Employee dishonesty is a major threat to the health of both financial institutions and non-financial businesses. In their 2016 Report to the Nations on Occupational Fraud and Abuse, the Association of Certified Fraud Examiners reported that the typical organization loses 5% of revenues in a given year as a result of fraud.
Commercial Crime Insurance Products
Crime insurance (or fidelity bonds, as policies covering financial institutions are known) protects an organization from loss of money and securities, resulting from theft by its own employees.
It also insures against third party related losses for forgery or alteration; on premises; in transit; money orders and counterfeit currency fraud; computer fraud; client property coverage; credit card coverage and expense coverage. Coverage is also available for computer crime exposures including Account Takeover funds transfer fraud.
Our focus is writing business that is domiciled in the United States on an admitted basis.
Companies with $50M annual revenues and greater in retail, healthcare, technology, and manufacturing
Commercial crime now includes fraudulent instruction coverage to address losses from the transfer of funds as a result of fraudulent instructions from a person purporting to be a vendor, client or authorized employee, otherwise known as "social engineering" losses. The new endorsement, which has a limit of up to $250,000, is for Beazley clients who currently carry our commercial crime policy.
Fidelity Bond: companies with $500M assets and greater in these industries:
- community banks; new exclusive coverage available for those with $10B assets and below
- asset managers
- insurance companies
- investment advisors/mutual funds
Up to US $25,000,000
News & Views
Advisen interview with Bill Jennings on digital con artists
Advisen editor Erin Ayers recently spoke with Beazley Commercial Crime underwriter Bill Jennings on the deceptive practices of criminals who prey on an employee's goodwill to gain access to company funds. Read the full article.
Don't be fooled by cyber masqueraders
Our latest Insight by Bill Jennings outlines the real threat posed by cyber "posers."
Announcing fraudulent instruction coverage
Read this press release about how our commercial crime policy now covers "cyber masquerading" risks.
Fidelity and Crime Insurance team
Underwriter - Crime
New York, NY, USA
+1 212 801 7173michael.kontonotas
Fidelity and Crime Insurance forms
Wordings / policies
The descriptions contained on this website are for preliminary informational purposes only. In the US, the product may be available on an admitted basis in some but not all jurisdictions through Beazley Insurance Company, Inc. In other US jurisdictions, the product is underwritten by Beazley syndicates at Lloyd's and is available only on a surplus lines basis through licensed surplus lines brokers. The publication and delivery of the information contained herein is not intended as a solicitation for the purchase of insurance on any US risk.
Except where products are issued by Beazley Insurance Company, Inc., coverages are underwritten by Beazley syndicates at Lloyd's and will vary depending on individual country law requirements and may be unavailable in some countries. The exact coverage afforded by the products described herein is subject to and governed by the terms and conditions of each policy issued.
Some coverages are made available through Beazley USA Services, Inc., which is a service company that is a part of the Beazley Group and has authority to enter into contracts of insurance on behalf of the Lloyd's underwriting members of Lloyd's syndicates 623 and 2623 which are managed by Beazley Furlonge Limited. Beazley USA Services, Inc. is licensed and regulated by insurance regulatory authorities in the respective states of the US and transacts business in the State of California as Beazley Insurance Services (License#: 0G55497).