Great American Insurance Group Introduces New Comprehensive Asset Protection Policy | business

CINCINNATI – (BUSINESS WIRE) – Nov. August 2021–

The Great American Insurance Group’s Fidelity / Crime Division is proud to announce the release of its new Comprehensive Asset Protection Policy (CAPP), a modern commercial crime policy designed to protect small and large businesses and organizations from criminal harm.

The Fidelity / Crime Division listened to their clients’ needs, researched the market and used their unmatched experience in both underwriting and non-life insurance to develop this comprehensive policy. The clear, easy-to-understand and straightforward political language addresses current risks by incorporating standard improvements and adding new reporting without abandoning the tradition and familiarity of reporting on white-collar crime.

“The aim was to check the recommendations our customers wanted and to integrate them into a form so as not to overload the guideline or confuse the customer. Then we looked for cover for new engagements that had developed recently, ”said Frank Scheckton, Divisional President, Great American Fidelity / Crime. “With the rapid changes in technology and life as we know it, the crime insurance product needed to be updated to keep up with the times. Our customers need crime insurance that responds to new payment methods and covers them for risks that did not exist a few years ago. The development of a new proprietary form was important for the future of our division and for the future protection of our customers. “

The coverage highlights as part of CAPP include:

• Employee theft, including direct loss of money, securities, cryptocurrency, or other property
• Theft of customer property and ERISA dishonesty
• Covers for cybercrime including computer hacking, fraudulent induced transfer, money transfer fraud, and data destruction by hackers
• Counterfeiting of credit, debit or charge cards
• An expanded definition of employees with frequently requested classifications
• Claims expenses as a standard insurance contract
• Automatic coverage for new subsidiaries and improved consolidation and merger language
• Improved detection of losses and obligations in the event of damage. Language
• Worldwide coverage (if permitted by law)

“We are growing as a company and are also expanding our market share. It is important to us to be thought leaders in our industry and develop meaningful solutions for our customers, ”added Scheckton.

The Great American Fidelity / Crime Division celebrated its 25th anniversary in 2020 and is the third largest contributor to white collar crime coverage in North America, according to rankings by the Surety & Fidelity Association of America.

For full coverage highlights and to learn more about CAPP, please visit www.crimeinsurance.com.

Via the Great American Allegiance / Crime Department

With more than 25 years of experience protecting virtually every line of business from criminal loss, Great American’s Fidelity / Crime Division has extensive both underwriting and claims experience that is unmatched in the market. As one of the largest monoline crime insurers in the hemisphere, the Fidelity / Crime Division maintains $ 50 million in underwriting capacity for private and public corporations, financial institutions and government agencies, arts and $ 65 million for a comprehensive kidnapping, ransom – and extortion policy. In addition, Fidelity / Crime offers specialized products and programs for casinos and gaming establishments, armored car companies, mining hazards, ATM companies, security guards and check cashers. The description of the cover is summarized. Please refer to the current policy for a full description of applicable terms, conditions, limitations and exclusions. The policies are written by the Great American Insurance Company, an authorized insurer in all 50 states and DC.

About the Great American Insurance Group

The Great American Insurance Group’s roots date back to 1872 when its flagship company, the Great American Insurance Company, was founded. The Cincinnati, Ohio-based Great American Insurance Group’s businesses are primarily in property and casualty insurance and focus on specialized commercial products for businesses. Great American Insurance Company has been rated “A” (Excellent) or higher by the AM Best Company for more than 110 years (the last “A +” (Superior) rating was confirmed on January 28, 2021). The members of the Great American Insurance Group are subsidiaries of the American Financial Group, Inc. (AFG), also based in Cincinnati, Ohio. AFG’s common stock is listed and traded on the New York Stock Exchange under the symbol AFG.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210802005397/en/

CONTACT: Diane P. Weidner, IRC

Vice President, Investor & Media Relations

American Financial Group, Inc.

513-369-5713 Websites:

www.crimeinsurance.com

www.GAIG.com

www.AFGinc.com

KEYWORD: UNITED STATES NORTH AMERICA OHIO

INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE FINANCE

SOURCE: Major American insurance group

Copyright Business Wire 2021.

PUB: 08/02/2021 10:00 am / DISC: 08/02/2021 10:02 am

http://www.businesswire.com/news/home/20210802005397/en

Copyright Business Wire 2021.