September 22, 2017 by Canadian Underwriter
CFC Underwriting announced on Friday that it has expanded its contingency insurance offering with the launch of a new event insurance package policy in Canada.
The new solution enables Canadian brokers to “deliver to their clients comprehensive event cancellation as well as general liability and property cover for the event all under one policy,” the London, United Kingdom-based specialist lines underwriting agency said in a press release. Also available on a standalone basis, the event cancellation component covers the costs associated with an event being cancelled, abandoned, postponed or relocated for reasons outside of the insured’s control, including the non-appearance of a participant.
The package solution provides limits of up to $10 million.
“When it comes to events, there are a lot of moving parts and a lot can go wrong if the unforeseeable happens,” said Matt Helm, contingency practice leader at CFC Underwriting. “Historically, brokers have had to pull a patchwork of policies together to provide their clients with comprehensive cover. That has changed with the introduction of our new event insurance policy.”
The product enables organizers to protect the financial investment of their event, including everything from agreements with spectators, staff and performer to building and contents damage, the release said.
Optional extras include cover for terrorism, adverse weather, earthquakes, communicable diseases and non-appearance.
CFC Underwriting is a Lloyd’s managing general agent specializing in developing and distributing insurance products for niche markets, including contingency, health & wellness, kidnap & ransom, marine piracy, medical malpractice, oil & gas contractors, product recall, terrorism and transaction liability. The MGA has clients in over 60 countries and is backed by 32 Lloyd’s syndicates.