CFC now offers Umbrella Excess cover

Suited man with technological umbrellaWe know what you’re thinking… in London without an umbrella?!

Not anymore!

CFC now offers Umbrella Excess to new and existing clients in the US.

With limits of up to $5 million, our Umbrella Excess can sit over a client’s auto, employers’ liability, general liability and errors & omissions policies. The policy extends a client’s primary limits providing extra peace of mind and maximum protection.

Umbrella Excess is offered by our Professions, Technology, Healthcare, Media, Life Science and Property & Casualty teams, and is available for a wide range of professional firms. From accountants and architects to IT programmers and recruitment agencies – if we’d offer an E&O policy, we’ll likely be able to write the excess cover.

Read our coverage highlights here, or get in touch with our underwriting teams to learn more.

CFC expands cyber proposition for US healthcare providers

CFC expands cyber proposition for US healthcare providersToday we’re pleased to announce the newest version of our cyber insurance product for US healthcare providers. With the latest policy, CFC enhances its combined cover for privacy and operational disruption with industry-specific features to help healthcare organizations prepare for and respond to cyber incidents as well as comply with industry regulations.

“While most healthcare providers are aware of their privacy and data breach exposures, they can easily overlook cover for operational disruption. The unprecedented increase in malware attacks has shown that operational exposures must be addressed – in fact, we’re now seeing the costs of operational disruption and rebuilding far exceed what a large-scale privacy breach might cost the same entity,” said CFC Cyber Product Leader, James Burns. “Our stand-alone cyber product for the US healthcare sector is tailored to their unique risks, helping limit the impact of a cyber incident on their organization.”

CFC’s latest cyber insurance product addresses the exposures and regulatory requirements unique to US healthcare organizations and ensures that core elements of cover are available each time a crisis strikes, even if a policyholder experiences multiple cyber incidents in the same policy period.

Unlike most cyber insurance products, CFC’s cyber policies offer the provision of first party cover on an “each and every claim” basis and don’t restrict policyholders with policy aggregates. Additionally, CFC’s cyber offering for US healthcare providers is one of the only available cyber products to include cover for HIPAA corrective action plans and cover for bodily injury resulting from a cyber attack alongside cover for the costs associated with improving risk management controls following a breach, system repair costs and incident response costs in addition to the limit.

Burns adds: “CFC offers a market-leading cyber insurance product backed by a global response capability which ensures our policyholders not only have comprehensive cover, but that they can recover quickly from cyber incidents.”

CFC has the largest dedicated cyber underwriting and claims team in the London market. Learn more about CFC’s Cyber for Healthcare insurance offering, or read the CFC cyber blog.

CFC and BMS deliver trade mark defence product for Australian businesses

CFC and BMS deliver trade mark defence product for Australian businessesCFC and broker BMS have joined forces to deliver Trade Mark Protect, a new set of insurance products to help Australian businesses protect their intellectual property assets.

The number of trade mark filings made in Australia has grown over the last decade, and the vast majority, 90 percent, are individuals or SMEs.* As filings have grown, the number of oppositions to these filings has also grown.

To help small and medium enterprises navigate the intellectual property (IP) lifecycle, in March 2017 IP Australia challenged the market to develop a sustainable and affordable option for trade mark applicants and owners. They were the first government IP office to spearhead such an initiative.

Following a competitive tender process managed by AusTender, IP Australia selected the solution presented by CFC and BMS, which launched to the public this month.

Trade Mark Protect can protect businesses of all sizes against oppositions and other challenges to trademarks in Australia. The product suite offers two options:

  • TM Opposition Cover delivers a world-first insurance product that covers the legal costs incurred in defending against oppositions to trade mark applications
  • Registered TM Cover protects businesses against the legal costs incurred in defending attacks on their trade mark after registration

Premiums start from just $215, including taxes.

“The legal costs for defending a typical trade mark case can present a real problem for businesses, particularly SMEs, as they simply don’t have the funds or resources to be able to respond,” said CFC IP Practice Leader, Erik Alsegard. “Trade Mark Protect gives these businesses access to an affordable solution to protect their valuable IP assets.”

CFC has a history of pioneering insurance solutions for emerging risks, and has built the largest dedicated IP insurance team in the London market. CFC’s IP offering includes protection for patents, trade marks, copyrights, and other intellectual property, and its policy covers the defence and pursuit of intellectual property infringement claims, which can be catastrophic for any business.

CFC and BMS have also developed a claims solution in partnership with some of Australia’s leading IP firms including Griffith Hack and Watermark. Policyholders will not have to pay a deductible when using these approved legal providers.

