Does Cyber Insurance Cover Wire Fraud?

Wire fraud is a loss of money, so it can be treated differently from the cyber investigation or privacy claim that accompanies it. The Insurance Information Institute lists wire-transfer fraud among losses that commercial crime insurance may cover. Chubb also lists funds-transfer and social-engineering fraud as cyber crime protections available by endorsement in its product. These examples show why the quote’s specific fraud language matters.

Check whether the policy covers a transfer initiated through a compromised account, a spoofed instruction, or an employee’s authorized action. Review any verification procedure, time-to-report condition, sublimit, retention, and exclusion for voluntary transfers. Compare the cyber form with the crime policy and read their other-insurance terms; do not assume both limits stack. After a suspected transfer, follow notice requirements and immediately contact the bank.