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.
View the product leaflet here.
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.”
Today, we’re happy to announce that we have increased the available limits of our transaction liability insurance product suite across all territories.
We now have the capacity to offer limits up to $50m in North America, £30 million in the UK, €35 million in Euro zone countries and AU$50m in Australia.
Matthew Giddings, Transaction Liability Practice Leader, says: “Transaction liability insurance continues to gain traction with an increasing proportion of M&A deals using this type of cover as both a risk management and deal facilitation tool.
“CFC’s transaction liability practice has enjoyed a strong first trading period. Our focus on service, the experience of our underwriters and our ability to leverage other CFC specialisms such as cyber, intellectual property and product recall make us an attractive market. The increase in our capacity is an endorsement of our proposition in this fast-growing and competitive sector. We’re positive about the future and look forward to building on the success of our first year throughout 2017.”
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 world.
We are incredibly proud to announce that CFC Underwriting was named Digital/Cyber Risk Insurance Provider of the Year at the Commercial Insurance Awards hosted by CIR Magazine in London last night.
We also went on to win the ultimate accolade of the evening, being named the Overall Winner.
Now in their third year, the Commercial Insurance Awards are the showcase for excellence within commercial insurance. In winning the Digital/Cyber Risk Insurance Provider of the Year category, CFC was recognised for having delivered the best digital risk offering in the market over the last year.
CFC’s Cyber Practice Leader, Vicky Paxton, says: “The cyber team is overwhelmed to have won this award. We’ve made a huge investment in cyber this year and it’s been a real team effort across products, claims, marketing and underwriting. To have been recognised by the judges for setting the standard in this vital area of coverage is testament to the passion our company has for this emerging class of insurance. We are incredibly proud and it will spur us on to continue to drive forward its development and innovation.”
Designed to make targeting miscellaneous professional business an attractive proposition for brokers, PRO offers a quick and easy buying process for most small and medium-sized professional risks and our team is also happy to consider very specialist or unusual professions, from health and safety consultants to bookkeepers.
In addition to professional indemnity, PRO offers a comprehensive office package including general liability, employers’ liability, business interruption and property cover. Full civil liability coverage is provided with unambiguous cover for breach of a client contract and there’s specific protection for breach of intellectual property rights along with virus and hacking liability cover.
To learn more about what PRO has to offer, or to request a brochure or application form, click here to email our Senior Professions Underwriter, Simone Palmiero.