Hiscox, the international specialist insurer, today announced new coverages for its market-leading executive liability insurance policy for US businesses. The Hiscox C-Suite™ offering focuses on management liability and crime coverage, and policies are available for companies of any size.
“Recognizing C-suites face a rapidly evolving set of challenges and risks, we considered a host of factors to ensure coverage would meet the changing needs of our clients,” said Patrick Mitchell, Management Liability Product Head at Hiscox USA. “Through the combination of our management liability and crime coverages, we’ve not only streamlined and simplified the underwriting and application processes, but enhanced our policy offering for better protections.”The Hiscox C-Suite™ offering focuses on management liability and crime coverage, and policies are available for companies of any size.
The management liability policy includes Directors and Officers’ coverage for not-for-profit and private organizations, as well as Employment Practices Liability, Fiduciary, and Employed Lawyers coverages. Insureds have a 180-day extended reporting period following the termination of a policy, built-in coverage for pre-claim inquiries for insured persons (such as informal investigations brought by a governmental entity) and coverage for claims alleging anti-trust violations for select industries.
Crime coverage, open to most industries including non-profit organizations and municipalities, applies to losses involving virtual currencies, and offers protection against tech fraud, extortion, and more traditional types of crime and fraud, like embezzlement. Features include, but are not limited to:
- Claims of tech fraud, which includes computer fraud, funds transfer fraud, cyber deception, customers’ accounts, and erroneous transfer
- Third party coverage for theft from a customer, client, vendor, or others (even without a written contract). The term “Client” as used in the policy even includes a client of a client.
- Coverage for employee theft of an executive’s property, forgery of an executive’s accounts, and extortion
- Coverage for a theft by an employee of an insured’s vendor
- Coverage for employees, even when the insured is aware of their prior theft or history of dishonesty
The 2017 Hiscox Embezzlement Study™, an examination of employee theft in the US, found that US businesses lost an average of $1.13 million in 2016 due to employee theft and dishonesty.
Hiscox C-Suite policyholders also can receive crisis management and legal assistance through industry-leading partners Control Risks, Littler Mendelson, and Epiq.
Additional information can be found at www.hiscox.com.
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle. It’s a long-standing strategy which in 2017 saw the business deliver a profit before tax (excluding foreign exchange) of £93.6 million despite reserving net $225 million for claims in the most costly year ever for natural catastrophes.
The Hiscox Group employs over 2,700 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the US, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS.
Our values define our business, with a focus on people, quality, courage and excellence in execution. We pride ourselves on being true to our word and our award-winning claims service is testament to that.
Hiscox C-Suite™ is underwritten either by Hiscox Insurance Company Inc., a Chicago-based insurer that is licensed in all 50 states and DC, or a Hiscox syndicate at Lloyd’s, London, which is available on a surplus lines basis through licensed surplus lines brokers. This information is neither intended nor should be construed to be a solicitation for the purchase of insurance by any US person or entity. For further information visit www.hiscox.com.
Follow Hiscox USA on Twitter @HiscoxSmallbiz