing, including Captives and Risk-Sharing Pools
  • Claims Management & Administration
  • General Property and Casualty Insurance
  • Group Health Insurance & Employee Benefit’s
  • Malpractice and Errors & Omissions
  • Pension & Retirement Plans
  • Professional Liability including Directors and Officers and Employment Practices
  • Risk Management & Loss Control Services
  • Workers Compensation and Employers Liability


Your protection, goals and bottom line are our sole focus. The coverage and costs that we negotiate, in fact all we do, is focused on your protection needs, goals and bottom line. We are known as aggressive negotiators who have our clients’ best interest at heart. Always.

We also enjoy serving our clients in the most transparent manner possible and are happy to discuss and disclose our compensation and answer your questions about that important topic with you. Morris & Reynolds is a truly independent insurance agency and has been since 1950. Our focus is never on stockholders, stock prices or an insurance company preference but our clients’ goals, dreams and desires. Always.


Insurance is more than a legal contract, it’s your peace of mind. At Morris & Reynolds Insurance we take your protection, and peace of mind, to heart in all we do from the coverage we structure, the insurers we suggest and the day to day service and care we provide to our clients. When you need us most, we will always be there.


At Morris & Reynolds Insurance our clients receive the best of both worlds. We are well known for our ‘old fashioned, reliable and responsive service that dates to the founding of our agency in 1950. We are also known for employing cutting edge technology and offering the latest in coverage innovations and ideas to serve our clients’ ever evolving needs. Services such as The Protection Portal, Morris & Reynolds MyWave and the Morris & Reynolds Risk Management & Loss Prevention Services are just a few examples of our forward thinking approach to service.


Our Client Service Underwriters, Client Advocates and Professional Agents are deeply committed to their profession and career-long learning. Our award winning TEAM of professional people, the finest people in insurance, is unique to Morris & Reynolds Insurance. In order to offer our client’s the very finest results possible we constantly seek improvement by way of training, performance measurement and process reviews.

Our corporate office is an approved and certified testing site for the prestigious Insurance Institute of America and their curriculum is part of our ongoing TEAM educational efforts. Morris & Reynolds Insurance is proud of the awards that TEAM members have received from a variety of industry associations and insurers, including the Florida Agent of the Year, The National Agent of the Year and The Customer Service Representative of the Year Honors to name a few.


Every day we work to provide you with the very best coverage, care and solutions available. Our extensive range of professional services, designed to manage your risk and make you and your business more efficient, include:


Businesses change and evolve. Because of this, Morris & Reynolds conducts annual audits of your coverage and the exposures, risks and facts that your insurance is based upon. Working many months in advance of your renewal, we ensure that the coverage and exposures are current so that your renewal will progress as your business does.


Coverage such as workers compensation and general liability are based on estimated exposures that are then audited by the insurer after the policy year ends. Our team of experts is available to assist in the preparation of your audit or even conduct the audit with the insurer for you, to save you time and money.


We place an extreme emphasis on your claims. Morris & Reynolds employs licensed, professional insurance adjusters that manage your claims all year long with state of the art automation. Your assigned Claims Manager at Morris & Reynolds is your expert advocate, dedicated to resolving claims quickly and fairly. Whether it is a simple auto claim, a major fire, a devastating hurricane or a complex lawsuit, we will be right next to you doing our best to support you during what we know can be a traumatic time.


Morris & Reynolds represents hundreds of the world’s leading insurers, brokers, wholesalers, reinsurers and alternative risk related firms in the industry. As your agent, we aggressively seek solutions from all leading insurers in the marketplace and negotiate one insurer against another to arrange the best possible coverage and cost for you.


Protecting your business and bottom line through risk management and loss control can have a dramatic impact in lowering your insurance costs and risk related expenses. The risks that you face can come from a variety of sources including project failures, legal liabilities, natural disasters and even deliberate attacks. We proudly offer you best in class risk management and loss control that can help identify, control and manage the risks you face.


Success in reducing your risk and its associated costs are often found deep in the details of your coverage, claims and business. For this reason, Morris & Reynolds provides a range of detailed stewardship reports and analysis related to your coverage, options, performance, claims and other risk related metrics that are useful in constructing your Protection Plan and managing your risks.


Morris & Reynolds’ MyWave is a truly dynamic internet-based portal that delivers robust, time saving tools and information related to employee benefits, human resources and risk management. Simply log on to your customized homepage to find valuable detailed information as well as interactive postings.

Trusted Insurance

"Savings & Service Has Been Our Policy Since 1950"
14821 South Dixie Highway, Miami, Florida 33176
P 305.238.1000 | F 305.255.9643
E info@morrisandreynolds.com

Independent agent