Risk & Business Magazine Hardenbergh Insurance Group Magazine Summer 2018 | Page 29

CRIME INSURANCE insuring agreements have become available for inclusion in the Commercial Crime Coverage Form to address these specific exposures. In addition to the standard crime coverages mentioned above, prudent business owners should also give serious consideration to purchasing Computer Fraud Coverage and Funds Transfer Fraud Coverage. Computer Fraud Coverage provides coverage for losses that involve the use of a computer to fraudulently transfer covered property (usually money or securities) away from the insured. Coverage applies when a nonemployee, using his or her computer, gains access to the insured’s computer system and, for example, transfers funds to his or her own account or directs shipments of property to unauthorized accounts. Funds Transfer Fraud Coverage covers the loss of money and securities from the insured’s account at a financial institution due to fraudulent instructions. Losses resulting from the use of a computer to transfer money or securities fraudulently are excluded. Therefore, any insured that purchases Funds Transfer Fraud Coverage will also need to purchase Computer Fraud Coverage in order to avoid a coverage gap. Every business owner should review their crime limits to ensure they have adequate limits in place for the traditional insuring agreements of Employee Dishonesty, Forgery or Alteration, and Theft of Money and Securities. Higher limits can often be secured for a minimal additional premium. It is also highly recommended that companies consider adding the Computer Fraud and Funds Transfer Fraud insuring agreements along with suff icient limits for each. Being proactive on this can help to avoid a very costly uninsured or underinsured loss. + Joe Haggerty is the Director of Client Services for Hardenbergh Insurance Group. Hardenbergh Insurance Group is headquartered in Marlton, NJ and serves clients throughout the country with a particular focus on those domiciled in the states of NJ, PA, DE, NY, and MD. At Hardenbergh Insurance Group, Joe is responsible for their Risk Management Consulting Practice which includes implementing client specific risk management programs with the ultimate goal of reducing total cost of risk for commercial lines clients and increasing agency retention. Prior to joining Hardenbergh Insurance Group, Joe held the position of Vice President and Commercial Lines Underwriting and Marketing Manager for Univest Insurance. Prior to that, Joe managed a diverse book of commercial lines accounts for Arthur J. Gallagher Risk Management Services. Joe has a degree in Risk Management and Insurance and International Business Administration from Temple University. In addition to this, Joe has received the professional designations of Chartered Property Casualty Underwriter (CPCU), Associate in Risk Management (ARM), Certified Risk Manager (CRM), Certified Insurance Counselor (CIC), and Certified Insurance Services Representative (CISR). Joe has been a CIC since 2011 and a CRM since 2017. Delivering a world of coverage The Hanover offers a broad portfolio of personal, business, specialty and international insurance solutions that can be tailored to your needs. Our risk management consultants will help you minimize loss and our nationally recognized claims team will be there should the unexpected occur. It’s peace of mind for your world. hanover.com 29