E&S wholesale broker and managing general agency Risk Placement Services has launched a commercial crime insurance product to cover losses resulting from fraud committed by internal and external parties.
Available to quote-bind-issue through RPS’ online platform, this new commercial crime policy offers standard blanket crime coverages including: employee theft; ERISA fraud; forgery or alteration; inside/outside the premises; computer fraud; money orders and counterfeit currency; funds transfer fraud; clients’ property/third party; and sub-limited expense costs. Additionally, the policy provides full-limit social engineering coverage.
The product is available exclusively from RPS and gives agents and brokers the ability to help ensure their clients’ exposures are accounted for and protected from many types of fraud, such as vendor schemes, ghost employees, embezzlement through accounting processes or lack thereof, inventory theft and more, the company said.
Highlights of the commercial crime policy include:
- Broad theft coverage
- Broad extortion coverage, including cyber threats
- Wide single-loss aggregation language adopted for retention
- Discovery trigger tied to knowledge of the CEO, CFO and general counsel
- Generous notification of losses provisions
- Coverage extends to pension plans established, maintained or controlled by the insured company
- Costs and expenses covered for replacement of property damaged in robbery; reconstituting data damaged in the course of computer crime; and establishing the existence and extent of a covered loss.
The policy is available in all 50 states for all clients – from large public companies, governmental entities and nonprofit organizations, to financial institutions and large and small private businesses.
The policy can be quoted, bound and issued online in under two minutes by answering four underwriting questions.
Risk Placement Services (RPS) is nationwide specialty insurance product distributor, offering valuable solutions in wholesale brokerage, binding authority, programs, and standard lines, plus specialized auto through its Pronto Insurance brand. Headquartered in Rolling Meadows, Illinois, RPS has more than 80 offices nationwide.
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