AmWINS Group, Inc., a global distributor of specialty insurance products and services, has launched a new product designed to protect insureds against social engineering losses while also providing education and risk mitigation services.
Losses covered under the new product can include those arising from situations where insureds are fraudulently induced into transferring money or securities in good faith reliance following a telephone, written or electronic instruction – purportedly from a client, vendor or employee. The product is available in 47 states and Washington, D.C.
AmWINS developed the new product in partnership with AXIS Insurance and is offering it exclusively with AXIS.
The product also provides free training about social engineering for employees through KnowBe4, a global security awareness training provider. It also offers a significant discount on additional training and services offered through KnowBe4 such as phishing security test reports, phishing reply tracking and more.
The new product also includes precise policy language that addresses social engineering fraud losses. Historically, traditional crime policies did not cover social engineering claims because the insured employee voluntarily transferred funds, and cyber liability policies did not provide coverage because social engineering losses often occur without the penetration of an organization’s network.
Standard commercial crime policies may not include limits for social engineering, and cyber liability policy sub-limits, generally up to $250,000, are inadequate for potential social engineering losses. To address this gap, the product offers limits ranging from $100,000 to $10 million. AmWINS can secure additional capacity for higher limits from other insurers.
AXIS also offers social engineering coverage on an excess basis, including the ability to “drop down” over a sub-limit for social engineering on the underlying insurance.
AmWINS Group, Inc. is an independent wholesale distributor of specialty insurance products in the United States, dedicated to serving retail insurance agents by providing property and casualty products, specialty group benefit products and administrative services. Based in Charlotte, N.C., the company operates through more than 115 offices globally and handles premium placements in excess of $15.3 billion dollars annually.
AXIS Insurance, the insurance business segment of AXIS Capital Holdings Limited, provides property & casualty, professional lines, terrorism, marine, energy, aviation, credit & political risk, environmental, accident & health coverages and other customized insurance products. Products are offered through distribution partners, which include wholesale brokers, retail brokers and designated managing general agents/underwriters in the U.S. and abroad.
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