In current discussion of fraud and crime coverage, emerging cyberrisks and appalling financial schemes grab the headlines, and the direct loss conundrum captivates coverage counsel. While policyholders and their risk managers should of course monitor those issues, they also should remember the basic timing requirements that could undermine otherwise valid claims. Recent decisions show that even the most carefully crafted crime coverage may have no value if policyholders wait until it is too late to take action against dishonest employees or dissembling insurance companies.