Ascot Strengthens Management Liability Suite With Commercial Crime Product
PRODUCT: AscotExec™ Commercial Crime Insurance
COMPANIES: Ascot
BEST RATING: A
AVAILABILITY: Appointed agents and brokers only.
FOCUS: Ascot Group announced the latest enhancement to the robust suite of AscotEXEC Management Liability solutions with the launch of a commercial crime product. The new product provides coverage for financial losses resulting from a range of exposures related to theft, fraud, forgery or other dishonest acts, including social engineering fraud.
“As businesses face ever-evolving crime threats in a digital age, this product is a testament to Ascot’s dedication to innovation and security, and commitment to being a perfect partner for a less-than-perfect world,” says Salvatore Collura, head of private and non-profit management liability, AscotEXEC.
COVERAGE DETAILS: The AscotExec Commercial Crime Insurance policy has an enhanced definition of “employee,” which includes all classes of employees, including independent contractors and attorneys retained by the insured while performing legal or consulting services for the insured.
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It introduces computer investigation expenses coverage for reimbursement of computer forensic costs to investigate a covered loss reported under computer fraud, funds transfer fraud, or social engineering fraud insuring agreements. It also provides a separate social engineering fraud insuring agreement with flexible definitions of fraudsters and no call-back verification requirement.
Additional highlights include automatic language for joint loss payees, a carve-back to the confidential information exclusion, and inflation guard protection to maintain ERISA compliance as plan assets grow in value. The policy also broadens employee theft of clients’ property coverage to include losses occurring off the client’s premises. It offers accelerated retention recovery to reimburse insureds faster after successful fund recoveries.
UNDERWRITING: The underwriting process considers the insured’s ownership: private, nonprofit, public; employee makeup: full-time, part-time, foreign-based, independent contractors and volunteers; number of locations: domestic and foreign; and industry classification. The application includes all necessary internal control questions, including those related to social engineering.
TARGET: Commercial risks of all sizes are eligible, including privately held companies, nonprofit entities and publicly traded companies. An ideal client for this product would be a true middle-market risk—a business with more than $25 million in revenue—in a target industry class, which can include professional services, technology, construction, accommodations and lodging, energy, public utilities, real estate and health care organizations.
COVERAGE AVAILABILITY: All 50 U.S. states.
CONTACT: Gia Gervase, commercial crime product leader, Ascot; 312-239-3680; 500 West Madison Street, Suite 1400, Chicago, IL 60661; Salvatore Collura, senior vice president, head of private and nonprofit management liability, Ascot; 347-702-1570; 1251 Avenue of the Americas, 43rd Floor, New York, NY, 10020; ascotgroup.com.
Will Jones is IA editor-in-chief.
