Thanks to everyone who came and joined us at this year’s Halloween bash – it was a great night. At what some are calling the best Halloween yet (and that’s not just our marketing team), we saw some truly terrifying figures dancing the night away – including an orange man with a blonde wig and tiny hands. Scary stuff! We’ve collated a gallery of the most ghoulish, gorgeous and gory figures of the night – have fun reliving your Halloween nightmare…
Today we’re happy to announce the launch of our revamped insurance proposition for technology companies worldwide.
In what represents a significant upgrade to our existing proposition, the new look product adds a number of valuable cover elements to protect technology companies against the emerging risks that they face in the running of their businesses.
This includes clear, unambiguous cover for breach of a client contract, which is available up to the full policy limit. Furthermore, the new policy reflects modern contracting practices within the technology industry by including an updated waiver of subrogation condition and a clear allocation of any future recoveries.
The new product also provides policyholders with CFC’s award-winning cyber cover including comprehensive cyber crime and access to its internal cyber incident response team with a nil deductible.
CFC’s Head of Emerging Risk, Matthew Taylor, says: “Our revamped product delivers next generation cover for next generation companies. The risks faced by tech businesses are changing as rapidly as technology itself and insurance policies have to evolve to reflect this. Having consulted with our broker partners and their clients, we’ve introduced some major enhancements to our existing product and we’re confident that CFC offers technology companies a well-rounded policy that truly meets their needs.”
Our product for technology companies also includes affirmative cover for bodily injury and property damage, cover for claims alleging an infringement of intellectual property rights, and because claims alleging negligent or unsatisfactory work are usually accompanied by a demand for a refund, the policy does not include a refund of fees exclusion like many others on the market.
As part of CFC’s series of e-learning sessions, the ML team is holding a webinar to walk you through the acronym-heavy area of fiduciary liability insurance.
Have you found yourself scratching your head when it comes to ESOPs? Admittedly, they’re not quite as simple as a 401K, but why exactly is that? If you want to understand a bit more about this complex component of fiduciary cover and the associated underwriting considerations, this webinar is for you.
CFC’s Management Liability team is holding an ESOP 101 webinar and will be looking to answer any questions you may have. During this presentation, we will explore the history of ESOPs, how plans are set up, the different structures of leveraged vs non-leveraged plans, the differences between ESOPs and ESPPs and associated claim scenarios. And we’ll try to avoid using too many acronyms!
We’re happy to announce that we have expanded our contingency insurance offering with the launch of a brand new event insurance package policy in the US and Canada.
This new solution enables brokers to deliver to their clients comprehensive event cancellation as well as general liability and property cover for the event all under one policy. Also available on a standalone basis, the event cancellation component covers the costs associated with an event being cancelled, abandoned, postponed, or relocated for reasons outside of the insured’s control, including the non-appearance of a participant.
Matt Helm, Contingency Practice Leader at CFC, explains: “When it comes to events, there are a lot of moving parts and a lot can go wrong if the unforeseeable happens. Historically, brokers have had to pull a patchwork of policies together to provide their clients with comprehensive cover. That has changed with the introduction of our new event insurance policy. Our broad package solution provides limits of up to $5m in the US and $10m in Canada, and gives brokers and clients a one-stop-shop saving them both time and money.”
CFC’s new product enables organisers to protect the financial investment of their event including everything from agreements with spectators, staff and performers to building and contents damage. Optional extras include cover for terrorism, adverse weather, earthquakes, communicable diseases and non-appearance.
The policy will be available in other territories in the following months. Stay tuned!
Specialist lines underwriting agency, CFC Underwriting, today announces the launch of a brand new insurance solution for US companies and individual practitioners who provide telemedicine and other eHealth services.
In what is believed to be a first for this industry sector, CFC’s new policy provides affirmative coverage for bodily injury arising from both the advice companies and practitioners provide as well as bodily injury arising from technology failures and cyber incidents.
Timothy Boyce, CFC’s US Healthcare Team Leader, says: “Practitioners and companies operating in the eHealth space often bridge both the healthcare and technology sector meaning that they are open to a wide range of risks. In particular, as technology advancements continue to play a more crucial role in how healthcare is delivered, monitored and addressed, the potential problems these companies face from cyber events and system outages is very real. That’s why we’ve developed a policy which truly addresses the eHealth industry’s unique risk profile.”
CFC has tailored cyber and privacy cover in this new policy to address eHealth companies’ specific cyber exposures. As well as a separate section for extortion to address the growing threat of ransomware, CFC’s policy also covers HIPAA-related fines, penalties and resolution agreements. Cyber incident response services are offered with a nil deductible as standard.
Other features of the new offering include automatic coverage for physicians and practitioners, a separate section for technology E&O, breach of contract cover, and failure to perform cover for wearables and self-monitoring healthcare devices that have been manufactured or distributed by the insured.
