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Hiscox launches new SME crime product to combat the growing threat of fraud and its devastating impact

London, UK (6th October, 2016) – Specialist insurer Hiscox has launched a new crime product, Hiscox Crime Insurance, designed to protect small businesses in the UK and Ireland against a broad range of fraudulent acts from both internal and external parties.

Designed to complement other commercial insurance policies, particularly cyber and cyber-crime, this product is aimed at SMEs and for the first time gives them affordable access to more comprehensive cover, anything from theft of money, securities and property, to telephone fraud and reputational damage. Businesses are also able to purchase a Social Engineering endorsement, covering the emerging but prolific problem of fraudsters posing as a real people i.e. company directors to exploit unwitting victims.

A pre-priced proposal form has been carefully drafted for this product to give brokers and clients ease of access to the broad cover on offer.

Bronwen Horn, Senior Development Underwriter at Hiscox UK, explained: “For many organisations, it is a question of when, not if, they will suffer economic crime. A recent study by PwC found that 50 per cent of UK business respondents have experienced economic crime. These risks are becoming more complex, and the threat can come from employees, suppliers, customers, agents, hackers and unknown third parties.

“Commercial crimes are often discovered purely by chance, and whilst the financial impact on a business can be devastating, what is often overlooked is the resulting threat to business processes and the reputational impact. These kinds of losses, while not always quantifiable, can over time dwarf the relatively shorter-term impact of financial losses. Our product has been developed to help our clients overcome all the impacts a commercial crime loss can cause.”

Hiscox Crime Insurance covers:

  • Criminal taking or misappropriation of money, securities or property (with no distinction between employee and third party losses)
  • Physical destruction or disappearance of money and securities while on premises, in employee custody or in transit
  • Criminal taking by an employee of money and securities or property to the deprivation of a client
  • Criminal taking by a third party of client money, securities or property for which the insured is liable
  • Expenses cover (with its own extra limit of liability)
  • Computer violation
  • Telephone fraud
  • Public relations costs
  • Court attendance compensation

For more information contact your Hiscox underwriter or broker.

Ends

For further information please contact:

Hiscox
Lucy Hensher  +44 (0) 20 7448 6619  Lucy.hensher@hiscox.com

Notes to editors

About The Hiscox Group

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 2015 helped generate gross premiums written of £1,944.2 million and a profit before tax of £216.1 million.

The Hiscox Group employs over 2,200 people in 13 countries, and has customers worldwide. Through the retail businesses in the UK, Europe 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.

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. For more information, visit www.hiscoxgroup.com.