AmTrust Exec, a division of AmTrust Financial Services, has announced the launch of a new commercial crime product that will provide coverage for a wide range of medium and large-sized businesses. Melissa Schwartz, previously fidelity and crime product leader for Liberty International Underwriters, joined AmTrust in January from Euclid Exec to lead the commercial crime product offering.
The product covers losses from employee and third-party theft of money, securities and other property, including:
- Employee theft (without manifest intent)
- Computer and electronic funds transfer fraud
- Fraudulent impersonation
- Clients’ property
AmTrust Exec was formed in January when AmTrust’s Corepointe Insurance Agency acquired Illinois-based Executive Liability Managers. The division offers products including directors and officers liability, employment practices liability and more.
“In this new age of cyber crime, we are finding that businesses are facing never-before-seen threats as criminals find ways to impersonate employees electronically and hack into accounting systems to misdirect funds,” said James Seymour, AmTrust Exec senior vice president. “This new product is designed to protect against these kinds of sophisticated schemes, as well as simple petty theft.”
AmTrust Exec provides coverage for sectors including manufacturing, non-profit, oil and gas, retail, and telecommunications.