Berkshire Hathaway Specialty Insurance (BHSI) has unveiled its new insurance policy in Asia to enable firms to deal with increasing incidents of fraud.
Dubbed Commercial Crime Insurance, the new policy provides coverage against both traditional employee crime and external crimes, such as credit card fraud, funds transfer fraud, impersonation and forgery coverage.
Impersonation coverage shields firms from financial losses when a criminal imitates a staff, executive or business associate of the insured to commit fraud.
Additionally, BHSI’s new insurance plan comprises various extensions such as coverage for lost establishment fees.
BHSI Asia head of executive and professional lines Scotland Walsh-Riddle said: “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 protecting both traditional and digital assets.
“Our policy is important protection for a company’s balance sheet by both insuring against losses arising from a wide range of threats and providing support to investigate the cause of a loss.”
“The Commercial Crime Policy was crafted with BHSI’s clear and concise underwriting and is backed by our excellent claims handling,” Scotland added.
This October, BHSI started underwriting casualty and construction insurance in France.
Before that, the company entered the surety market in Australia to offer contract surety products for large and mid-sized contractors across the country.