Ironshore Inc. has launched a specialty commercial crime product to be offered by its Lloyd’s Pembroke Syndicate 4000, based in London. Offering coverage limits up to GBP 20 million, Ironshore’s commercial crime coverage indemnifies an organization for losses resulting from both internal and external crime-related activities.
A company’s internal threats are primarily the result of misappropriation by one or more employees of corporate assets, cash, stock, funds and/or property. External threats are triggered by a third party when control weaknesses are identified, exposing the company to unexpected financial loss, which can include check forgery, cash and securities theft, either on premises or in transit, as well as computer and funds-transfer fraud.
“A company’s first line of defense against fraud is internal controls and procedures, which should act as a safeguard against the risk of corporate fraud and the potential threat of loss,” said Sarah Markham, director of Commercial Crime. “Despite a company’s best efforts to deter fraudulent activities, crime insurance protection can help reduce the financial impact on the bottomline in the event an unexpected threat occurs.”
Ironshore’s Pembroke Syndicate offers a suite of specialty insurance programs that include professional liability, director & officer liability, TRIA insurance, and crime coverages to serve the insurance needs of all sectors of the commercial and financial markets.
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