Cargill is suing its insurance company it claims should have paid out under a crime loss policy after losing $45 million in an employee fraud scheme. Cargill filed the lawsuit against National Union Fire Insurance Company of Pittsburgh in U.S. District Court in Minnesota on November 24, 2021. Cargill, based in Minnesota, discovered the fraud… Continue reading Cargill Sues Insurer Over Non-Payment in $45 Million Employee Fraud Claim
Tag: crime insurance
Hackers Trick Victims Into Big Wire Transfers
In 2018, Frank Krasovec took on a $1 million personal line of credit from PlainsCapital Bank. A few months later, he went on a business trip. When he returned, $450,000 was missing. Mr. Krasovec, the chairman of Dash Brands Ltd., which owns Domino’s Pizza Inc. franchises in China, said he soon learned that someone had… Continue reading Hackers Trick Victims Into Big Wire Transfers
Berkshire Hathaway Specialty Insurance Launches Commercial Crime Insurance in Asia
Berkshire Hathaway Specialty Insurance (BHSI) today that it is introducing Commercial Crime Insurance in Asia, a new policy designed to help companies address the exposures of a changing fraud landscape. “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… Continue reading Berkshire Hathaway Specialty Insurance Launches Commercial Crime Insurance in Asia
Merck Cyberattack’s $1.3 Billion Question: Was It an Act of War?
By the time Deb Dellapena arrived for work at Merck & Co.’s 90-acre campus north of Philadelphia, there was a handwritten sign on the door: The computers are down. It was worse than it seemed. Some employees who were already at their desks at Merck offices across the U.S. were greeted by an even more… Continue reading Merck Cyberattack’s $1.3 Billion Question: Was It an Act of War?
CNA Launches Epack 3
CNA has launched Epack 3, its next generation modular management liability policy that combines clear, concise and easy-to-read language with a flexible policy structure. It is designed to be customized for a wide range of businesses and non-profit organizations. “The management liability business has grown unnecessarily complicated, so we decided to upgrade our modular platform… Continue reading CNA Launches Epack 3
Expense Report of the Future Reduces Fraud and Headaches
It sounds like it should have been impossible to miss, but it took more than a year for an industrial equipment company to discover $12,000 worth of doggie day spa charges on an employee’s expense reports. Level upon level of corporate management also failed to detect that the same employee was running a scheme to… Continue reading Expense Report of the Future Reduces Fraud and Headaches
AmWINS Announces New Social Engineering Crime Insurance Solution
AmWINS Group, Inc., a global distributor of specialty insurance products and services, has launched a new solution designed to protect insureds against social engineering losses while also providing education and risk mitigation services. Losses covered under the solution can include those arising from situations where insureds are fraudulently induced into transferring money or securities in… Continue reading AmWINS Announces New Social Engineering Crime Insurance Solution
The Landy Agency Announces a New Crime Program with Great American
The Landy Agency of Needham, Massachusetts, announces a new Crime program with Great American Insurance Group. The program offers low minimum premiums and a focus on small to medium-sized businesses. Coverage is admitted in all states and is provided by an “A+” (Superior) A.M. Best rated carrier. When a fraudulent act causes your firm to… Continue reading The Landy Agency Announces a New Crime Program with Great American
CorPro Expands Management Liability Coverages in AIG Program
CorPro Underwriting Managers (“CorPro”) today announced the availability of several new key coverage enhancements under the Private Edge Plus and Not-for-Profit Risk Protector products (Directors and Officers, Employment Practices, Fiduciary and Crime insurance coverages) offered to SME businesses on a national basis on behalf of American International Group, Inc. (AIG). Since 2014, CorPro has partnered… Continue reading CorPro Expands Management Liability Coverages in AIG Program
Hiscox Study Reveals 79% of Embezzlement Schemes Involve Two or More People
Hiscox, the international specialist insurer, today released the 2018 Hiscox Embezzlement Study™: An Insider’s View of Employee Theft, which found that 79% of embezzlement cases involved two or more people. The study also revealed that 70% of embezzlement schemes were carried out for more than one year. This is the fourth iteration of the annual… Continue reading Hiscox Study Reveals 79% of Embezzlement Schemes Involve Two or More People