British insurance brokers Alexander Howden, one of the leading professional indemnity insurers, will begin marketing fidelity insurance policies in Israel covering employee embezzlement and theft, CEO David Howden told "Globes".
The policies will be offered to financial concerns, high-tech companies, lawyers, accountants, and insurance agents.
Howden said that lawyers and insurance agents cannot operate in the UK without such policies. The policy will cover employee theft, embezzlement, and fraud. Coverage will vary from $2 million to $50 million, depending on the scope of the company's activity and the number of its employees. Premiums will range from $75,000 to $1 million yearly.
Howden added that the company was already negotiating with Israeli high-tech companies, wholesalers, and importers to sell the first policies. He believes a $2.5 million policy with a $75,000 premium is enough for a medium-sized business, and noted that the premium is a recognized tax deduction.
Howden also said that premiums for this insurance had risen greatly over the past year, following the September 11 terrorist attacks in the US. Up until a year ago, the premium was only $25,000.
Alexander Howden will market the policies in Israel through Davidoff Insurance Brokers. According to David Howden, the company has been working with Davidoff for seven years, marketing directors and officers insurance.
Published by Globes [online] - www.globes.co.il - on September 2, 2002