XL Catlin launches U.S. commercial crime policy
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XL Catlin said Wednesday that it has launched a commercial crime insurance policy aimed at helping U.S. businesses recover from corporate crime.
It provides protection against loss of or damage to money, securities and other property resulting directly from theft committed by an employee. It also protects against losses from check forgery, and losses from fraudulent entry or change in electronic data, Dublin-based XL Catlin said in a statement.
The policy is available on a primary, excess and quota share basis with policy limits up to $25 million. The coverage is provided by XL Catlin insurance unit XL Insurance America Inc., according to the statement.
“From embezzlement and forgery to securities fraud and theft, businesses of all sizes are vulnerable to an expanding variety of crimes and criminal schemes that can be executed by their own employees or outside parties,” New York-based Greg Bangs, chief underwriting officer of XL Catlin’s global crime insurance business, said in the statement. “This new policy protects companies from the financial impact of criminal activity that can, in turn, damage profitability and business processes as well as a company’s reputation.”
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