Robbery

What Does Robbery Mean?

Robbery is a crime in which the perpetrators use intimidation, force, or even violence against a person or property to obtain valuable items. To be classified as robbery, rather than simple theft, a human victim must be present. The damage resulting from robbery can be covered by an insurance policy.

Insuranceopedia Explains Robbery

Robbery occurs when a person is threatened or harmed in an attempt by the perpetrator to steal a valuable item. In the United States, robbery is typically considered a state crime; however, if a financial institution such as a bank is robbed, it becomes a federal crime instead of a state one.

Crimes like robbery can severely impact a business. Unfortunately, crime-related risks are not always covered under standard commercial property insurance. Many business owners buy a separate commercial crime insurance policy to fill that gap, since it covers losses from robbery and other criminal acts that property policies leave out. To ensure coverage, it must be specified to the insurer. When robbery is included as a named peril, the policyholder can use their policy to help recover their business from the losses caused by the crime. Internal crime is a related concern for owners, and there are practical steps to prevent employee theft and fraud before it becomes a claim.