Overview

Commercial Crime insurance covers Employee Dishonesty, Computer Fraud (extended to include "Hacking", Electronic Data Loss etc.

Our policy will cover losses that are discovered during the period of insurance, and which occur subsequent to the Retroactive Date. The reason behind this is to cover losses that could have occurred over a number of years, thereby providing further comfort to the Insured.

As many of the larger commercial and corporate enterprises already currently enjoy the wide range of services offered by Camargue Underwriting Managers, we would like to take this opportunity of offering it to the smaller enterprises, currently exposed to the fairly restrictive "Multimark" type policies.

As is characteristic of the Camargue products, we are pleased to include risk survey's which would assist the Insured in identifying weaknesses in their controls, especially in the following areas:

• Creditors payments
• EFT
• Debtors - fraudsters rolling debtors book
• Petty cash abuse
• International Transfers
• Payroll
• Stock theft

The opportunity to enter the market is driven by the increase in white collar crime, reinforced by an economic crime survey published by PriceWaterhouseCoopers' in October 2007, which showed that 72% of South African companies surveyed were victims of economic crime, as opposed to the 42% global average.

As a result of the above increase, we have noticed a correlation between the incidents of fraud and unfair dismissal activity at the CCMA and would therefore be willing to offer a packaged Commercial Crime and Employment Practices Liability product, if required.