Crime insurance

SigEp provides a crime insurance policy with a $50,000 limit. In 2011, computer fraud coverage was added to the crime package.  The crime policy covers both the undergraduate chapter and the AVC and protects the entities against the dishonesty of anyone controlling the chapter or AVC  monies.  The crime insurance carrier, Zurich/Fidelity & Deposit Company of Maryland, requires the following safeguards be in place in order to be covered for a claim:

1. Require dual signatures on checks over a certain pre-determined amount, such as $500.
2. Assign monthly account reconciliation to an officer other than the person with check writing authority.
3. Reconcile liquid asset accounts monthly.
4. Have an account that prohibits debit card and ATM withdrawals.
5. Assign an independent third party to conduct an annual audit of the AVC and chapter’s finances.
6. Acquire directors’ and officers’ liability insurance as offered through SigEp Headquarters.
7. Make it well known to undergraduate members and alumni volunteers that SigEp and its insurance provider intend to prosecute in the event a crime is committed.
8. Make sure as old officers transition out of their officer positions that they are removed from the chapter / AVC bank accounts.
   
   

As of July 1, 2012, coverage for Designated Agents has been added. This enhances coverage to include third party vendors that manage chapter finances and collection.