View this article online: https://www.insurancejournal.com/news/national/2017/07/14/457706.htm
Starr Companies has launched an enhanced crime & fidelity endorsement expanding coverage for fraudulent impersonation losses.
According to Brian Inselberg, senior vice president, Financial Lines, the enhanced coverage offers coverage for losses associated with certain transfers of tangible property because of fraud.
“While coverage for loss of ‘funds’ may be available in the marketplace, businesses are still exposed to the risk of loss for the transfer of tangible property as a result of a fraudulent instruction,” Inselberg said. “Given the rapid speed with which companies often move their inventory, component parts, and, other tangible property, the risk of acting on a fraudulent instruction is increasing.”
Starr Companies’ expanded coverage follows the recent introduction of the KnowBe4 risk management tools as part of the company’s efforts to address the evolving crime and fidelity exposures of companies.
Starr Companies (Starr) is the worldwide marketing name for the operating insurance and travel assistance companies and subsidiaries of Starr International Company, Inc. and for the investment business of C.V. Starr & Co., Inc. and its subsidiaries. Through its operating insurance companies, Starr provides property, casualty, and accident & health insurance products as well as a range of specialty coverages including aviation, marine, energy and excess casualty insurance.