Elite Commercial Crime Insurance
Our commercial crime insurance covers
businesses that suffer inancial loss due
to criminal or fraudulent activity.
It is a ‘losses discovered’ policy. That
means a claim is triggered only if the
policyholder becomes aware of a
possible loss whilst the policy is in force.
What we cover
Our insurance protects your business
as well as your clients’; if you’re legally
liable for their money, securities or
property.
We offer protection against a inancial
loss caused by the criminal or fraudulent
taking, obtaining or appropriation of
money, securities or property by an
employee or third party.
We also provide cover for social
engineering fraud; fraud committed by
deception or impersonation.
What we offer
• Expenses incurred establishing and
quantifying a covered inancial loss
• Contractual penalties cover as a result
of a covered loss
• Interest that would have been
received or have been liable to pay to a
client following a covered loss
• Public relations expenses and costs to
notify customers of a potential breach
of their data as a result of a crime or
computer violation
• Expenses incurred to reproduce
or reconstitute data following an
employee intentionally entering or
manipulating data on a computer
• Cyber and property extortion
expenses and ransom payment
• Defence costs incurred determining if
an insured is legally liable for a client’s
money, securities or property lost in a
crime or fraud.
06/20
Beneits of Cover
Cover/Service Benefit
Social engineering Affirmative language to cater for social engineering losses
Recovery costs An additional limit of CHF 50.000 to cover the costs of retaining incident response
advice, including the costs of initiating necessary actions to recover financial
loss. This is in addition to the main financial loss limit.
Loss payee clause A loss payee clause which allows for a loss to be paid to third parties where
contractually required and where third party has an insurable interest.
A global firm of translators How would Chubb respond?
An accountant/ credit controller at the company purchased personal items on the
company credit card, paid fraudulent bonuses to themselves and stole from petty
cash.
Consequence
As a result, our insured lost over CHF 300.000.
Chubb paid the claim in full, net of
the agreed deductible together with
the agreed expenses from the policy.
Recovery costs were also covered
under the policy and these will
also be paid subject to the ongoing
investigation.
Global logistics company How would Chubb respond?
The financial controller in a regional office of the company received an email
from someone claiming to be the CEO. The email advised that the CEO had
been negotiating a highly confidential acquisition that would require an equally
confidential payment, and that their acquisitions lawyer would be in touch shortly.
The financial controller later received a call from someone claiming to be from
a (genuine) law firm. Following various correspondence between the ‘CEO’ and
‘acquisitions lawyer’ and the financial controller, he was persuaded to transfer a
substantial amount of money.
Consequence
The company transferred CHF 750.000 to the fictitious acquisitions lawyer.
The cost of the loss was covered by
the Chubb policy, net of deductible,
and was paid in full.
Charity How would Chubb respond?
A charity received an order from a third party to buy their merchandise. The third
party then contacted the charity to say they had accidentally paid CHF 70.000 instead
of the CHF 2.000 due, and requested a refund. The charity checked and could see the
overpayment (made via a cheque) so refunded the difference. It later transpired
that the third party had been able to cancel the cheque and recall the funds. By the
time this was discovered the charity had made a funds transfer and were unable to
stop the payment.
Consequence
The charity lost CHF 68.000
The cost of the loss was covered by
the Chubb policy, net of deductible,
and was paid in full.
How Chubb cover responds
Dedicated incident response line Ability to report a claim and receive crisis management advice via an incident
response line provided by Crawford & Company.
Difference in conditions clause Our dierence in conditions clause allows insureds to elect to have losses
adjusted according to the terms of their previous ACE/Chubb crime policy for
the rst twelve months of cover.
06/20
Beneits of Cover
Cover/Service Benefit
Social engineering Affirmative language to cater for social engineering losses
Recovery costs An additional limit of CHF 50.000 to cover the costs of retaining incident response
advice, including the costs of initiating necessary actions to recover financial
loss. This is in addition to the main financial loss limit.
Loss payee clause A loss payee clause which allows for a loss to be paid to third parties where
contractually required and where third party has an insurable interest.
A global firm of translators How would Chubb respond?
An accountant/ credit controller at the company purchased personal items on the
company credit card, paid fraudulent bonuses to themselves and stole from petty
cash.
Consequence
As a result, our insured lost over CHF 300.000.
Chubb paid the claim in full, net of
the agreed deductible together with
the agreed expenses from the policy.
Recovery costs were also covered
under the policy and these will
also be paid subject to the ongoing
investigation.
Global logistics company How would Chubb respond?
The financial controller in a regional office of the company received an email
from someone claiming to be the CEO. The email advised that the CEO had
been negotiating a highly confidential acquisition that would require an equally
confidential payment, and that their acquisitions lawyer would be in touch shortly.
The financial controller later received a call from someone claiming to be from
a (genuine) law firm. Following various correspondence between the ‘CEO’ and
‘acquisitions lawyer’ and the financial controller, he was persuaded to transfer a
substantial amount of money.
Consequence
The company transferred CHF 750.000 to the fictitious acquisitions lawyer.
The cost of the loss was covered by
the Chubb policy, net of deductible,
and was paid in full.
Charity How would Chubb respond?
A charity received an order from a third party to buy their merchandise. The third
party then contacted the charity to say they had accidentally paid CHF 70.000 instead
of the CHF 2.000 due, and requested a refund. The charity checked and could see the
overpayment (made via a cheque) so refunded the difference. It later transpired
that the third party had been able to cancel the cheque and recall the funds. By the
time this was discovered the charity had made a funds transfer and were unable to
stop the payment.
