To help businesses recover from the financial repercussions of corporate crime, XL Catlin’s Global Crime business has introduced a new commercial crime insurance policy in the US.
According to Greg Bangs, chief underwriting officer of XL Catlin’s Global Crime insurance business, “PWC’s 2014 Global Economic Crime Survey indicates that one in three organizations has been affected by economic crime. From embezzlement and forgery to securities fraud and theft, businesses of all sizes are vulnerable to an expanding variety of crimes and criminal schemes that can be executed by their own employees or outside parties. This new policy protects companies from the financial impact of criminal activity that can, in turn, damage profitability and business processes as well as a company’s reputation.”
XL Catlin’s new crime insurance policy includes, but is not limited to, protection against:
- Employee Theft providing coverage for loss of or damage to money, securities and other property resulting directly from theft committed by an employee.
- Forgery or Alteration resulting in losses arising directly from forgery or alteration of checks, drafts, promissory notes or similar instruments.
- Theft of Money and Securities on and off premises, resulting in losses of money and securities inside the insured’s premises or a financial institution’s premises
- Robbery or Safe Burglary for loss or damage to property other than money or securities
- Computer and Funds Transfer Fraud covering losses that result directly from fraudulent entry or change in electronic data or computer programs
- Money Orders and Counterfeit Money to cover loss resulting directly from a company having accepted these in good faith in exchange for merchandise, money or services.
A variety of endorsements are also available to address identity fraud, telephone toll fraud, safe depository, and client’s property, among others.
XL Catlin’s new crime insurance policy is available on a primary, excess and quota share basis with policy limits up to $25 million. Coverage is provided by XL Catlin insurance company, XL Insurance America, Inc.
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