Berkshire Hathaway Specialty introduces Commercial Crime Insurance in Asia

The launch of the Commercial Crime Insurance in Asia was declared by Berkshire Hathaway Specialty Insurance (BHSI), which is a policy designed to help companies address the exposures of a changing fraud landscape. This insurance policy for commercial organisations provides coverage for traditional employee crimes as well as external crimes comprising of funds transfer fraud, credit card fraud, forgery and impersonation coverage.

Scotland Walsh-Riddle, Head of Executive & Professional Lines, BHSI Asia, stated that “Corporate fraud is becoming increasingly sophisticated as technology advances at an exponential pace across the globe. Companies now face new threats and are tasked with protecting both traditional and digital assets. Our policy is an important protection for a company’s balance sheet by both insuring against losses arising from a wide range of threats and providing support to investigate the cause of a loss.”

He also commented on the growing impersonation fraud and the fraud becoming a systematic issue, “We’ve recently seen a social engineering scheme utilise artificial intelligence-based software to impersonate an executive. These schemes are testing the boundaries of what companies can prepare for – and we are committed to helping our customers protect against this rising threat.”

BHSI provides commercial property, energy, marine, construction, terrorism, casualty, executive & professional lines, transactional liability, surety and accident & health insurance. Their Commercial Crime Insurance Policy includes numerous extensions including that of the coverage for lost establishment fees which is incurred by the insured to establish the magnitude of a loss.

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