FOR IMMEDIATE RELEASE
NEW YORK – November 2, 2009 –The money companies lose each year from employee crime and computer fraud is measured in the tens and hundreds of billions nationally, depending on what crimes are included.
The Association of Certified Fraud Examiners says the average company loses 5 percent of its annual revenues to fraud and abuse. The total impact on U.S. businesses is said to exceed $400 billion. The plot thickens as more business is transacted online. According to white paper produced by Aon Corp., “The total number of data breach victims in 2006 exceeded the 100 million mark,” or “one record for roughly every three Americans.” As with many risks, one of the tools companies turn to is insurance. However, according to a Chubb & Son survey, 37% of U.S. companies do not purchase management or professional liability insurance. And, the Chubb survey revealed, most companies do not buy insurance for employment practices, crime, directors and officers liability, or cyber liability.
Insurance for employee crime and computer fraud is the theme of the conference and webcast –“Fidelity Bond & Crime Coverage: Insuring Against Employee Dishonesty, Theft & White Collar Crimes” — scheduled for Dec. 3, 2009, in New York City, where leading law firms, insurance services and other experts will gather for an advanced legal educational program.
Matthew Schlesinger of Reed Smith LLP of Washington, DC, and John McDonald of Meagher & Geer PLLP of Minneapolis, are chairing the program.
“We are pleased to be working with two highly respected attorneys and law firms to address an issue that is important to companies both large and small, particularly during tough economic times where the risk increases while businesses face so many other challenges,” said Tom Hagy, CEO of HB Litigation Conferences, the producer of the event.
Session titles include: “The Nature of Fidelity Bonds & Crime Coverage Policies,” “Key Issues with Employee Dishonesty & Employee Theft,” “Emerging Coverage Disputes & Common Exclusions,” “Unique Issues with Special Cases” (e.g. computer fraud, inventory loss); “Ponzi Schemes & Coverage-Related Issues”; “The Market for Crime & Fidelity Coverage: The Insurer’s & Broker’s Perspective”; “Forensics: Determining the Amount of the Loss & Damages”; and “Claims Processing Guidelines for Insureds & Insurers.”
In assembling the content for the program, chairmen Schlesinger and McDonald drew on their experience as counsel at Reed Smith and Meagher & Geer, respectively, as well as the collective experience of the faculty from Belle Mead Claims Service Inc.; the Insurance Services Office Inc. (ISO); Hinshaw & Culbertson; OneBeacon Insurance; Herrington & Sutcliffe; Wilson Elser Moskowitz Edelman & Dicker; Tripoli Risk Management; Cozen O’Connor; Anderson Kill & Olick; Navigant Consulting; Reynolds Financial Services Group; Chubb & Sons; and Aon Risk Services.
For more information about the “Fidelity Bond & Crime Coverage Conference” or webcast scheduled for Dec. 3, 2009, contact HB Litigation Conferences by phone at (484) 324-2755 x200, by email at info@LitigationConferences.com, or by visiting the conferences section at HB’s website at www.LitigationConferences.com.
HB Litigation Conferences is a nationally certified provider of continuing legal education conferences, webinars, teleconferences and multi-media products in the areas of insurance, reinsurance, toxic torts, asbestos, construction, products and financial litigation. Tom Hagy, HB’s CEO, is former editor and publisher at Mealey Publications and vice president at LexisNexis. Sharon Boothe, HB’s president, was Mealey’s Conferences director since its first program in 1992 through 2008.