Berkley Select has launched ExecCrime™, a new crime insurance solution developed to help organizations of all sizes mitigate the increasing threats of fraud, theft, and social engineering schemes. The solution offers tailored protection to assist businesses in recovering assets following unforeseen incidents, such as when computer systems are manipulated to steal funds or when an employee embezzles funds over time. It can be acquired as a standalone policy or as an enhancement to Berkley Select’s existing Employment Practices Liability, Directors & Officers, and Fiduciary offerings.
Chris Zanchelli, Senior Vice President of Management Liability at Berkley Select, highlighted the growing financial impact of such incidents. According to research from the U.
S. Chamber of Commerce, U.
S. businesses incur over $50 billion in losses annually due to employee theft. Zanchelli stated, “Crime-related losses are a significant and rising risk for businesses of all sizes, but particularly for small and mid-sized organizations. ExecCrime was developed to provide comprehensive coverage to help policyholders stay resilient against increasingly sophisticated threats.”
Dan Spragg, President of Berkley Select, commented on the company’s approach, stating, “ExecCrime reflects our commitment to innovation and customer focus. As risks evolve, we continue to expand our portfolio to meet the changing needs of today’s businesses.”
ExecCrime is written on an admitted basis and is set to be available in 49 states and the District of Columbia, pending regulatory approvals. The policy offers coverage limits of up to $5 million and is designed for a diverse range of industries, including artisan contractors, hotels, motels, law firms, manufacturers, restaurants, retailers, and wholesale/distribution.
With the continued rise of cyber-enabled fraud and social engineering attacks, ExecCrime positions Berkley Select as a partner for organizations seeking comprehensive protection in the digital economy.
Berkley Select is a member of W. R. Berkley Corporation, a Fortune 500 company listed on the New York Stock Exchange and included in the S&P 500. W. R. Berkley Corporation’s insurance company subsidiaries hold A+ (Superior) ratings from A.
M. Best Company (Financial Size Category XV) and A+ (Strong) ratings from Standard & Poor’s.
