RPS introduces new commercial crime insurance product

Risk Placement Services (RPS) has launched a new commercial crime insurance product to cover losses resulting from fraud committed by internal and external parties.

The new commercial crime policy offers standard blanket crime coverages, such as employee theft; ERISA fraud; forgery or alteration; inside/outside the premises; computer fraud; money orders and counterfeit currency; funds transfer fraud; clients’ property/third party; and sub-limited expense costs. It also provides full-limit social engineering coverage.

Highlighted features of the policy include:

• Broad theft coverage
• Broad extortion coverage, including cyber threats
• Wide single-loss aggregation language adopted for retention
• Discovery trigger tied to knowledge of the CEO, CFO and general counsel
• Generous notification of losses provisions
• Coverage extends to pension plans established, maintained or controlled by the insured company
• Costs and expenses covered for replacement of property damaged in robbery; reconstituting data damaged in the course of computer crime; and establishing the existence and extent of a covered loss.

“Unfortunately, the employees that employers hope to trust commit the majority of commercial crime,” said RPS executive lines broker Mike Henning. “Often the employee’s fraudulent actions go undetected for several years, increasing losses into the six-to-seven figure range – a significant loss of funds that, if protected, could have helped their business grow or provided relief from the economic strain of the current pandemic.”

A release said that RPS’ new product is available to quote, bind, and issue exclusively through the firm’s online platform. It is available in all 50 states for clients of all types.

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Last week, RPS launched a new brand – RPS Signature Programs – which focuses on program administration. RPS Signature Programs provides industry-specific proprietary solutions on an admitted and non-admitted basis in 36 industry niche markets.