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MGA offering cover for information tech, telephone fraud

Posted On: Aug. 22, 2018 2:04 PM CST

MGA offering cover for information tech, telephone fraud

Managing general agent Coalition Inc. said Wednesday it is introducing coverage insuring against the fraudulent use of firms’ information technology and telephone-related services, including cloud and internet-based services.

The San Francisco-based MGA said its service fraud policy will reimburse organizations for the direct financial losses they incur as a result of being charged for fraudulent use of business services.

Exposures covered by the policy include the unauthorized access and fraudulent use of organization’s business services, including cloud and/or internet-based services; toll fraud, including the unauthorized use and charge for phone lines, equipment and services; and cryptomining and cryptojacking, in which criminal hackers infect systems with malware to steal an organization’s resources for cryptocurrency mining.

Up to $100,000 in limits is available, according to a spokeswoman.

The MGA is backed by Swiss Re Corporate Solutions Ltd. and Argo Group International Holdings Ltd.

Coalition Inc. said in May it is offering cyber coverage for real estate developers, property managers and other businesses in the real estate industry.