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Comprehensive Crime

With crime on the increase around the world, financial institutions continue to represent attractive targets for fraudsters.  Directors of financial institutions face increased regulatory pressure to ensure that their organisation’s assets are adequately protected in terms of capital allocation, risk transfer and internal control procedures.

AIG’s Comprehensive Crime policy provides protection against financial loss resulting from criminal activity.

Comprehensive coverage

Cover includes loss of money, securities, or other assets resulting from
employee theft, computer fraud, forgery, loss of employee benefit plan assets
and more.

Broad cover for employee theft

Improper personal gain trigger is limited to wrongful acts involving loans and trading. For all other covered losses, the improper personal gain trigger is removed. Crime policies have historically used the premise that an individual would commit a fraud to make an improper personal gain, which is often difficult to prove, even if a loss has blatantly occurred.  

Policy on a “discovery” basis

Loss discovered during the policy period is covered regardless of when the wrongful act has occurred.

Investigative Specialist Fees

Provides cover up to 10% of the limit of liability towards the engagement of a fraud investigator to investigate, prove and report a  covered or potentially covered loss. The fraud investigator will also check for possible breaches of internal controls which may prevent further losses.

Key Features: 

Extensions are available for:

  • Loss establishment costs to investigate, prove and report a direct financial loss under the policy
  • Funds erroneously transferred
  • Stop payment order liability
  • Cash letter
  • Identity fraud cover for the company and individuals, including cover for stolen identity expenses, investigative specialists fees, reconstitution costs and reputation recovery expenses
  • Fees, costs and expenses
  • New subsidiaries and superannuation plans
  • New branches, offices, ATMs
  • Extortion, kidnap response

Financial Institutions, including banks, insurance companies, superannuation managers and others.

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