Coverage / Financial lines
Crime and fidelity
Most losses come from inside the company or from an email that looks like it did.
Employee dishonesty, third-party fraud and payment diversion for companies handling significant funds.
01 Scope
What it may cover
Subject to wording. Insurers differ; a sound policy answers these three points.
Theft of money, securities or property by employees.
Computer and funds transfer fraud by third parties.
Social engineering losses where a payment is diverted by deception.
02 Placement
What affects price and terms
Underwriters price what they can see. These facts come first, so we present them before they ask.
Segregation of duties in payments and supplier set-up.
Call-back verification for changes to bank details.
Volume and value of outgoing payments.
Audit findings on internal controls.
03 The underwriting file
What we need from you
- Payment approval matrix and authority limits.
- Description of supplier onboarding and bank detail changes.
- Latest internal audit report.
- Loss history, including frauds not claimed.
A complete file reaches more markets and returns firmer terms. Gaps are priced as uncertainty.
04 At renewal
Common gaps at renewal
01Discovery and loss periods mismatched
Fraud surfaces late. The policy trigger should match how long schemes take to find.
02Verification conditions not followed
Social engineering cover often requires a documented call-back. Without it, the claim fails.
03Cyber and crime both silent
Payment fraud falls between the two policies unless one is written to take it.
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