Embezzlement, theft and employee dishonesty are exposures for all businesses and organizations. No one and no company is immune. Losses caused by the social engineering of employees and the impersonation of trusted business partners are increasing and show no signs of abating. The pace of innovation continues to rise rapidly, bringing with it new ways for criminals to exploit companies with even the best internal controls.
Coverage Highlights
- Coverage for theft caused by all classes of employees, as well as natural person independent contractors, with no identified employee or police notification requirement
- Blanket coverage available for employee theft of client’s funds and other property, with no collusion exclusion
- ERISA Fraud or Dishonesty coverage for employees serving as plan officials of ERISA employee benefit plans
- Streamlined coverage for loss of funds and property resulting from unauthorized access by hackers into the insured’s computer systems, including mobile applications and web-based customer portals
- Coverage for loss due to fraudulent transfer of funds through impersonation of employees, vendors and customers
- Investigative expenses for all insuring clauses, as well as computer investigative expenses for losses caused by hackers and impersonators
Protection for Insureds and their Clients’ Assets
Companies need coverage that reflects the modern world we live in. By having systems that work to reduce losses caused by criminal activities, companies can counter the threats of bad actors. The Chubb Primary Commercial Crime Insurance is designed to address these exposures.
The Chubb Primary Commercial Crime Insurance provides the following insuring clauses:
- Employees & Plan Officials Employee Theft
- ERISA Fraud or Dishonesty
- Client Theft
- Premises & In Transit
- Forgery
- Computer Systems Fraud
- Funds Transfer Fraud
- Social Engineering Fraud
- Money Orders and Counterfeit Currency Fraud
- Claim and Computer Investigations Expenses Claim Expenses
- Computer Investigation Expenses
What is Social Engineering?
Social Engineering is when an impostor posing as a vendor, client or authorized employee persuades an employee to authorize a transfer of funds. Even companies that conduct strict background screenings, employ fraud detection systems and implement strict internal controls can be vulnerable to losses if a well-meaning employee is duped by a criminal posing as a supplier, new client or fellow employee. Learn more and download Chubb’s guide to Combating Social Engineering Fraud.