Berkley Select, a Berkley company, has announced the launch of ExecCrime™, a new crime insurance solution created to address growing risks tied to fraud, theft, and social engineering schemes. The product targets private and nonprofit organizations across a wide range of industries and organizational sizes.
As financial crime continues to impact businesses nationwide, ExecCrime offers coverage designed to help organizations recover assets following specific criminal incidents. These incidents may include situations where cyber manipulation leads to stolen funds or when an employee embezzles money over an extended period.
Coverage Designed to Complement Existing Liability Protection
ExecCrime is available as a standalone policy or as a complement to Berkley Select’s existing Employment Practices Liability, Directors and Officers, and Fiduciary insurance offerings. This flexibility allows organizations to integrate crime coverage into broader management liability programs or purchase it independently based on their risk profiles.
According to Berkley Select, the solution responds to the increasing complexity of crime-related losses affecting businesses. Chris Zanchelli, senior vice president of Management Liability at Berkley Select, emphasized the scope of the issue, citing U.S. Chamber of Commerce research that estimates U.S. businesses lose more than $50 billion annually due to employee theft. He stated that the coverage aims to help organizations remain resilient against increasingly sophisticated threats.
Availability, Limits, and Industry Focus
ExecCrime is written on an admitted basis and is expected to be available in 49 states and the District of Columbia, pending regulatory approvals. The policy offers coverage limits of up to $5 million and applies to a broad range of industries.
Eligible industries include artisan contractors, hotels and motels, law firms, manufacturers, restaurants, retailers, and wholesale and distribution businesses. By offering coverage across multiple sectors, Berkley Select positions ExecCrime as a solution for organizations facing diverse operational and financial exposures.
Addressing Cyber-Enabled Crime and Social Engineering
With cyber-enabled fraud and social engineering schemes becoming more common, ExecCrime addresses risks tied to digital and internal vulnerabilities. These risks include unauthorized access to systems and misuse of trust within organizations, which can result in significant financial losses.
Dan Spragg, president of Berkley Select, stated that the launch reflects the company’s ongoing focus on innovation and customer needs. He noted that as risks continue to change, Berkley Select plans to expand its portfolio to align with the demands of today’s business environment.
About Berkley Select
Berkley Select is a member of W. R. Berkley Corporation, a Fortune 500 company listed on the New York Stock Exchange and included in the S&P 500. W. R. Berkley Corporation’s insurance subsidiaries hold A+ ratings from both A.M. Best Company and Standard and Poor’s.
For more information about ExecCrime, visit Berkley Select’s website.
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