New Chubb Crime Coverage Protects Firms from Employee Theft, Outside Criminals
Chubb has introduced a new crime insurance policy – The Chubb Primary Commercial Crime Insurance, designed to help companies of all sizes and industries protect themselves from criminal activity both inside and outside their organizations.
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
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.
With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients.
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