Tag: financial guaranty insurance policy

3 Common Types of Crime Insurance

Crime insurance is generally carried by all businesses. Financial institutions are usually no exception to this rule. Any firm can become the victim of a crime, be it employee theft or a full cyber breach. The range of crimes is almost limitless and it seems to get more sophisticated by the month. Considering a financial guaranty insurance policy that covers crime may be a wise move. Depending on the risks your business faces, you may want to consider which of these categories matter the most to you.

1. Wire Fraud Protection

If your company is involved in wire transfer payments of any kind, its possible that criminals could use telecommunications or information technology to steal from you by spoofing legitimate email accounts. Hacked email addresses can be used to contact other legitimate parties in order to transfer real money to criminals.

2. Mortgage Bankers Blanket Bond

If your company works with mortgage lending, this can be a great option to consider. If losses occur on a property that wasnt properly vetted or losses take the form of employee theft on the part of a closing agent, this coverage can allow compensation.

3. Kidnap, Ransom and Extortion Insurance

Because of the tremendous wealth in the financial sector, this can be a very real threat. Coverage can include an actual ransom payment and delivery. It can also be tailored to cover losses from hiring a security consultant or losses from a business interruption.

Choosing the right mix of crime insurance for your business should be worked out with an insurance professional. This mix should also be considered as part of your total financial guaranty insurance policy.

Protect Your Companys Assets With Insurance

financial guaranty insurance policy

Crafting an insurance policy that protects your company’s assets from the unknown can be a daunting challenge. After all, the threats out there run the gamut from employee dishonesty to cyber-attacks to earthquakes and other weather events. An experienced insurance broker can help you design a financial guaranty insurance policy that will cover your business from the wide range of calamities that can befall it.

A strong portfolio of insurance products for the financial and financial tech sector gives you the choice to customize your insurance needs to your situation. In consultation with the insurance experts, you can select from products that cover commercial property, cybersecurity, extortion, embezzlement, business interruption, general liability and workers compensation.

Insurance solutions can be complex, but the right set of coverages will protect all of the assets of your company, including capital, inventory, property and human resources. The proper financial guaranty insurance policy can help you sleep better at night and clear your mind of nagging worries.

Without the right insurance, your company is exposed to all of the bad things the world can deliver, often without warning. As new and more sophisticated threats emerge daily, working closely with an experienced insurance broker just might be the best protection you can buy.