For more information about Trade Mark Protect insurance, visit www.trademarkprotect.com.au.

*See the Australian Intellectual Property Report 2017 at https://www.ipaustralia.gov.au/ip-report-2017

About CFC
CFC is the largest independent MGA in the UK. Our focus is speciality lines, niche markets and emerging risks, and we have the largest cyber insurance underwriting team in London. CFC is backed by Lloyd’s and delivers insurance to over 60,000 businesses in more than 60 countries.
For more information visit http://www.cfcunderwriting.com. Or follow CFC on LinkedIn or Twitter.

Media contact:
CFC Underwriting:
Lesley Bennett at LMR Communications
+44 (0)7815 778038
lesley@lmrcomms.co.uk

CFC bolsters leadership team with key senior hires

CFC bolsters leadership team with key senior hiresCFC has expanded its global leadership team with the appointment of two strategic senior hires. Katherine Nellums and Peter Samuel have joined CFC as Marketing Director and Human Resources Director, respectively.

“The passion, entrepreneurialism and sheer hard work of the team here at CFC has led to our business achieving exceptional year-on-year growth,” said CFC CEO, David Walsh. “We’re at an incredibly exciting stage in our journey as a company, and the addition of Katherine and Pete to our leadership team further solidifies our commitment to becoming a global leader in specialist insurance as well as an employer of choice in the London market.”

As Marketing Director, Nellums will oversee global marketing strategy and the execution of programs aimed at increasing brand awareness and generating demand for CFC’s broad range of specialist and emerging risk insurance products and services. Prior to CFC, Nellums was vice president of marketing at LoopUp (LSE: LOOP), a London-based software company which she helped float on the London Stock Exchange’s AIM market in 2016. She has 15 years’ experience driving strategic communications and marketing programs for fast-growth and newly-public technology companies in Silicon Valley and London.

As HR Director, Samuel will spearhead CFC’s people strategy including all aspects of talent management, recruitment, learning and development, and organizational planning, and will be responsible for efforts to embed CFC’s culture and brand values throughout the business. Samuel joins CFC with over 16 years’ experience in HR, most recently serving as Global HR Director for HiFX where he led and implemented HR strategy across Europe, North America and Australasia.

Walsh continued: “Katherine and Pete are high calibre professionals with deep expertise in their respective fields, and most importantly, they share our passion for the culture and vision of CFC. We are delighted to welcome them on board.”

CFC helping to ready tech clients for GDPR

GDPR for Data ProcessorsThe GDPR deadline is fast approaching, and unlike the current Data Protection Principles, it applies not just to data controllers (i.e. business who collect customer data and determine how that data is used), but also data processors (i.e. firms who handle or process data on behalf of data controllers). Many of the technology firms that CFC insures are data processors, and will therefore face new responsibilities and dramatically steeper penalties for failing to protect customer data.

In order to help these companies understand their GDPR exposure, CFC will be holding two seminars in partnership with top UK law firm Weightmans on 22 March and 23 March – GDPR for Data Processors. We will be exploring what GDPR means for data processors, what their obligations are, and what they need to know if their data is lost or stolen. To sign up for these events, simply RSVP using the button below.

GDPR for Data Processors

 
 
CFC is also offering a free, one-hour GDPR readiness phone consultation with Weightmans for all UK technology insureds. Interested customers can contact GDPR@cfcunderwriting.com to book their session.

GDPR Readiness Consultation

 
 
Unable to attend a seminar or just want to learn more? Download our one-page GDPR Quick Guide for Data Processors exploring what GDPR means for data processors and what these companies should do to prepare.

GDPR Quick Guide for Data Processors

 
 

Video: Cyber Symposium Highlights

2017 London Market Cyber Symposium video The 2017 Cyber Symposium was our biggest and most successful yet. We are pleased that so many of you attended and we hope to see you all again this year.

More than 180 of our partners and peers in the London market came together to hear the views on the cyber insurance market from three exceptional speakers – Inventor of the World Wide Web, Sir Tim Berners-Lee; Executive Director of Europol, Rob Wainwright; and CEO of Security at BT, Mark Hughes.

Mark Hughes presents his views on how an open, speak up culture has lead to a rich seam of information, enabling the organisation to define risk. Followed by Rob Wainwright discussing the impact of cybercrime on businesses, and Tim Berners-Lee on data being the new oil.

