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Chubb Introduces Next Generation Suite of Financial Institution Bonds
Chubb has introduced five new fidelity bonds to modernize its product suite of Financial Institution Bonds that began with the introduction of the first-of-its-kind Financial Institution Bond for Asset Managers. Each bond is designed to address the increased operational risk faced by financial institutions from a host of emerging risks as well as regulatory and compliance requirements.
In addition to traditional exposures like employee dishonesty, financial institutions face growingly frequent risks, including the theft of funds caused by an unauthorized access into the firm’s computer system, fraudulent funds transfer instructions, and the social engineering of customers, executives, and vendors. Between January 2014 and October 2019, the Internet Crime Complaint Center received complaints totaling more than $2.1 billion in actual losses from Business Email Compromise scams using two popular cloud-based email services.
“Financial institutions need modernized insurance coverage to address a range of risks associated with sophisticated computer, funds transfer, and social engineering fraud schemes,” said Ayo Oshodi, Vice President, Fidelity Product Manager, Chubb North America Financial Lines. “Our new and updated fidelity products address these needs by combining time-tested fidelity bond coverage with contemporary coverage to produce a robust financial fidelity insurance solution that complements a financial institution’s management and professional liability program.”
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