Fraud insurance from Chubb
With fraud you lose money without anything being broken and without anyone holding you liable. That is precisely why this loss falls between the ordinary business policies.
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In brief
Fraud insurance pays for direct financial loss to the company itself. That is something other than liability: there is no injured third party pursuing you, you are the victim yourself. Finass acts as an intermediary in this through Chubb, among others, and also compares what other insurers offer; the choice follows from your payment volume, your organisation and your internal controls.
The loss comes in two forms. From inside: an employee who has invoices from a non-existent supplier paid, removes stock or skims cash, which in criminal law counts as misappropriation under Article 321 of the Dutch Criminal Code or forgery under Article 225 of the Dutch Criminal Code falls. From outside: deception within the meaning of Article 326 of the Dutch Criminal Code, where someone poses as a supplier with changed bank details or as management with an urgent instruction for a payment.
The boundary with other policies is sharp. The costs of forensic IT investigation, restoring systems, notification duties and liability after a data breach belong on a cyber insurance. Personal claims against directors who neglected their supervision belong on the directors' and officers' liability insurance. The fraud policy covers the amount siphoned off itself, and the question is always which of the three comes into play.
This page deals with one situation. The full overview is on Directors' and officers' liability in a VvE.
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Directors' and officers' liability insurance
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We look at the terms as well as the premium, and stay your point of contact when there is a claim.
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We cancel your old policy and align the start date, so you are never a day without cover.
Help with claims
We report the claim and monitor how it is handled. In urgent cases you can reach us on the emergency line.
What to look out for
Four provisions that are almost always in dispute in a fraud claim.
The discovery period
Internal fraud often only comes to light after years. These policies therefore work on a discovery basis: the fraud must be discovered during the term, even if it began earlier, and after the term ends there is a limited period in which to notify. If you stop the insurance, you also close the door on fraud that has not yet come to light at that moment.
Your own payment procedure is a condition
For payment fraud there are almost always warranty clauses: a second authorisation on payments above a threshold, and verification of changed bank details using a telephone number known to you and not the details in the email. Anyone who skipped that step receives nothing. This is not advice within the conditions but a requirement of cover.
Evidence and investigation costs
The insurer requires a report to the police, a reconstruction of the transactions and usually a forensic investigation. Whether those costs are included, and up to what amount, varies from policy to policy. Arrange this in advance, because investigating a long-running misappropriation costs money before it is established whether there is cover.
What is not included
Excluded are indirect loss such as lost profit, interest and reputational damage, non-payment by a customer who simply does not pay, and fraud committed by the owner or a director himself. With the latter, the exclusion of intent in Article 7:952 of the Dutch Civil Codealso applies. Administrative fines and the loss of data without any financial withdrawal also stay outside it.
What does your premium depend on?
- Payment volume and number of transactions: the main yardstick for exposure to payment fraud
- Segregation of duties: who may enter, who may authorise and who manages the supplier master data
- Number of staff authorised to make payments: more authorised hands, more risk from within
- Cash flows and cash on hand: an organisation with tills or safes is assessed differently
- Establishments abroad: payments outside the head office's view count more heavily
- Excess per event: often substantial, to keep small withdrawals outside the policy
Insurers weigh these details differently. That is where your saving is.
What is covered
| Situation | AVB | BAV | Cyber |
|---|---|---|---|
| Injury to a visitor or customer | Yes | No | No |
| Damage to a client's property | Sometimes | No | No |
| Financial loss caused by an advisory or calculation error | No | Yes | No |
| Downtime after a ransomware attack | No | No | Yes |
| Data breach involving personal data | No | Sometimes | Yes |
| Damage to property in your care | No | No | No |
Frequently asked questions
This is what people ask us most.
Is invoice fraud a cyber loss or a fraud loss?
Usually a fraud loss. Where bank details have been changed in an email, nothing in your systems is broken; money has gone to the wrong party. The fraud policy pays for that. If your network has been broken into or data has been leaked, the cyber insurance comes into play as well. Many losses touch both policies; agree the order in which they are called on in advance.
Do I get back the amount an employee has misappropriated?
If the fraud was discovered within the insured period, has been reported to the police and the withdrawal can be proved, the policy pays the direct loss less the excess. Any amounts recovered from the culprit go to the insurer up to the amount paid out. Lost turnover or extra hours worked putting everything right fall outside the payment.
Do I always have to report it to the police?
Virtually every policy requires it. Apart from that, Article 7:941 of the Dutch Civil Code requires you to report the loss as soon as you are reasonably aware of it and to provide all the information relevant to the assessment. A settlement with the culprit in which you refrain from reporting the matter can affect your right to payment; discuss it before you sign anything.
Is an employee who takes a bribe covered as well?
If in doing so he takes money or goods from your company, that loss falls within the definition of fraud. If you pay bribes yourself or your company is fined for corruption, that is not an insurable loss: fines and penalties remain excluded, and intentional unlawful conduct by the organisation itself falls under the exclusion of intent.
Every situation is different. For these situations we have a separate page.
- Compare directors' and officers' liability insuranceThe main page
- Directors' and officers' liability insurance through Hienfeld
- Directors' and officers' liability in a VvEUnpaid, Article 2:9 of the Dutch Civil Code, private assets
- Fraud and deception insurance through HienfeldInternal fraud, invoice fraud, discovery period