If you weren’t able to attend this year, or if you did but you can’t get enough of it, we have uploaded a highlights video on our YouTube channel here: https://youtu.be/ellP6Z3UEaU

CFC launches new insurance solution for nutraceutical companies

New product announcement Today we are excited to announce an innovative addition to our life science suite of products with the launch of our new insurance solution designed specifically for nutraceutical businesses in the US.
Interest in health and nutrition-related products is on the rise, making nutraceuticals an exciting industry. But just like any company that manufactures or distributes products, nutraceutical companies are exposed to a range of risks, both traditional and emerging, which this policy combines into a single package.
Coverages include products liability, commercial general liability and cyber. Broad product recall cover can also be included, protecting against accidental contamination, malicious product tampering, cyber malicious product tampering, product extortion and government action.

We have also tailored the cyber cover in this new policy to address changes to the manufacturing infrastructure caused by a cyber attack as well as offering defined cover for extortion to address the growing threat of ransomware and cyber crime.

Sean Burke, our Life Science Team Leader says: “We’ve had a lot of success with our life science and medical devices products, so providing a policy for the growing nutraceutical space felt like a natural next step in developing this suite. We believe we’ve provided a well-rounded policy making it easy for these businesses to get essential coverages like products liability while also addressing emerging risks such as cyber crime, recall events and more.”

This streamlined insurance solution provides a products liability limit of up to $5m and a general liability limit of up to $7m. Premiums start from as little as $2,500.

GDPR driving adoption of cyber insurance in the UK

Press release header image: cyber symposium hero imageToday we are releasing findings from a survey conducted at the 2017 London Market Cyber Symposium last month*.

When asked whether they were seeing more demand for cyber insurance as a direct result of the incoming EU General Data Protection Regulation (GDPR), an overwhelming 80% of survey respondents agreed.

Respondents to the survey at last year’s event cited the incoming GDPR regulation as an element likely to drive up the demand for cyber insurance in 2017.

Graeme Newman, Chief Innovation Officer at CFC, explained: “Under the GDPR there will be a requirement that businesses have an incident response plan in place and must notify any data breach no later than 72 hours of becoming aware of the event. To do this, businesses are going to need access to a whole raft of specialists and that’s going to have a disproportionate effect on SMEs who are unlikely to have this level of capability in-house. They could find themselves scrambling for help and possibly face missing the cut off, thus exposing themselves to breaching the new rules.

“I think that there is a greater realisation as GDPR looms ever closer that cyber insurance can offer a valuable lifeline. As well as protecting them against the emerging threats of the digital age, the right provider will give insureds instant access to carefully selected specialists who can guide them every step of the way from creating an incident response plan to dealing with a cyber attack.”

* The survey was conducted on 23rd November at the 2017 Cyber Symposium in London, UK. Hosted by CFC Underwriting, the event was attended by over 200 representatives from the insurance industry.

2017 London Market Cyber Symposium

Cyber Symposium panel stage with Tim Berners-Lee speakingThank you to all those who joined us at the London Market Cyber Symposium last week. We hope everyone found the contributions by our three speakers – Mark Hughes from BT, Rob Wainwright from Europol, and Sir Tim Berners-Lee of ‘the Web’ fame – insightful and inspiring. We certainly also enjoyed the panel sessions, expertly moderated by Mark Geoghegan, and were pleased that so many thought-provoking questions were put to them by the audience. One of our personal highlights was seeing so many industry peers and partners in the same room – and quite a few of them strutting their stuff on the dancefloor later that night! For those who missed the chance to attend, we will be posting a highlights video of the event next week, so make a note to check back then. In the meantime, we hope you enjoy this selection of photos from the event.

 

CFC appoints Neil Beaton to build new financial institutions practice

CFC appoints Neil Beaton to build new financial institutions practiceCFC is proud to announce the appointment of Neil Beaton to build a new team focused on developing a suite of products for financial institutions.

Prior to joining CFC, Neil was Head of Financial Lines at Newline Group. He brings extensive experience of underwriting all types of financial institutions across a range of jurisdictions including the UK, Europe, the US, Asia Pacific and Australasia.

CFC Chief Underwriting Officer, Andrew Holmes, comments: “The look and feel of financial institutions is changing as they utilise more and more technology in their core operations. This evolution presents financial institutions with a new range of exposures which we believe the insurance market is not adequately addressing, whether that is a product designed for the new breed of Fintech companies or a crime proposition which properly caters for the way crime against financial institutions is committed in 2017. With CFC’s expertise in cyber and technology allied to Neil’s extensive experience of insuring financial institutions, we believe there is an exciting opportunity to bring a modern and relevant product set to this market.

“Neil is regarded in the London Market as a highly experienced financial institutions underwriter with a track record of sourcing and writing profitable business. I am delighted that we have attracted someone of his stature and skillset to create a suite of modern, market-leading products that will challenge the status quo of the financial institutions market.”