Which of the following is NOT a commercial crime exclusion according to universal standards?

The option indicating "Direct theft by clients" is not considered a commercial crime exclusion according to universal standards. In the realm of commercial crime insurance, exclusions typically apply to specific types of acts or who is committing those acts.

Direct theft by clients would generally be covered under a commercial crime policy since it involves third-party theft, which insurers often include as a risk. Commercial crime policies usually focus on protecting businesses from losses due to dishonest acts and specifically outline who is excluded from coverage, such as employees and insurers themselves in certain contexts.

On the other hand, theft by employees, theft by insurers, and legal expenses are indeed areas that are commonly excluded in a commercial crime context. Theft by employees is often excluded because it's considered an internal risk that companies should have policies to manage. Theft by insurers could refer to scenarios that are more rare or specific and are typically not covered under standard commercial crime policies. Legal expenses may also be excluded since they are often covered under other types of insurance or are costs that businesses would need to manage separately.

Understanding these exclusions is critical for businesses to effectively manage their risk exposure and ensure they have the appropriate coverage in place for specific theft-related incidents.