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How can crime coverage help protect your directors and officers? Richard A. Maloy, CEO of Maloy Risk Services, looks at professional liability coverage and presents a strong argument for why management companies and funds should incorporate this into their insurance policy. He shares a variety of compelling reasons to include this coverage such as fraudulent data entry, theft, and employee dishonesty.

ility coverage and presents a strong argument for why management companies and funds should incorporate this into their insurance policy. He shares a variety of compelling reasons to include this coverage such as fraudulent data entry, theft, and employee dishonesty.

From the article…

“A hedge fund’s investor has their e-mail and personal computer hacked which provides all passwords, names of relatives, signatory pages and files of prior transactions. The hacker initiates wires into bank accounts using forged documents so convincing that even the Trustee of the individual signs off. The fund thinking the transactions are legitimate authorizes the bank to release the funds and sends over the signed paperwork. The signatures matched the records on file, the correspondence referenced family member names, it appears to be a completely legitimate transaction, but is all manufactured.

Sound improbable? Well this is an actual claim that occurred in June of 2013.” – Crime Coverage White Paper

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