Marsh has developed a pioneering new product to address the fraud and crime risks faced by financial institutions.
The Crime and Damage Policy has been developed by Marsh's FINPRO (Financial and Professional Services) Practice in London.
The global broker said it was in response to recognition that traditional solutions were failing to respond to observed losses and provided little or no recognition that new types of fraud were continually being devised, especially in the area of economic crime.
Marsh added that it was the most significant development in this area for over 20 years and the only product of its kind.
Dean White, a Managing Director in FINPRO, said: “Recent studies and publications have highlighted the alarming increase in fraud and economic crime. Combating this will be a major priority for the entire financial services sector in 2007 and beyond.”
Aimed at large or more complex financial institutions, the Crime and Damage Policy addresses:
• Dishonest, fraudulent, malicious or criminal acts of employees and third parties.
• All risks of physical loss or damage to an extremely broad definition of valuable property in transit or at rest wherever located.
• Any ‘dishonest, fraudulent, malicious or criminal corruption, deletion or modification of electronic data', regardless of the computer system that houses such data.
In addition, it will address losses sustained by banking customers for which a bank is held liable.
