Fidelity policies insure against the risk of theft of money, securities or other property by a corporation's employees or outside individuals. While the advance of computer technology and the internet have created an entirely new avenue for criminals to steal corporate assets, the motivation for stealing remains unchanged: greed, adverse personal circumstances, low morale, etc.
There is a propensity by some insureds to oversimplify their company's exposure to theft, limiting their concerns to hands-on exposures: inventory or petty cash theft. While these exposures cannot be ignored, the overwhelming majority of large corporate thefts are much more sophisticated and result in losses in the millions of dollars.
Ninety percent of all theft losses of any significance involve employees. These are often longer-term employees that have found a "chink in the armor" - a gap in the internal control mechanisms designed to prevent such activity. The variety of schemes used by dishonest employees seems endless; although the use of prudent internal controls, internal audits and a quality outside CPA firm can greatly offset the possibility of employee theft, even the most diligent firms have sustained large theft losses.
The Fidelity experience within Willis Towers Watson Executive Risks/Professional Risks includes commercial clients, municipalities, not-for-profit organizations and financial institutions. Our expertise includes the following products:
- Commercial Crime Policies
- Fiduciary Dishonesty Policies (ERISA Bonds)
- Bankers Blanket Bonds
- Stockbroker Blanket Bonds
- Insurance Company Blanket Bonds
- All Risks Premises and Transit Form J Policies
- Excess CIPF
What Willis Towers Watson Can Do for You
Willis Towers Watson works with each insured to design a contract that best suits that organization's specific needs. Our experts can often identify insurance exposures not always addressed in many Fidelity programs and significantly improve the standard contracts offered by most Fidelity carriers.
Why Willis Towers Watson
- Through our dedicated practice, the client is served by professionals with an exclusive focus on Fidelity.
- Willis Towers Watson is committed to being the industry thought leader in all areas of Executive Risks, including Fidelity, as evidenced by our proprietary products, timely newsletters and publications, and the expertise of our staff across a wide range of skills and backgrounds.
- Claims advocacy is provided by attorneys with extensive Fidelity experience.
- Global markets access to senior underwriters is delivered by dedicated Executive Risks Practice members.
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