Risk Placement Services Launches New, Online Commercial Crime Insurance Product

E&S wholesale broker and MGA Risk Placement Services announced today the launch of a new, online commercial crime insurance product to cover losses resulting from fraud committed by internal and external parties.

Source: RPS | Published on November 17, 2020

Available to quote-bind-issue in two minutes through RPS’ online platform, the commercial crime policy offers standard blanket crime coverages including: employee theft; ERISA; forgery or alteration; inside/outside the premises; computer fraud; money orders and counterfeit currency; funds transfer fraud; clients’ property/third party; and sub-limited expense costs. Additionally, the policy provides full-limit social engineering.

“Unfortunately, the employees that we hope to trust commit the majority of commercial crime,” said Mike Henning, RPS Executive Lines Broker. “Often the employee’s fraudulent actions go undetected for several years increasing losses into the six to seven figure range – a significant loss of funds that, if protected, could have helped their business grow or provided relief from the economic strain of the current pandemic.”

The new commercial crime product from RPS gives agents the confidence their clients’ exposures are accounted for and protected from many types of fraud such as vendor schemes, ghost employees, embezzlement through accounting processes or lack of, inventory theft and more, Henning said.

Highlights of the commercial crime policy include:

  • Broad theft coverage
  • Broad extortion coverage including cyber threats
  • Wide single-loss aggregation language adopted for retention
  • Discovery trigger tied to knowledge of the CEO, CFO and general counsel
  • Generous notification of losses provisions
  • Coverage extends to pension plans established, maintained or controlled by the insured company
  • Costs and expenses covered for replacement of property damaged in robbery; reconstituting data damaged in the course of computer crime; and establishing the existence and extent of a covered loss

The commercial crime policy is available in all 50 states for all clients from large public companies, governmental entities and non-profit organizations, to financial institutions and large and small private businesses.

The policy can be quoted, bound and issued online in under two minutes by answering four underwriting questions at www.rpssmallbusiness.com.