No matter how robust your internal controls are, every business is at risk from potential employee dishonesty and fraudulent third parties. As supply chains become more complex and transaction times decrease, businesses can be exposed to considerable loss before fraud or theft is detected.
We have significant experience working with insurers and companies to investigate fraudulent and criminal activities, manage claims, minimise reputational as well as financial damage, and pursue recoveries.
Insurers and their insured clients have come to us to handle claims in cases of employee, agent and third party theft of money and goods from premises, in transit, forgery and fraud, and through the misdirection of fund transfers. Our insurance lawyers have particular expertise where the fraud involves cross-border transactions and in cases where it is necessary to chase the evidence through multiple subsequent transactions. Working collaboratively with law enforcement authorities is essential.
Fidelity and crime policies are increasingly becoming an essential part of the suite of corporate insurance policies and we have worked with claims involving manufacturers, suppliers and distributors, banks and financial institutions, professional services firms and a number of SMEs.
And when the claim is settled, we also work with businesses and their insurers post-event to devise and implement new controls to minimise ongoing risks, and in recoveries actions against perpetrators.
We’ve assisted companies in matters such as:
Large scale employee theft
Coverage advice and recovery action following a circa $450k employee theft perpetrated by the use of fake invoice payments. Working with private investigators we were able to uncover the theft, identify recovery prospects and obtain ex parte freezing orders over the employee’s bank accounts and property.
Accounting error losses
Coverage advice to insurers on a theft of money claim where the insured relied solely on accounting errors as its proof of loss.