Crime Insurance - No Coverage For Owners

Here is an exclusion I see quite often in employee dishonesty and crime policies:

"This Crime Policy will not apply to loss resulting directly or indirectly from any fraudulent, dishonest, or criminal act committed by the Insured, the Insured's natural person partners, any LLC Member or Officer-Shareholder, whether acting alone or in collusion with others."

This means no coverage for theft by an owner.

Imagine there are five owners, and one steals. Most insureds would expect there to be coverage.

Nope!