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 to host Fringe event at BIBA 2017


CFC to host Fringe event at BIBA 2017 As the provider of BIBA’s cyber and product recall schemes, we are pleased to be hosting our first-ever fringe event at this year’s conference in Manchester.

The event will take place between 13.15 and 14.00 on Wednesday 10 May. To register to attend simply click on this link: https://www.biba2017.co.uk/the-fringe/wednesday-session-1. Places are limited and are on a first come first serve basis.

Following the recent launch of our cyber incident response app and revamp of our market-leading cyber product, the CFC session will focus on how the fast-paced nature of cyber threats and technological development necessitates ever-evolving insurance and incident response solutions. The event will also explore some of the myths and misunderstandings that surround the world of cyber insurance.

We will also be challenging delegates attending the event to show off their quirky side and compete for selfie stardom. Located on stand B51, brokers can visit our selfie booth and go a little wild with the props provided. Serious, goofy, funny or just downright strange … the best will be rewarded!

Selfie-snapping aside, delegates will have the opportunity to meet CFC’s underwriting experts managing both the cyber and the product recall schemes 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.

CFC Business Development Director, Pat Brice, says: “While insurance is undoubtedly a serious business, the coming together of the great and the good of our industry at BIBA 2017 is also an opportunity to have some fun. We’re all about looking at things differently, so we thought why not let BIBA delegates do the same, even if just for a few minutes! Of course we’ll also be talking about what’s going on in the market and what we’re doing to constantly challenge the status quo and deliver innovative insurance solutions for BIBA members.”

We look forward to seeing you there!

CFC launches product recall scheme for BIBA members

CFC launches product recall scheme for BIBA membersHaving been the approved cyber insurance scheme provider for over a decade, we’re pleased to announce the launch of our new product recall scheme for members of the British Insurance Brokers’ Association (BIBA).

Product recall is a crisis management tool for companies wanting to ensure business continuity in recall and contamination situations, and the new scheme will help BIBA member sell this insurance more effectively.

Suitable for businesses operating in a wide range of industries, the scheme offers two policies tailored for specific sectors. A product recall policy for manufacturers and distributors of non-food consumer products and automotive parts, and a contaminated product recall policy for food, drink and personal hygiene manufacturers.

Exclusive benefits for BIBA members include an increased provision for pre-incident consultancy work of 3.5% of gross premium, compared to standard offering of 2.5%, to assist with crisis management and business continuity. The scheme also provides marketing and training support and we will offer sub-limits for ‘retailers’ expenses’ extension to BIBA members’ clients to cover fines and penalties.

Mike Hallam, BIBA’s Head of Technical Services, said: “A product recall can be a worrying prospect for any business, with the potential for not just financial loss, but significant damage to their brand and reputation. We are pleased to offer this product to members with enhanced benefits and the support that they need to sell this complex product.

Our product recall policies are unique in that they also include cyber product tamper and software product safety – increasingly important areas of cover in the age of the Internet of Things.

Patrick Brice, our Business Development Director, said: “We’re very excited to launch our second BIBA scheme, reflecting our commitment to helping members access specialist insurance products, expertise and education on emerging risks in a simple way. We look forward to working even more closely with BIBA and their members in 2017.”

A webinar is available to BIBA members who want to learn more about this scheme on Friday, 7 April 2017 and more information on the new scheme is available at https://www.biba.org.uk/members/biba-schemes/product-recall-insurance.