Berkshire Hathaway Specialty Insurance (BHSI) has launched a commercial crime insurance product in Asia, which will help companies address the exposures of a changing fraud landscape, the company said.
The new policy offers concise contract language for commercial organisations and includes coverage for both traditional employee crime and external crimes, including funds transfer fraud, credit card fraud, forgery, and impersonation coverage, according to a statement by BHSI. Impersonation coverage, it added, covers losses arising when a perpetrator impersonates an employee, executive or business associate of the insured for the purpose of defrauding the insured.
The policy also includes several extensions, including coverage for lost establishment fees an insured incurs to establish the existence and quantum of a loss.
“Corporate fraud is becoming increasingly sophisticated as technology advances at an exponential pace across the globe. Companies now face new threats and are tasked with protecting both traditional and digital assets,” said Scotland Walsh-Riddle, head of executive & professional lines, BHSI Asia. “Our policy is important protection for a company’s balance sheet by both insuring against losses arising from a wide range of threats and providing support to investigate the cause of a loss.”
According to Walsh-Riddle, impersonation fraud is quickly becoming a systemic issue around the world. In one example, a social engineering scheme utilised artificial intelligence-based software to impersonate an executive.
“These schemes are testing the boundaries of what companies can prepare for – and we are committed to helping our customers protect against this rising threat,” he said.