Protect your business against criminal behavior of a dishonest employee or third party.
Why choose AIG Crime Insurance and Financial Institution Bonds?
Crime Insurance and Financial Institution Bonds provide coverage for loss of money, securities, or other assets resulting from acts such as employee theft, certain types of fraud by third parties (forgery, for example), theft of property from the premises, and social engineering (impersonation fraud).
The AIG Advantage
Coverage can be tailored to meet your unique needs, whether you’re seeking coverage for “social engineering” risks and physical counterfeiting, forgery, fraud, or theft.
Dedicated Underwriting Team
Our underwriters, who average over 20 years of experience, provide the expertise to resolve matters efficiently, and identify new loss developments and trends.
Expert Claims Servicing
Dedicated team of claims professionals who have an average of over 10 years of experience. Cohesion between claims and underwriting teams facilitates emerging loss trends being addressed through coverage enhancements.
AIG Crime & Financial Institution Bonds Solutions
Crime insurance and financial institution bonds help reduce organizations’ vulnerability to direct losses stemming from theft and certain types of fraud. It is an often overlooked insurance because crime-related losses are not typically covered by commercial property insurance, so it’s vital to ensure that your business is protected.
Provides coverage for commercial and governmental entities.
Available coverages address loss of money, securities, and other assets resulting from dishonesty, theft or fraud (including computer fraud).
Provides coverage for financial institutions, such as banks, non-bank lenders, asset managers, and insurance companies.
Coverages include employee dishonesty, theft on premises, forgery, computer systems fraud, impersonation fraud, and a variety of other risks.
Detect and Protect Against Impersonation Fraud
Impersonation Fraud coverage with a crime policy or a Financial Institution Bond can help protect insureds from losses incurred from impostors posing as executives, employees, or other trusted business partners to fraudulently transfer business funds.
An assistant manager for a retailer was involved in a theft scheme with approximately 30 customers. Goods were purchased for export, but were never exported and were ultimately sold on the black market. The assistant manager received kickbacks for his involvement. The insured made a claim for sales taxes that were never paid. The loss claimed was approximately $34 million.
An advisor at an investment management firm transferred funds from five client accounts at the insured to his wholly owned company. He forged signatures on wire authorization letters used to make the withdrawals, used a "cut-and paste" technique (copying genuine signatures and affixing them to faxed wire authorization letters), and embezzled the funds by means of such withdrawals. The loss claimed was $750 thousand dollars.
Impersonation Fraud Claims Scenario
An individual impersonating an executive of ABC Corp. emailed an employee in the treasury department of ABC Corp. on various occasions directing him to process several wire transfers totaling $6 million to an overseas bank and to charge it to Administration Expenses. The false executive promised to provide back-up documentation of the expenses at a later date. The email used by the imposter was virtually identical to the executive’s true email address, such that the employee did not notice the difference. The employee processed the wire transfer request and only uncovered the scam when he contacted the true executive inquiring about the back-up documentation that was never received.
*Any claim or loss scenarios described in any of the links above are offered only as examples and are not to be relied on to justify coverage in any particular situation. Coverage depends on the actual facts of each case and the terms, conditions and exclusions of each individual policy. Anyone interested in Crime Insurance or Fidelity Insurance products should request a copy of the policy itself for a description of the scope and limitations of coverage. Policy terms may vary based on individual state requirements and may not be available in all jurisdictions.