Berkshire Hathaway Specialty Insurance (BHSI) announced that it is introducing Commercial Crime Insurance in Asia, a new policy designed to help companies address the exposures of a changing fraud landscape.
BHSI’s Commercial Crime Insurance policy offers concise contract language for commercial organizations and includes coverage for both traditional employee crime and external crimes, including funds transfer fraud, credit card fraud, forgery, and impersonation coverage. Impersonation coverage responds to losses arising when a perpetrator impersonates an employee, executive or business associate of the insured for the purpose of defrauding the insured.
The Commercial Crime Insurance policy also includes numerous extensions, including coverage for lost establishment fees an insured incurs to establish the existence and quantum of a loss.
“Corporate fraud is becoming increasingly sophisticated as technology advances at an exponential pace across the globe. Companies now face new threats and are tasked with protecting both traditional and digital assets,” said Scotland Walsh-Riddle, head of Executive & Professional Lines, BHSI Asia. “Our policy is important protection for a company’s balance sheet by both insuring against losses arising from a wide range of threats and providing support to investigate the cause of a loss.”
Walsh-Riddle said fraud involving impersonation of senior executives (also known as CEO fraud) is becoming a systemic issue around the world.
“We’ve recently seen a social engineering scheme utilize artificial intelligence-based software to impersonate an executive, he added. “These schemes are testing the boundaries of what companies can prepare for – and we are committed to helping our customers protect against this rising threat.”
Source: Berkshire Hathaway Specialty Insurance (BHSI)
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