Crime - Financial Institution

The very nature of financial institutions makes them a target for crime originating from both within and outside the organisation. In response to these threats we have created a comprehensive crime insurance package.

What we offer

Our crime insurance package includes:

Dishonest acts of employees
Documentary fraud
Electronic or telephonic fraud
Physical loss or damage to property or premises
Extortion
Data breach costs, software removal or reconstitution costs, legal and audit costs
Automatic coverage for newly acquired subsidiaries with no size threshold
Corporate identity fraud costs
Liability for incomplete transactions
Stop payment order liability
Physical loss of or damage to cancelled cheques, cancelled drafts or cancelled credit card receipts
Theft via erroneous transfer
Loss of subscription rights
Social engineering cover included as standard
Liability for interest that would have accrued to a customer of the insured but did not as a direct result of a loss covered under this policy
Automatic reinstatement of limit.

Who we can help

A broad range of financial institutions can benefit from Beazley’s specialised crime cover, including:

Banks
Investment managers
Insurance and reinsurance companies
Building societies
Stockbrokers
Stock exchanges
Clearing houses
Corporate service providers

WHERE IS THIS OFFERED?

Worldwide (excluding United States domiciled organisations).

The Beazley Difference

BEING BOLD

Freedom lies in being bold. We dare to be different and seek bold possibilities to create more innovative, fair and satisfying outcomes for our clients, brokers and employees. From insuring the highest building in the world, to the first commercial lunar vehicle to operate on the moon - we boldly go where others won’t.

STRIVING FOR BETTER

Good is a start, but we go all-out for better. A driven community of individuals relentlessly push the needle and creating value. From launching the market’s first dedicated ESG syndicate to the establishment of our business unit focusing on designing digital insurance solutions, we pride ourselves on always going above and beyond. Simply put, at Beazley we go to 11.

DOING THE RIGHT THING

Acting with integrity in a straightforward, decent way is instinctive. Open and honest with others, we show respect and empathy however challenging the situation – demonstrated by our multi-award winning claims team. Doing the right thing makes for a fair-minded, rewarding environment and makes work and life better for all.

Examples or Scenarios

A financial institution insured discovered an instance of fraudulent payments of several million GBP, by an employee, for his own benefit. Beazley’s claims team worked with the insured to investigate the fraud and confirmed the availability of coverage under the Financial Institution Crime insurance policy.

Instances of fraud are becoming increasingly frequent and complex and financial institutions require sufficient coverage and support from their insurer to prevent it where possible and to investigate and minimise the damage when incidences occur.  