Product
Information Technology Liability
Occupation
Information Technology Services
Industry Segment
Information Technology
Claim Description
A computer consultant was the victim of social engineering. They transferred $276,779 meant for a supplier to a fraudulent bank account. Their bank was only able to recover $263.63 of the transferred funds.
Outcome
The insurer reimbursed the Insured the maximum of $100,000 under the crime section sublimit of their Information Technology Liability policy.
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. Cover for a claim will depend on the specific circumstances around the loss and would be subject to the terms and conditions of the policy concerned. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained in this email is general only. Coverage for claims on the policy will be determined by the insurer, not BizCover for Brokers, and will depend on the specific facts and circumstances involved.