In the biographical Steven Spielberg film “Catch Me If You Can,” a protagonist depicted by Leonardo DiCaprio manages to elude authorities while impersonating a pilot, medical doctor, and attorney, all while wreaking financial damages and engaging in fraud along the way.
A new product launched in Canada by
Berkshire Hathaway Specialty Insurance (BHSI) will cover the losses resulting from such crimes. The insurer announced on Tuesday that it will now provide Executive Impersonation Coverage to large public and private organizations throughout the country.
This endorsement will feature limits of $25 million and more in response to damages “arising when a perpetrator impersonates an employee, executive or a business associate of the insured for the purpose of defrauding the insured.” BHSI will allow for contractors, consultants and independent staff to fall under the “employee” umbrella.
In addition, BHSI will also begin to offer Crime Protection Policy which will be underwritten on a discovery basis and aims to combat rising fraud risks.
“Both our Crime Protection Policy and Impersonation endorsement were created with concise contract language and are supported by a streamlined approach that makes it simple for our customers and brokers to do business with us,” Brian O’Neill, product line leader, fidelity and crime insurance, BHSI, said in a statement. “Our customers and brokers also have the confidence that comes with BHSI’s team, which has exceptional experience underwriting crime coverage and managing these claims in Canada and around the world.”
