Great American Insurance Group Introduces New Comprehensive Asset Protection Policy
CINCINNATI – August 2, 2021 – Great American Insurance Group’s Fidelity / Crime Division is pleased to announce the release of its new Comprehensive Asset Protection Policy (CAPP), a modern commercial crime policy designed to protect businesses and organizations, small and large, from crime-related losses.
The Fidelity / Crime Division listened to its customers’ needs, researched the marketplace, and utilized its unmatched experience in both underwriting and claims to develop this comprehensive policy. The clear, easy-to-read and direct policy language addresses present-day exposures by incorporating standard enhancements and adding new coverages without abandoning the tradition and familiarity of commercial crime coverage.
“The goal was to look at the endorsements our customers desire and incorporate them into one form, as to not clutter the policy or confuse the customer. Then we sought to add cover for new exposures that have 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 coverage that responds to new payment methods and covers them for exposures that did not exist a few years ago. Developing a new proprietary form was important for the future of our Division and for the future protection of our customers.”
Coverage highlights under CAPP include:
- Employee Theft inclusive of direct loss of money, securities, cryptocurrency or other property
- Employee Theft of Client’s Property and ERISA Dishonesty
- Computer Crime Coverages including Computer Hacking, Fraudulently Induced Transfer, Funds Transfer Fraud and Destruction of Data by Hacker
- Credit, Debit or Charge Card Forgery
- An expanded definition of Employee to include frequently requested classifications
- Claims Expense as a standard insuring agreement
- Automatic coverage for new subsidiaries and enhanced Consolidation and Mergers language
- Enhanced Discovery of Loss and Duties in the Event of Loss language
- Worldwide coverage (where permitted by law)
“We continue to grow as an organization and also continue to grow our market share. It is important for us to be thought leaders within our industry and pioneer meaningful solutions for our customers,” Scheckton added.
The Great American Fidelity / Crime Division celebrated its 25th anniversary in 2020 and is the third-largest writer of commercial crime coverage in North America, based on rankings published by the Surety & Fidelity Association of America.
For complete coverage highlights and to learn more about CAPP, please visit www.crimeinsurance.com.
With more than 25 years of protecting virtually every class of business from crime-related losses, Great American’s Fidelity / Crime Division has a depth of experience in both underwriting and claims that is unmatched in the marketplace. 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 businesses, financial institutions and governmental entities, fine art and $65 million in a broad kidnap, ransom & extortion policy. Additionally, Fidelity / Crime offers specialized products and programs for casinos and gaming operations, armored car companies, mining risks, ATM companies, security guards and check cashers. Coverage description is summarized. Refer to the actual policy for a full description of applicable terms, conditions, limits and exclusions. Policies are underwritten by Great American Insurance Company, an authorized insurer in all 50 states and the DC.
Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. Based in Cincinnati, Ohio, the operations of Great American Insurance Group are engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses. Great American Insurance Company has received an “A” (Excellent) or higher rating from the A.M. Best Company for more than 110 years (most recent rating evaluation of “A+” (Superior) affirmed January 28, 2021). The members of Great American Insurance Group are subsidiaries of 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.
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American Financial Group, Inc.