XL Catlin, through its global crime business, has launched a new commercial crime insurance policy in the US, in a bid to allow businesses to recover from the financial backlashes of corporate crime.
The new crime insurance policy provides protection against employee theft, allowing to cover loss or damage due to money, securities and other property.
It is said to offer protection against forgery or alteration of checks, drafts, promissory notes or similar instruments, as well as theft of money and securities on and off premises.
The new policy also acts as protective cover for robbery or safe bulgary for loss or damage to property other than money or securities.
In addition, it offers protection against computer and funds transfer fraud, and money orders and counterfeit money.
XL Catlin global crime insurance business chief underwriting officer Greg Bangs said: "PWC’s 2014 Global Economic Crime Survey indicates that one in three organizations has been affected by economic crime.
"From embezzlement and forgery to securities fraud and theft, businesses of all sizes are vulnerable to an expanding variety of crimes and criminal schemes that can be executed by their own employees or outside parties."
With policy limits up to $25m, the new policy is available on a primary, excess and quota share basis and provided by XL Catlin insurance and XL Insurance America.