Risk Management

RPS unveils commercial crime fraud product

Matthew Lerner

November 10, 2020 Reprints

P/C Insurers Risk Management More + Less -

Risk Placement Services Inc. is using its online platform to launch a commercial crime insurance product covering losses resulting from fraud committed by internal and external parties, the Rolling Meadows, Illinois-based wholesale broker and managing general agency said in a statement Tuesday.

The policy offers standard blanket crime coverages including employee theft; ERISA fraud; forgery or alteration; inside/outside the premises; computer fraud; money orders and counterfeit currency; funds transfer fraud; clients’ property/third party; and sublimited expense costs the statement said.

The policy also provides full-limit social engineering coverage.

Maximum liability limits are $5 million in the aggregate, according to an email from a spokeswoman.

Policy features include theft coverage and extortion coverage, including cyber threats; single-loss aggregation language adopted for retention; a discovery trigger tied to knowledge of the CEO, CFO and general counsel; and coverage of costs and expenses for replacement of property damaged in robbery.

Coverage extends to pension plans established, maintained or controlled by the insured company.

The policy is available in all 50 states and can be quoted, bound and issued online by answering four underwriting questions.