What Are the Key Differences Between Gallagher and HUB International Crime Insurance?
Two Gallagher Practices Versus One HUB Crime Page
Gallagher Small Business arranges Fidelity and Crime for small-business clients, while the group Executive and Financial Risk practice places the same coverage for larger accounts. HUB brokers commercial crime from a single product page aimed at private, public and not-for-profit organizations. Neither underwrites, and neither reviewed page names an issuing insurer. [4] [3] [5]
Limit-Setting Method Versus Fraud Statistics
For larger accounts Gallagher says its methodology for setting crime limits includes peer analysis using third-party databases and an exposure index. HUB cites industry statistics that organizations lose about 5% of revenue to fraud each year, that fraud often takes about 18 months to detect, and that more than 23% of cases result in losses of $1 million or more; it does not publish a limit-setting method or policy limits. Gallagher also does not publish specific limits. [3] [5]
Peril Lists and Intake
Gallagher describes credit-card forgery, computer fraud, funds-transfer fraud, employee fraud, theft and destruction of property. HUB lists employee theft, vendor theft, forgery, asset misappropriation, computer fraud and funds-transfer fraud. Gallagher’s small-business page uses a Connect With An Advisor form. HUB directs prospects to connect with a broker and does not describe an online quote. [4] [5]
What Should You Confirm in Gallagher and HUB International Crime Insurance Quotes?
- Ask Gallagher which practice is quoting and whether peer-analysis limits apply. [4] [3]
- Ask HUB whether vendor theft and asset misappropriation are on the form. [5]
- Get both issuing carrier names. [4] [5]
- Compare destruction-of-property on Gallagher with HUB’s asset-misappropriation wording. [4] [5]