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Chubb Ltd. on Tuesday launched a financial institution fidelity bond for asset managers.
Risks covered by the bond often stem from employee fraud, computer hacking and impersonation of executives, clients and counterparties, Chubb said in a statement.
The insurer said the bond is designed to respond to the changing risks associated with advancements in technology used by advisers to manage assets.
The coverage limit is $25 million and includes: financial loss resulting from unauthorized access to computer systems by hackers, including the use of malware and viruses; unauthorized access to a policyholder’s network, including mobile applications and customer web portals; the transfer of policyholder or customer capital through fraudulent instructions over the internet, email or telephone; and impersonation of an employee or a known vendor that causes funds to be fraudulently transferred by an authorized employee.