Client Profile
Industry: Health and Beauty
Specialty:  Franchisee of National Hair Salons​
Location: Texas
Claim Information
Description: One of our Insureds discovered that there was a fraudulent transfer of funds from one of their accounts with a third-party vendor. The Insured conducted a thorough search of their systems to confirm that no breach had occurred on their end. During the investigation, it was determined that the third-party vendor was at fault for the breach and fraudulent transfer. A police report was filed and the FBI was notified. Despite receiving funds from the third-party vendor, the Insured was not made whole from the event. The Insured’s Actual Net Loss Insurance Policy "Crime" coverage provided reimbursement for the remainder of the loss.
Line of Coverage: Crime
This exposure was elected for coverage by the client under their Captive Policy. This resulted in a claim payment amount of approximately $30,000.