Fidelis, Aon and Marsh are collaborating on a new approach to keeping the products of modern slavery out of the export supply chain. A division of AmTrust Financial Services launched a commercial crime product designed to help cover a number of medium- and large-sized businesses.
Fidelis, Aon and Marsh have developed a clause which makes it a condition of marine cargo policies that the insured complies with applicable legal and regulatory obligations in respect of forced and child labor.
Charles Mathias, Fidelis Insurance’s group executive director and group chief risk officer said in prepared remarks that forced labor/modern slavery happens more than people realize in modern society, noting “we want to do our part to root it out.”
AmTrust Exec, a division of AmTrust Financial Services, Inc., has introduced a commercial crime product designed to provide coverage for a range of medium- and large-sized businesses.
The monoline commercial crime product covers loss from employee and third-party theft of money, securities and other property, including employ theft (without manifest intent), computer and electronic funds transfer fraud, fraudulent impersonation and clients’ property.
The new AmTrust Exec division was formed in January 2020 when AmTrust’s Corepointe Insurance Agency acquired Itasca, Ill.-based Euclid Executive Liability Managers, LLC. The division offers products such as directors and officers liability, employment practices liability and the new commercial crime policy.
Source: Fidelis, AmTrust