Crime Protection Insurance
DUAL's Crime Protection Policy has been designed as a comprehensive solution aimed at both Commercial Entities and Financial Institutions. The policy includes cover for fraudulent & dishonest acts committed by an employee as well as theft, counterfeiting and forgery by a third party. Our comprehensive offering also extends to cover computer crime expenses, erroneous transfer of funds, destruction or disappearance of money or securities and investigation costs.
When a company suffers a loss as a result of fraud, questions are asked. How did it happen? What is the size of the fraud? Who is involved? Why didn't our internal controls pick it up more quickly? Can we recover the losses? Board members and senior management will demand answers. On occasions, the person or persons who committed the fraud may be amongst the senior managers. The investigation costs, legal expenses and management time lost as a result of conducting and monitoring the progress of the investigation and dealing with stakeholders can be significant.
According to the 2011 PriceWaterhouseCoopers Global Economic Crime Survey*
- 34% of respondents experienced economic crime in the last 12 months;
- Almost 1 in 10 who reported fraud suffered losses of more than US$5 million; and
- 56% of respondents said the most serious fraud was an 'inside job'
Click here to find your local Underwriter and obtain a quotation for DUAL Australia's Crime Protection Insurance.
*source: 2011 Cybercrime: protecting against the growing threat. Global Economic Crime Survey.
- Publicly listed companies outside of the ASX 20
- Private companies
- Financial Institutions