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
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