N.Y. issues insurance rule to ease burdens on hiring ex-convicts

New York Governor Andrew Cuomo on Wednesday issued a regulation making it easier for businesses to hire former convicts by prohibiting insurance companies from refusing coverage for crime-related losses caused by employees.

The regulation, the first of its kind in the United States, will help New York businesses obtain so-called commercial crime insurance when hiring employees with criminal records.

Commercial crime coverage, a standard type of business insurance, generally kicks in when companies sustain losses in situations that involve employee dishonesty, such as forgery, theft of a customer’s property, or fraudulent transfer of funds through a company’s computer.

Read the full story at Reuters: N.Y. issues insurance rule to ease burdens on hiring ex-convicts | Reuters