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L Squared Insurance Agency Blog: crime insurance

View the latest blog posts from L Squared Insurance Agency.

Are You Covered for Employee Theft? Law Firms, Accounting Firms, Title Agencies and other small organizations spend a large amount of resources to combat the theft of funds from cyber criminals and other con artists.  These outside thefts are well publicized by the media. READ MORE >>

There are frequent stories about employees embezzling funds from their employers.  Government entities, businesses, and non-profits have all been victims.  What many attorneys do not realize is that law firms are frequent victims of embezzlement.  Both large and small law firms have been victims of embezzlement. READ MORE >>

The exposure to law firms threatening their very existence from Cyber Crime has never been greater.   A recent article by CNN detailed that North Korea hackers tried to seal over $1 Billion.  And they are not the only state actor. READ MORE >>

Many Law Firms carry large balances in Escrow Trust and IOLTA accounts.  What would happen if those funds disappear?  Law firms may rely on a “trusted” employee to manage the funds, balance the accounts, deposit funds and write checks.  Unfortunately this “trusted” employee is a leading cause of loss. READ MORE >>

The former finance administrator for the ABA’s Information Services department, Karen M Healy, was recently arrested for stealing nearing $1.3 million of cellphones and IPads that she ordered in the name of the ABA. READ MORE >>

From a Law Firm Trust/IOLTA accounts, to business checking accounts, and to fraudulent payments to vendors an embezzler is every business nightmare.  Nothing can destroy a business quicker that having an embezzler working for you. A recent article from Property Casualty 360 discusses the 5 warning signs on an embezzler: READ MORE >>

Some people may be surprised how the courts interrupt what is a computer crime.  In a recent case American Tooling Center Inc (ATC) v Travelers Casualty Insurance (Travelers) in US District court the Judge ruled that even though the manufacturer lost over $800,000 via the use of fraudulent e-mails the Travelers Cyber policy did not provide coverage for this exposure. READ MORE >>

As the frequency and cost of a Data Breach continues to increase.  Firms need to look more closely at the kinds of insurance that they have and what they need to properly cover a Data Breach or Cyber Incident.  1st firms need to look at the typical policies that almost all firms have. READ MORE >>

Attorney Question: “Do you have coverage for Fraudulent Wiring Instructions?” Response: This can be a significant exposure to a law firm or title agency.  Unlike in the past, now just by hitting a button, you can send millions of dollars out of your Trust account. READ MORE >>

Whether it is office supplies, time theft, privileged information or money, employee theft can create a significant cost for firms.  According to the U.S. Chamber of Commerce approximately 75% of all employees steal from work in some way, and about 30% of all corporate bankruptcies are a direct result of employee theft. READ MORE >>

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