Consequence
The charity lost CHF 68.000
The cost of the loss was covered by
the Chubb policy, net of deductible,
and was paid in full.
How Chubb cover responds
Dedicated incident response line Ability to report a claim and receive crisis management advice via an incident
response line provided by Crawford & Company.
Difference in conditions clause Our dierence in conditions clause allows insureds to elect to have losses
adjusted according to the terms of their previous ACE/Chubb crime policy for
the rst twelve months of cover.
Beneits of Cover
Cover/Service Benefit
Social engineering Affirmative language to cater for social engineering losses
Recovery costs An additional limit of CHF 50.000 to cover the costs of retaining incident response
advice, including the costs of initiating necessary actions to recover financial
loss. This is in addition to the main financial loss limit.
Loss payee clause A loss payee clause which allows for a loss to be paid to third parties where
contractually required and where third party has an insurable interest.
A global firm of translators How would Chubb respond?
An accountant/ credit controller at the company purchased personal items on the
company credit card, paid fraudulent bonuses to themselves and stole from petty
cash.
Consequence
As a result, our insured lost over CHF 300.000.
Chubb paid the claim in full, net of
the agreed deductible together with
the agreed expenses from the policy.
Recovery costs were also covered
under the policy and these will
also be paid subject to the ongoing
investigation.
Global logistics company How would Chubb respond?
The financial controller in a regional office of the company received an email
from someone claiming to be the CEO. The email advised that the CEO had
been negotiating a highly confidential acquisition that would require an equally
confidential payment, and that their acquisitions lawyer would be in touch shortly.
The financial controller later received a call from someone claiming to be from
a (genuine) law firm. Following various correspondence between the ‘CEO’ and
‘acquisitions lawyer’ and the financial controller, he was persuaded to transfer a
substantial amount of money.
Consequence
The company transferred CHF 750.000 to the fictitious acquisitions lawyer.
The cost of the loss was covered by
the Chubb policy, net of deductible,
and was paid in full.
Charity How would Chubb respond?
A charity received an order from a third party to buy their merchandise. The third
party then contacted the charity to say they had accidentally paid CHF 70.000 instead
of the CHF 2.000 due, and requested a refund. The charity checked and could see the
overpayment (made via a cheque) so refunded the difference. It later transpired
that the third party had been able to cancel the cheque and recall the funds. By the
time this was discovered the charity had made a funds transfer and were unable to
stop the payment.
Consequence
The charity lost CHF 68.000
The cost of the loss was covered by
the Chubb policy, net of deductible,
and was paid in full.
How Chubb cover responds
Dedicated incident response line Ability to report a claim and receive crisis management advice via an incident
response line provided by Crawford & Company.
Difference in conditions clause Our dierence in conditions clause allows insureds to elect to have losses
adjusted according to the terms of their previous ACE/Chubb crime policy for
the rst twelve months of cover.
This information is intended as general information only. It does not constitute personal advice or a recommendation for private persons or companies regarding a product or a service. Please refer to
the insurance documents for the specific terms of cover. Chubb Insurance (Switzerland) Limited / Chubb Versicherungen (Schweiz) AG / Chubb Assurances (Suisse) SA, Bärengasse 32, 8001 Zurich,
T + 41 43 456 76 00, chubb.com/ch-en
06/20
Why Chubb
Recognised market leader
We have a dedicated and highly
experienced underwriting team with a
vast amount of knowledge on the crime
exposures facing all types of companies.
Multinational capability
Chubb’s worldwide network can provide
local cover for multinational operations
or companies with multinational
exposures.
Award-winning claims service
Our claims team is consistently
recognised as the best in the business.
We handle all claims in-house and
clients have a single loss adjuster to
liaise with throughout the process.
Travel management company How would Chubb respond?
The company received a letter from a client advising them of a change to their
bank account. The letter contained the signature of the finance director so our
policyholder made the requested change. When the next invoice was paid it became
apparent that the letter was fraudulent. The client didn’t receive the payment and
they were able to confirm they hadn’t changed their bank details.
Consequence
Over CHF 300.000 was paid to the fraudulent account.
The cost of the loss was covered by
the Chubb policy, net of deductible,
and was paid in full.
UK3691-JD 01/19
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All content in this material is for general information purposes only. It does not constitute personal advice or a recommendation to any individual or business of any product or service.
Please refer to the policy documentation issued for full terms and conditions of coverage. Chubb European Group SE (CEG) is an undertaking governed by the provisions of the French
insurance code with registration number 450 327 374 RCS Nanterre. Registered office: La Tour Carpe Diem, 31 Place des Corolles, Esplanade Nord, 92400 Courbevoie, France. CEG has fully
paid share capital of €896,176,662.
UK business address: 100 Leadenhall Street, London EC3A 3BP. Supervised by the French Prudential Supervision and Resolution Authority (4, Place de Budapest, CS 92459, 75436 PARIS
CEDEX 09) and authorised and subject to limited regulation by the Financial Conduct Authority. Details about the extent of our regulation by the Financial Conduct Authority are available
from us on request. You can find details about the firm by searching ‘ Chubb European Group SE’ online at https://register.fca.org.uk/
Contact Us
Chubb Insurance (Switzerland) Limited
Bärengasse 32
CH - 8001 Zurich
O +41 43 456 76 00
infoch@chubb.com
chubb.com/ch
