October 24, 2017 by Canadian Underwriter
London-based CFC Underwriting is looking to beef up protection against the emerging risks that technology companies around the world face with the launch of a revamped insurance proposition.
“The risks faced by tech businesses are changing as rapidly as technology itself and insurance policies have to evolve to reflect this,” Matthew Taylor, head of emerging risk for CFC Underwriting, says in a company statement Tuesday.
A Lloyd’s managing general agent specializing in developing and distributing cutting edge insurance products for niche markets, CFC Underwriting reports the revamped product adds a number of valuable cover elements to protect the companies from “the emerging risks that they face in the running of their businesses.”
The enhancements “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 company statement explains.
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Policyholders have access to CFC Underwriting’s cyber cover, which includes comprehensive cyber crime and access to the MGA’s internal cyber incident response team with a nil deductible.
The product “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,” the statement adds.
“Our revamped product delivers next-generation cover for next-generation companies,” Taylor emphasizes, adding that CFC Underwriting’s broker partners and their clients were consulted to ensure the offering provides “technology companies a well-rounded policy that truly meets their needs.”