The Association of Certified Examiners in its 2020 Report to the Nations finds that occupational fraud caused organizations to lose more than $3.6 billion globally from 2018-2019. Additionally, the FBI’s Internet Crime Complaint Center in its 2019 Internet Crime Report reported it received 23,775 business email compromise complaints, resulting in $1.7 billion in losses.

“Companies need modern coverage for a modern world,” said Chris Arehart, Senior Vice President, Crime Insurance Product Manager, Chubb North America Financial Lines. “Companies of all sizes and industries need to counter the sophistication of today’s bad actors by having systems that work to reduce losses caused by criminal activities. Chubb’s next generation of crime insurance is specifically designed to assist policyholders, as they manage modern exposures, and provides comprehensive coverage to address many internal and external crimes, including theft, computer hacking, social engineering and employee dishonesty.”

Chubb’s new crime insurance offering provides coverage for:

–Loss of funds and property resulting from unauthorized access into the insured’s computer systems, including mobile applications and customer-based web-based portals by hackers

–Loss due to the fraudulent transfer of funds through impersonation of employees, vendors and customers

–Investigative expenses for all insuring clauses, as well as computer investigative expenses for losses caused by hackers and impersonators

–Theft caused by all classes of employees and independent contract workers

–ERISA fraud or dishonesty for employees serving as plan officials of ERISA employee benefit plans

Source: PR Newswire