(1).jpg)
Specialty insurance distributor AmWINS Group has partnered with AXIS Insurance to launch a new solution designed to protect policyholders against losses from social engineering fraud.
Social engineering fraud refers to the scams intended to trick victims into giving out sensitive fiduciary information, such as credit card or bank account numbers. Losses covered under the solution can include those arising from situations where insureds are fraudulently induced into transferring money in good faith following fraudulent telephone, written, or electronic instructions.
The solution also addresses gaps in standard crime policies that provide inadequate sub-limits, offering limits ranging from $100,000 to $10 million. And recognizing that awareness and vigilance is the best way to combat social engineering fraud, AmWINS’ solution also provides free training about social engineering through KnowBe4, the world’s largest security awareness training provider.
The solution is currently available in 47 states and the District of Columbia.
“Avoiding a loss through proper training is much more cost effective and less disruptive to a business than insurance alone,” said David Lewison, senior vice president and national professional lines practice leader for AmWINS. “The exclusive combination of employee training and comprehensive coverage makes this solution unique compared to other social engineering products on the market.”
“At AXIS, we believe that education and preparedness are essential in mitigating risks such as social engineering,” said Lisa Block, vice president and national commercial crime product manager at AXIS Insurance. “Through this solution, clients will gain access to essential, exclusive training in addition to enhanced social engineering crime coverage.”
