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.
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