Specialist niche-product MGA (managing general agent)
Ascent Underwriting is addressing social engineering and computer crime, and has expanded the coverage afforded by its CyberPro Regulatory Billings product.
Rolled out in 2014, the product will now cover losses suffered from phishing and attempts to dupe policyholders into sending funds or assets to fraudsters, in addition to providing financial protection against US healthcare billing and coding regulation violations.
Ascent said its crime cover includes traditional fraud arising from theft of electronic funds, fraud causing loss of tangible product or merchandise, or compromise of a trade secret or non-tangible asset resulting in lost revenue.
“Since launching our crime coverage in 2014, we have regularly updated wordings to reflect changes in the way crime occurs,” noted Ascent chief underwriting officer Gareth Tungatt. “We are seeing a new wave of exposures where insureds are deceived into transferring monies to a fictitious vendor or a person posing as someone they know.
“By enhancing our existing product suite, we aim to give our clients the best possible protection from these emerging exposures.”
Aside from enhancing the policy, the MGA now also offers the cyber modules of coverage on a nil deductible basis.
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