With crime on the increase around the world, financial institutions continue to represent attractive targets for fraudsters. Directors of financial institutions face increased regulatory pressure to ensure that their organisation’s assets are adequately protected in terms of capital allocation, risk transfer and internal control procedures. AIG’s Comprehensive Crime policy provides protection against financial loss resulting from criminal activity.
The improper personal gain trigger applies only to wrongful acts involving loans and trading. For all other covered losses, the improper personal gain trigger is removed. Crime policies assume that fraud is committed to gain personal benefits, which can be hard to prove even when a loss has occurred.
Policy on a "discovery" basis
Loss discovered during the policy period is covered regardless of when the wrongful act has occurred.
Investigative specialist fees
Provides cover up to 10% of the limit of liability towards the engagement of a fraud investigator to investigate, prove and report a covered or potentially covered loss. The fraud investigator will also check for possible breaches of internal controls which may prevent further losses.
AIG Comprehensive Crime Insurance Solutions
Comprehensive Crime Cover includes loss of money, securities, or other assets resulting from employee theft, computer fraud, forgery, loss of employee benefit plan assets and more.
Loss establishment costs to investigate, prove and report a direct financial loss under the policy
Funds erroneously transferred
Stop payment order liability
Cash letter
Identity fraud cover for the company and individuals, including cover for stolen identity expenses, investigative specialists fees, reconstitution costs and reputation recovery expenses
Fees, costs and expenses
New subsidiaries and superannuation plans
New branches, offices, ATMs
Extortion, kidnap response
The following industries are currently being targeted. However, other industries and occupations can still be considered upon further discussion.
Preferred Industries & Occupations
Financial Institutions, including Asset & Investment Managers, banks, Insurance Companies, Superannuation managers and others
REITs
Financial Planners
Non-preferred Risks
Entities involved in Cryptocurrency/Digital Assets/Crypto Assets
Money Exchanges
For any enquiries about purchasing, renewing or making a claim on an AIG business policy, please contact your insurance broker or find a broker here.
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