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Willis Group launches new commercial crime policy

Global risk advisor and insurance broker Willis Group Holdings (WSH) has launched a new policy, CRIMEstar, which covers all risks of a commercial crime and protects businesses from fraud and other criminal activity.

The new policy was developed by the company’s Financial and Executive Risks division (FINEX) in partnership with a group of insurers, including Allianz, AXIS and QBE.

CRIMEstar adopts an all risks approach and provides clear and transparent protection from commercial crime rather than listing out specific crimes that are covered on an insured perils basis in the conventional policy.

Willis FINEX division executive director Francis Kean said: "The estimated cost to the UK economy of fraud each year is in excess of £30 billion and the economic downturn is putting pressure on individuals and businesses, which is fuelling an uptick in fraud as well as other criminal activity."

The company launched DARCstar, the "all risk" cover for company directors, two years ago and the new policy was introduced based on its success.