What Insurance Covers Social Engineering Fraud?
A crime policy may cover money sent after an employee is tricked only if it includes social-engineering coverage; ordinary funds-transfer wording may require an unauthorized bank instruction.
A supplier, executive, or client impersonation can persuade an employee to change payment details or send money. Chubb describes a social-engineering endorsement for those scenarios, while base funds-transfer wording may focus on a bank instruction made without the company’s knowledge or consent.
Ask whether social-engineering coverage is included, which impersonations qualify, and what verification steps, waiting periods, retentions, or sublimits apply. Read the endorsement alongside the funds-transfer definition.
