A division of W.R. Berkley Corp. is selling an insurance product that covers individuals for embezzlement of their invested assets. Pool Re, Britain’s terrorism reinsurer, is working with UK government agencies to help businesses proactively protect against the risk of terrorism.
W.R. Berkley Corp.’s Berkley FinSecure has launched Capital Shield, an insurance product that covers individuals for embezzlement of their invested assets.
The company bills it as a first-of-its-kind product.
Berkley FinSecure said that individual investors haven’t been able to insure their invested assets in the event of embezzlement. People may not know they are exposed and may not have a strategy in place to recover stolen funds. Capital Shield’s financial protection can cover a portion or all of this risk, with limits up to $10,000,000.
Capital Shield, underwritten by Berkley FinSecure, is available as an added benefit to appointed agents of Berkley One, a Berkley company. In addition, for non-appointed agents the product is available by way of the company’s exclusive wholesale relationship with Capital Shield Insurance Services.
Pool Re, Britain’s terrorism reinsurer, is collaborating with UK government agencies to help businesses proactively protect against the risk of terrorism.
The $13.1 million project is being funded by Pool Re, led by the UK Counter-Terrorism Police, in partnership with the Home Office’s Joint Security and Resilience Centre.
Pool Re’s investment will fund a new interactive information-sharing platform, aimed at helping improve business continuity and resilience in the event of a terrorist attack. The platform provides “an important channel for businesses who may lack the time, resources and expertise to understand the terrorist threat,” Pool Re said in a statement.
The platform will enable firms and local authorities to boost risk awareness and risk mitigation against terrorism threats, access credible insights on risk mitigation and counter-terrorism best practice, and develop their own counter-terrorism capacity through accredited online training for personnel, among other benefits.
Source: W.R. Berkley Corp., Pool Re and National Counter Terrorism Security Office