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 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 launches revamped cyber proposition

CFC launches revamped cyber propositionToday we are pleased to announce the launch of our revamped cyber insurance product. In what represents a significant upgrade to our existing cyber proposition, the new look product provides a number of innovative cover elements to protect policyholders against the emerging threats of the digital age. This includes the provision of first party cover on an “each and every claim” basis, ensuring that policyholders aren’t restricted by a policy aggregate and that the full benefits of cover are available each time a crisis strikes, even if they experience multiple cyber incidents in the same policy period.

The policy is also one of the very few to offer full retroactive cover as standard, meaning that policyholders are covered for breaches they discover during the policy period, even if it first occurred long before. Symantec has reported that the average time to discover a breach is 205 days, making this a particularly important feature.

Our Cyber Product Leader, James Burns, says: “No modern business can escape cyber risk, but as cyber criminals have become more sophisticated and as we live in an increasingly connected world, the nature of cyber incidents is changing. Insurance policies have to evolve to reflect the changing environment. We have completely reconstructed our proposition and now offer policyholders more than just a comprehensively worded policy, but rather an all-encompassing cyber incident solution.”

He continues: “We’ve built an extensive in-house incident response capability to ensure that cyber incidents are dealt with quickly and efficiently in real time. And because we want to encourage engagement with our experts as soon as possible for a swift resolution, we’re offering initial response services with no deductible payable by the insured.”

Our new proposition also provides broader cover for senior executive officers who are regularly targeted in cyber attacks, covering theft of personal funds of individuals as well as those of the company. And if a suit is brought against directors and officers following a cyber attack, our policy provides affirmative cover in the event that their management liability policy doesn’t respond.

The product suite includes comprehensive computer crime cover, system repair costs and incident response costs in addition to the limit.

CFC introduces new Cyber Incident Response app

CFC introduces new Cyber Incident Response appWhen an incident occurs, the key to successfully managing the situation is acting fast and getting the right support at the right time. Policy documents are often filed away for the records, not daily use or reference, and finding the correct phone number to report an incident can be a hassle when ransomware has the system in lock-down. That is why we have developed our Cyber Incident Response app – providing policyholders with easy access to our 24/7 global cyber incident response centre.

With a focus on customer service excellence, our app is a crucial tool for incident management. At the click of a button, users can report incidents, notify claims and request urgent assistance at any time of the day or night. The app also includes a wide array of additional features including cyber and tech news, policy reference and incident response team coordination.

Having been previously recognised for our exceptional use of technology to improve customer experience, we felt it was time to prove our innovation chops once more and develop a game-changer in incident response management. We are confident the app will prove a valuable complement to our in-house team of specialists, one of the largest and most experienced cyber claims teams in the London market. We plan to further expand app functionalities over the year and look forward to sharing these updates with our partners.

Download the app today

The app is available for free on Apple iTunes and Google Play platforms. Simply search for ‘CFC cyber incident response’, and once downloaded, use our demo account to trial the service.

  • User: DemoUser@cfcunderwriting.com
  • Password: D3M0U53R

CFC launches medical malpractice

CFC launches medical malpracticeWe are pleased to announce today that we are expanding our presence in the UK medical malpractice insurance market with the launch of a new product offering.

Bringing much needed capacity to the market and backed 100% by a consortium of Lloyd’s syndicates, our new product is a flexible package that can be tailored to a wide range of healthcare professionals and organisations.

Practice leader Sharon Brennan comments: “The frequency of medical malpractice claims and the cost of defending them are steadily on the rise in the UK, making litigation a key exposure in this sector. Whether at fault or not, healthcare organisations and professionals need clear and concise cover backed by expert underwriters and lawyers who really understand this field. We have designed our product to provide clear, unambiguous cover for medical malpractice, and are able to tailor coverage depending on the client’s distinct needs.”

Public liability, employers’ liability and legal expenses cover are also available under the blended policy. In addition, cyber and privacy cover is offered as an optional extra, protecting against a variety of cyber attacks and data loss scenarios including loss or breach of data held in the cloud, cyber extortion and hack attacks on third parties emanating from the insured’s computer systems.

Our latest product is aimed at a wide range of UK healthcare organisations including affinity groups or schemes and individual professionals. The medical malpractice team has a wealth of experience and can tailor policies to meet specific business needs, so get in touch today.

CFC launches Transaction Liability product suite

CFC launches transaction liability suiteSpecialist lines underwriting agency, CFC, today announces the launch of its transaction liability insurance capability suite.

Backed 100 percent by various Lloyd’s syndicates, the CFC offering is designed to meet the needs of clients and M&A professionals in the mid-market, lower mid-market and SME spaces across the UK, US, Australia and much of the rest of world.

Matthew Giddings, Transaction Liability Practice Leader, says: “Transaction liability insurance is evolving into a compelling set of risk management and deal facilitation tools employed by both private equity and strategic buyers and sellers. We’re excited to be launching our capability, and have a great team of experienced underwriters who are able to speedily respond to clients’ needs, thereby minimising execution risk.”

“The skills and depth of experience of the CFC team means that we can deliver the right solution from the word go. We take a pragmatic approach and review each and every opportunity on its merits to create a bespoke policy that offers effective protection which both the client and broker can have confidence in.”

CFC has the capacity to offer limits up to US$30 million/£20 million/AU$40 million/€25 million, respectively.

CFC launches new product recall suite

CFC launches new product recall suiteSpecialist lines underwriting agency CFC today announces the launch of its new suite of insurance products for the product recall market.

This follows the appointment last year of Natasha Catchpole as the Crisis Management Practice Leader and the subsequent recruitment of George Beattie from Willis.

Commenting on the launch of CFC’s new product suite, Natasha says: “I joined CFC in order to create a suite of recall products that really advance the market. Current products are often unclear and fail to address the issues faced in today’s modern manufacturing and distribution businesses. I’m really proud of what we’ve produced and looking forward to sharing them with our partner brokers.”

Available globally, CFC’s suite of products is aimed at a wide variety of industries, from food and beverage, through to automotive component parts and consumer product industries.

Recognising the emerging risks faced by today’s modern businesses, some innovative features of CFC’s product suite include cover against recall events stemming from the hacking of automotive products, malicious product tampering caused by an electronic attack and failure of food and beverage products to meet religious specifications. Insureds will also benefit from access to CFC’s diverse range of crisis consultants available to provide specialist support depending on the individual recall situation.

Product recall coverage can be easily packaged together with any of CFC’s other insurance products to facilitate seamless and comprehensive risk coverage.

For more information, email ncatchpole@cfcunderwriting.com or call 0207 220 8500