CFC launches cyber insurance guide for brokers at BIBA 2018

BIBA press releaseSpecialist insurance provider behind BIBA’s cyber insurance scheme, CFC, will be launching its new BIBA Cyber Guide at BIBA 2018.

While one of the most talked about topics in business insurance, cyber insurance also seems to be one of the most misunderstood. CFC’s new guide aims to cut through the jargon and buzz words and bring simplicity to what has long been considered a complex line of business.

NOW AVAILABLE: Click here to read the BIBA Cyber Guide

“Cyber insurance policies tend to be modular in nature, consisting of a variety of different coverage areas so it’s no wonder that this has led to confusion around what they cover and how they work,” says James Burns, Cyber Product Leader at CFC. “We’ve worked with BIBA to produce this straightforward guide providing brokers with clear information about what cyber is all about and how they can articulate it to their clients.”

CFC’s BIBA Cyber Guide gives brokers simple information about what cyber actually means and how this area of insurance has evolved. It covers the types of cyber risks and types of cyber claims, drilling down into how a policy responds and providing brokers with some valuable tips on how they can overcome the most common objections they face when discussing cyber with their clients.

To guide brokers through the cyber maze, Graeme Newman, CFC’s Chief Innovation Officer, will be talking through the new BIBA Cyber Guide in a Seminar Session at 10.40am on Thursday 17 May. He will be joined by Richard Hollis, CEO, Risk Factory who will share his perspective on cyber threats.

CFC’s International Cyber Team Leader, Lindsey Nelson, will also be helping young brokers to build their cyber knowledge at the Young Broker Session at 12 noon on Thursday 17 May. Specialising in cybercrime as it pertains to companies across various industry sectors, Lindsey will discuss the real cost of cyber incidents in the UK and preventative risk management practices that companies can introduce.

Delegates will also have the opportunity to meet CFC’s underwriting experts managing both the BIBA cyber and product recall schemes on stand B51 to find out more about each proposition and the benefits they deliver to BIBA members and their clients, as well as the many other specialty products available from CFC.

Click here to read the BIBA Cyber Guide

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.