Product
Cyber Insurance
Occupation
Hotel
Industry Segment
Hospitality
Claim Description
A hotel hired a contractor to perform work on their property and received an invoice for $13,000. The following week, the hotel received an email from the contractor advising new bank details. The hotel paid the $13,000 to the new bank account.
Days later, the contractor chased payment with the hotel. It was then discovered that the hotel’s emails had been compromised, and they had paid into a fraudulent account.
Outcome
The hotel made a claim on their Cyber Insurance policy. After investigations were conducted, the insurer covered the claim under the optional Social Engineering portion of the policy. The insurer covered $30,000 in direct losses suffered as a result of the fraud.
The provision of the claims examples are for illustrative purposes only and should not be seen as an indication as to how any potential claim will be assessed or accepted. Coverage for claims on the policy will be determined by the insurer, not BizCover for Brokers.