Starr Companies has launched fraudulent impersonations coverage, a new insurance product that covers the various kinds of theft damages that result from social engineering fraud, such as internet phishing scams.
Fraudulent impersonations coverage complements an insured’s crime & fidelity insurance program, with limits up to $250,000 available.
Starr’s crime & fidelity coverage is offered as part of its Resolute Portfolio Policy, which also includes directors & officers, employment practices, and fiduciary liability coverages. The crime & fidelity coverage section may be purchased in conjunction with all or any one of those coverages, or, on a monoline basis. Limits up to $25 million in limits are available.
According to Vice President & Financial Lines Manager Jim Pittinger, and social engineering fraud is a growing risk for businesses of all types and sizes. According to the Internet Crime Complaint Center IC3, some 1,100 U.S. companies have fallen victim to these types of scam, with losses estimated at over $150 million.
“We introduced Fraudulent Impersonations Coverage to respond to the growing number of scams, which is an important insurance protection for losses resulting from social engineering schemes,” Pittinger said.
Starr Companies (or Starr) is the worldwide marketing name for the operating insurance and travel assistance companies and subsidiaries of Starr International Co., Inc. and for the investment business of C.V. Starr & Co., Inc. and its subsidiaries. Starr is an insurance and investment organization with a presence on five continents; 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.
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