Liberty Speciality Markets completes professional & financial lines product suite

Liberty Speciality Markets completes professional & financial lines product suite | Insurance Business Australia

Insurance News

Liberty Speciality Markets completes professional & financial lines product suite

New product aims to protect companies from financial loss due to theft or fraud

Insurance News

By
Roxanne Libatique

Liberty Specialty Markets (Liberty), which has one of the largest teams of financial lines underwriters in Australia, has completed its professional & financial lines product suite with the launch of an updated commercial crime policy wording for the Australian market.

The new commercial crime policy has been designed to protect companies from financial loss due to theft or fraud by employees or third parties.

“10 years ago, the idea of social engineering fraud and the ability to impersonate someone and digitally steal money didn’t really exist. Now, it’s a daily occurrence impacting companies in Australia. Commercial crime insurance is a way a company can confidently protect themselves from this kind of loss,” said Brad Harvey, commercial crime national technical lead for Liberty.

“In Australia, there has been limited local underwriting and claims expertise in this product line. We’ve focused on bringing to the market a broad cover that businesses can rely on.”

Commercial crime policy’s standard inclusions

Standard inclusions of the new policy provide cover for:

internal fraud, including employee fidelity that provides broad cover for direct loss from fraudulent, dishonest, malicious, or criminal acts committed by an employee or direct loss sustained by a client from fraudulent, dishonest, malicious, or fraudulent acts committed by a company’s employee;
forgery or alteration cover for loss due to forged or altered instruments being drawn by, or drawn upon, the company;
direct loss inside and outside the premises from theft, disappearance or destruction of money or securities and loss of other property due to robbery;
social engineering fraud, computer fraud, fund transfer fraud, money orders, and counterfeit paper currency;
claims and legal expenses that occur to establish the loss;
interest receivable or payable; and
public relations expenses.

“Typically, the insurer writing the lead directors & officers cover often writes the commercial crime policy,” Harvey said. “Over recent years, Liberty has grown to become one of Australia’s largest directors & officers insurers and, today, protects more than 2,000 boards. We’ve drawn on this deep experience to create a new policy wording that directly addresses this growing threat.”

Liberty now provides a set of customised professional and financial lines products:

professional indemnity;
directors & officers liability;
employment practices liability;
statutory liability;
cyber; and
crime.

“Last year, we introduced our refreshed market leading directors & officers Liability policy wording, and now, we’re pleased to be able to complement this offering with a comprehensive commercial crime cover. This is a natural fit for our team,” Harvey said.