As part of CFC’s series of e-learning sessions, the Crisis Management team is holding a webinar to walk you through product recall insurance.
Handling the fallout from a product recall can be a daunting prospect for businesses. That is, if they are aware of what a recall can entail – because for many, this kind of incident is a really abstract notion, with lots of confusion around what it is, how it can happen and why insurance cover is so important.
In this webinar, we answer these questions and show how our recall policies are designed to help businesses get back on their feet quickly after an incident. All along the way, we share case studies and insight which will help you sell this product better. So tune in!
Tune in on Wednesday, 20th September at 12pm EST to learn more about this topic. Registering couldn’t be easier, simply go to the below link and enter your name and email:
We’ve enhanced our proposition for UK-based technology companies by adding the option of patent infringement cover – something rarely provided by other insurers to this industry sector.
Success in the tech sector often depends on the ability to create unique products and build on older ideas to develop new solutions. This means there is the risk of inadvertently trespassing onto others’ intellectual property (IP) which can result in costly legal proceedings.
CFC’s patent infringement cover helps tech businesses defend against these types of claims, covering legal fees and other expenses such as settlement pay-outs. Equally important, it gives insureds access to our experienced claims team and its selected panel of specialist patent litigators – a service that is essential in what is a highly specialised area of law that typically requires experienced counsel able to quickly establish a defence strategy.
CFC’s UK Tech & Media Team Leader, Kenny Carmichael, says: “Given the nature of the tech landscape, it is important for businesses to protect against patent risks. However, historically, this kind of cover for tech companies has been both complicated to obtain and often unaffordable. Recognising this gap, we streamlined our underwriting process for these types of risks, giving our clients the option to easily add broad, affordable patent cover to their policy.”
CFC’s existing policy for technology providers already provides defence of intellectual property rights infringement such as allegations of copyright or trademark infringement. It also includes extensive cyber and privacy cover as well as clear, unambiguous cover for breach of contract and bodily injury and property damage cover. Worldwide cover is provided as standard.
We’re pleased to announce that we’ve partnered with CyberScout™, identity management and data theft service experts, to offer innovative, best-in-class cyber support services to our customers internationally.
“Cyber risk has become a fact of life for every organisation in today’s connected world,” said Anthony Hess, Head of Incident Response at CFC. “As cyber crime becomes more complex and sophisticated, partner network providers like CyberScout can round out in-house capabilities with their own expertise, and can offer innovative, high-quality services on a global scale.”
CyberScout provides CFC customers with help in three areas: identity theft remediation, consumer notification and cyber fraud monitoring. Our customers now have the option of direct access to CyberScout’s highly experienced fraud specialists. In annual customer surveys, CyberScout earns 99% satisfaction ratings, year after year. These services complement our current offerings which include a wide range of internal and partner-provided risk management services as well as our in-house incident response team, which is activated by an award-winning cyber incident response app 24 hours a day, 7 days a week.
“With this partnership, CyberScout looks forward to collaborating with CFC Underwriting and its underwriters in the London Market,” said Tom Spier, CyberScout’s International Director of Business Development. “Already CyberScout offers its services to millions of consumers in partnership with 16 of the top 20 U.S. property and casualty insurance carriers, and six of the top seven Canadian insurers, as well as global Lloyd’s Syndicates.”
We are incredibly proud to announce that CFC Underwriting was voted the winner in three categories at the 2017 Cyber Risk Awards presented by Advisen in New York on Wednesday, 14 June.
Our very own Graeme Newman was voted Cyber Risk Industry Person of the Year (London) while the introduction of our cyber incident response app was voted the Cyber Risk Innovation of the Year. Topping the evening off, CFC was named Cyber Risk Insurer of the Year.
CFC CEO David Walsh says: “There aren’t enough words to express the pride I feel in the recognition bestowed on our business by our peers and colleagues in the cyber insurance industry. The fact that Advisen’s Cyber Risk Awards are nominated and voted for by thousands of insurance professionals around the world makes the achievements of our entire cyber team all the more special.
“We’re passionate about this class of insurance and these awards will spur the team on to push the boundaries further as we seek to drive innovation in this rapidly changing and challenging sector of the market.”
If you’re new to Connect and would like to make sure you and your team get to grips with the platform, there’s a few things you can do. Firstly, check out our helpful video, which walks you through the various functions available on Connect. We’ll update the video as we expand the functions. Another good place to look is the FAQs section, which is not only useful for specific questions you may have, but also as an overview of the platform.
If you still don’t feel fully comfortable using the system, let us know! A lot of work has gone into building this bespoke platform and we’re convinced that it will revolutionise the way we do business with you – so we want you to feel confident in using Connect. We’re happy to organise a webinar to walk you and your team through the system in real time, talking you through functions and answering any questions you may have. To set this up, simply speak to your usual underwriting contact or email us at firstname.lastname@example.org.