Today we’re pleased to announce the newest version of our cyber insurance product for US healthcare providers. With the latest policy, CFC enhances its combined cover for privacy and operational disruption with industry-specific features to help healthcare organizations prepare for and respond to cyber incidents as well as comply with industry regulations.
“While most healthcare providers are aware of their privacy and data breach exposures, they can easily overlook cover for operational disruption. The unprecedented increase in malware attacks has shown that operational exposures must be addressed – in fact, we’re now seeing the costs of operational disruption and rebuilding far exceed what a large-scale privacy breach might cost the same entity,” said CFC Cyber Product Leader, James Burns. “Our stand-alone cyber product for the US healthcare sector is tailored to their unique risks, helping limit the impact of a cyber incident on their organization.”
CFC’s latest cyber insurance product addresses the exposures and regulatory requirements unique to US healthcare organizations and ensures that core elements of cover are available each time a crisis strikes, even if a policyholder experiences multiple cyber incidents in the same policy period.
Unlike most cyber insurance products, CFC’s cyber policies offer the provision of first party cover on an “each and every claim” basis and don’t restrict policyholders with policy aggregates. Additionally, CFC’s cyber offering for US healthcare providers is one of the only available cyber products to include cover for HIPAA corrective action plans and cover for bodily injury resulting from a cyber attack alongside cover for the costs associated with improving risk management controls following a breach, system repair costs and incident response costs in addition to the limit.
Burns adds: “CFC offers a market-leading cyber insurance product backed by a global response capability which ensures our policyholders not only have comprehensive cover, but that they can recover quickly from cyber incidents.”
CFC has the largest dedicated cyber underwriting and claims team in the London market. Learn more about CFC’s Cyber for Healthcare insurance offering, or read the CFC cyber blog.
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.
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.