Beazley has expanded its social engineering cover for the U.S. to match the growing market demand for protection from impersonation scams and other attacks that have been on the increase in recent years.
The new policy for social engineering cover provides up to $5,000,000 in excess of underlying cover of at least $250,000 of protection and is available on a surplus lines basis only.
Crime underwriter at Beazley, Bill Jennings, said; “Brokers and insureds have been clamoring for higher limits for social engineering risks, and we’ve come up with a very simple excess form to meet their needs. Our coverage can follow the terms of another insurer’s primary cover.
“It can also be used to boost the social engineering cover currently available under our own market-leading cyber policy, Beazley Breach Response.”
The new policy was developed after Beazley said insurance largely “failed to keep pace with the larger attacks,” by typically providing between just $100,000 and $250,000 of protection – a figure insufficient to cover increasing risk of scams where employees are often tricked into wiring funds to fraudsters.
