Berkshire Hathaway Specialty Insurance’s commercial crime insurance offers coverage to commercial organisations for traditional employee crime and external crimes
Berkshire Hathaway Specialty Insurance (BHSI) has introduced commercial crime insurance in Asia to help businesses address their exposure to the changing landscape of fraud.
BHSI’s Commercial Crime Insurance Policy provides concise contract language for commercial organizations. The policy offers coverage for both traditional employee crime and external crimes such as funds transfer fraud, credit card fraud, forgery and impersonation coverage.
Impersonation coverage includes losses that arise when a perpetrator impersonates an employee, executive or business associate of the insured for the purpose of defrauding the insured.
BHSI Asia executive & professional lines head Scotland Walsh-Riddle said: “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.
“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.”
Scotland continued saying: “Impersonation fraud is quickly becoming a systemic issue around the world. We’ve recently seen a social engineering scheme utilize 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.”
The crime insurance policy offers numerous extensions
The Commercial Crime Insurance Policy also offers several extensions such as coverage for lost establishment fees a business incurs in establishing and the quantum of a loss.
In October, Berkshire Hathaway Specialty Insurance started underwriting casualty and construction insurance in France and had also appointed Olivier Antiphon as head of construction and Anne-Sophie Bonifay as head of casualty.
In the same month, the company entered into the surety market in Australia and appointed Jonathan Griffiths as Australia surety head.
In Australia, Berkshire Hathaway Specialty Insurance focuses on offering contract surety solutions for large and mid-sized contractors. At present, the company offers surety solutions in the US, Canada, UK & Europe and Asia.