AmTrust Exec’s monoline commercial crime product covers loss from employee and third-party theft of money, securities and other property.
PRODUCT: Commercial Crime Policy
COMPANY: AmTrust Exec, a division of AmTrust Financial Services, Inc, and CorePointe Insurance Company, Inc.
BEST RATING: A-
AVAILABILITY: Available on an open-brokerage basis to wholesalers and retailers.
FOCUS: AmTrust Exec, a division of AmTrust Financial Services, Inc., has introduced a commercial crime product designed to provide coverage for a range of medium- and large-sized businesses. AmTrust Exec provides coverage for a range of sectors including manufacturing, nonprofit, oil & gas, retail, and telecommunications.
“The London market has been pulling back on capacity, so U.S. domiciled accounts are coming back into the U.S. for commercial crime and social engineering," says Melissa Schwartz, product manager-commercial crime, AmTrust Exec.
“Additionally, insurers that might not have had a crime or fidelity product specialist on staff are suffering from losses and cutting back on their capacity or non-renewing accounts altogether," Schwartz says. “Larger carriers are also pulling back on limits across multiple lines of business because of COVID-19 related claims."
COVERAGE DETAILS: The monoline commercial crime product covers loss from employee and third-party theft of money, securities and other property, including employee theft without manifest intent, computer and electronic funds transfer, fraudulent impersonation that is flexible, and clients' property. The crime product compliments the management liability book and is sold with directors & officers and employment practices liability.
“Currently, there is more focus on cyber theft and social engineering fraud," Schwartz says. “This involves hacking, phishing and business email compromise that will induce an employee to transfer funds to fraudsters. There has been a need in the marketplace for social engineering limits."
UNDERWRITING: An application form is required but AmTrust Exec will review a renewal application subject to receipt of the main form application.
MINIMUM PREMIUM: N/A
TARGET: Small to mid-size businesses for primary coverages and excess on larger risks and towers.
COVERAGE AVAILABILITY: Available in all states except DC, HI, LA, MA, WA and WY.
CONTACT: Melissa Schwartz, product manager-commercial crime, AmTrust Exec.
Will Jones is IA editor-in-chief.