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The failure of Financial Institutions to adequately protect their assets from criminal activities can have serious internal and external repercussions. Are you at risk?
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.
Cover includes loss of money, securities, or other assets resulting from
employee theft, computer fraud, forgery, loss of employee benefit plan assets
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.
Loss discovered during the policy period is covered regardless of when the wrongful act has occurred.
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.
Extensions are available for:
Financial Institutions, including banks, insurance companies, superannuation managers and others.