ACE Group today announced that it has added crime cover to its suite of products on ACE Online, its web-based trading tool that allows brokers to quote and bind specialist insurance business, as it continues to expand its offering on this secure and efficient platform.
ACE’s crime insurance proposition, which has also been available for a number of years through its other distribution channels, comprises three main offerings: internal crime, external crime and client cover. Internal crime covers losses as a result of fraud or dishonesty committed by the insured’s employees. External crime covers losses committed by third parties, as a result of computer crime, forgery, counterfeiting, fraudulent alteration or theft. It also provides an element of cover to the insured’s clients, where a loss is sustained when under the care, custody and control of the insured.
Insurance is becoming an increasingly important weapon in the battle against ‘white collar’ crime. Figures from the 2013 KPMG Fraud Barometer show that costs of fraud in the UK rose 38% to £516m for the first half of 2013, compared with £374m for the same period last year. The average value of cases has also jumped from £2.8m to £3.5m.
Jane Bennett, Product Line Head, Financial Institutions and Crime, at ACE Global Markets, said:
"Despite the presence of strong regulation and the increasing prevalence of robust internal controls, fraud is a major threat to any business, particularly in times of economic uncertainty and periods of recession. Crime cover, which we see an increasing demand for, delivers tangible benefits to companies of all sizes, providing real protection to their balance sheets and safeguarding their day to day business activities.
"By adding our crime insurance product to ACE Online, we are providing UK brokers with the unique ability to get an instant quote for a full crime product for a broad range of their clients, streamlining the process of providing this crucial cover for their businesses."
ACE Online features a variety of specialist products, including directors’ and officers’ liability, environmental liability, marine cargo, pension trustee liability, group personal accident and business travel.