Travelers Construction Insurance and Travelers Bond & Financial Products have teamed together to offer the Wrap+ Fidelity and Crime coverage to the construction industry. The policy will help protect construction contractors’ assets from internal theft.
According to the 2008 Report to the Nation on Occupational Fraud and Abuse, American construction contractors that hired a certified fraud examiner suffered a median loss of $330,000 as a result of internal fraud. The same study showed that businesses with fewer than 100 employees suffered 38 percent of the fraud committed. Through feedback received from its independent agents, Travelers Construction and Travelers Bond & Financial Products built the Wrap+ Fidelity and Crime Coverage for the Construction Industry product to provide agents with a one-carrier solution for both the property and casualty liability needs of their contractor clients.
Available for construction contractors of all types, Travelers Wrap+ Fidelity and Crime Coverage provides:
- Dedicated and separate limits for each insuring agreement (other than Claims expense)
- ERISA bond coverage with an automatic inflation guard protection to meet pension plan requirements
- Personal accounts protection – including forgery of an owner’s personal checks, and the reimbursement of expenses for an owner who is the victim of identity theft
- Flexible limits to meet varying levels of protection
- Risk Management Plus+(R) Online, at no additional cost and available for all management liability, crime and fidelity products
- Third-party coverage for theft of client property at job sites
Coverage for all claims or losses depends on actual policy provisions. Availability of coverage can depend on underwriting qualifications and state regulations.
Source: The Travelers Cos., Inc.