AmWINS, Axis partner on fraud cover, risk mitigation services

Wholesale brokerage AmWINS Group Inc. on Thursday said it had partnered with Axis Insurance Co., a unit of Axis Capital Holdings Ltd., to offer social engineering fraud coverage and risk mitigation services.

Charlotte, North Carolina-based AmWINS said in a statement the policy will cover social engineering losses including when insureds are fraudulently persuaded to transfer money or securities following a telephone, written or electronic instruction from a supposed client, vendor or employee.

Limits from $100,000 to $10 million are available under the policy, which is offered in 47 states and Washington, D.C., the statement said. AmWINS said it can also secure additional capacity for higher limits from other insurers.

The policy also provides free training about social engineering for employees through KnowBe4 Inc., a security awareness training company.

Pembroke, Bermuda-based Axis, the exclusive partner on the policy, also offers social engineering coverage on an excess basis.