16 Mar 15: Specialist lines underwriting agency, CFC, has announced the launch of two new products from its recently established contingency team.
The launch of its prize indemnity and over-redemption policies follow on from the appointment of Matt Helm as Contingency Practice Leader in October last year who comments: “Prize competitions and coupons or free product offers have become an increasingly valuable marketing tool for a huge range of companies, both on and offline. As a result, the contingency market is rapidly growing and there is real potential for brokers to develop profitable business in this arena. However, in my view, many have been constrained or put off by the lack of innovation and low limits.”
He continues: “In launching these products, CFC is bringing a fresh approach and new capacity with meaningful limits that will help brokers keen to grow their presence in this line of business. We are delivering specialist products straight to brokers, saving them the hassle of trying to place business across several different providers. This means they get a fast turnaround and central underwriting contact, which is a big plus given the nature of what they’re trying to cover.”
Both policies offer up to £20m in the UK, €25m in Europe and $30m in the US and Canada, and capacity is provided by Lloyd’s of London. The prize indemnity policy covers everything from hole in one and other sports skill competitions to conditional rebates and lotteries. The over-redemption policy, by contrast, covers on pack and in store promotions, electronic and paper coupons, loyalty schemes and more.
For more information on these products, visit our products page, select your territory by clicking on the map, and choose either over-redemption insurance or prize indemnity insurance from the list. Alternatively, get in touch with our contingency team directly by clicking here.