AmWINS Group, Inc., a global distributor of specialty insurance products and services, has launched a new solution designed to protect insureds against social engineering losses while also providing education and risk mitigation services.
Losses covered under the solution can include those arising from situations where insureds are fraudulently induced into transferring money or securities in good faith reliance following a telephone, written or electronic instruction – purportedly from a client, vendor or employee. The solution is available in 47 states and Washington, D.C. AmWINS developed the solution in partnership with AXIS Insurance and is offering it exclusively with AXIS.
Since social engineering cannot be defended against through software or hardware, it is one of the most difficult crimes to prevent. To help mitigate this growing risk, this solution provides free training about social engineering for employees through KnowBe4, the world’s largest security awareness training provider. It also offers a significant discount on additional training and services offered through KnowBe4 such as phishing security test reports, phishing reply tracking and more.
“Avoiding a loss through proper training is much more cost effective and less disruptive to a business than insurance alone,” said David Lewison, senior vice president and national professional lines practice leader for AmWINS. “The exclusive combination of employee training and comprehensive coverage makes this solution unique compared to other social engineering products on the market.”
The new solution also includes precise policy language that addresses social engineering fraud losses. Historically, traditional Crime policies did not cover social engineering claims because the insured employee voluntarily transferred funds, and Cyber Liability policies did not provide coverage because social engineering losses often occur without the penetration of an organization’s network.
Standard commercial Crime policies may not include limits for social engineering, and Cyber Liability policy sub-limits, generally up to $250,000, are inadequate for potential social engineering losses. To address this gap, the solution offers limits ranging from $100,000 to $10 million. AmWINS can secure additional capacity for higher limits from other insurers.
“At AXIS, we believe that education and preparedness are essential in mitigating risks such as social engineering,” said Lisa Block, vice president and national commercial crime product manager for AXIS Insurance. “Through this solution, clients will gain access to essential, exclusive training in addition to enhanced social engineering crime coverage.”
AXIS also offers Social Engineering coverage on an excess basis, including the ability to “drop down” over a sub-limit for social engineering on the underlying insurance.
About AmWINS Group, Inc.
AmWINS Group, Inc. is the largest independent wholesale distributor of specialty insurance products in the United States, dedicated to serving retail insurance agents by providing property and casualty products, specialty group benefit products and administrative services. Based in Charlotte, N.C., the company operates through more than 115 offices globally and handles premium placements in excess of $15.3 billion dollars annually. To learn more, visit www.amwins.com.
About AXIS Insurance
AXIS Insurance – the insurance business segment of AXIS Capital Holdings Limited (NYSE: AXS) – provides Property & Casualty, Professional Lines, Terrorism, Marine, Energy, Aviation, Credit & Political Risk, Environmental, Accident & Health coverages and other customized insurance solutions. Our products are offered through our distribution partners, which include wholesale brokers, retail brokers and designated managing general agents/underwriters (“MGAs”/”MGUs”) in the U.S. and abroad. Coverages are backed by the financial strength and security of the AXIS Insurance Companies, rated “A+” (Strong) by Standard & Poor’s, and “A+” (Superior) by A.M. Best. For more information, visit our website at www.axiscapital.com/insurance.