CFC, the specialist insurance provider, pioneer in emerging risk and market leader in cyber, today announced a valuable new addition to its large line size cyber product.
Large corporate clients can now access physical property damage caused by a cyber event.
“We’ve been writing large corporate cyber business for over a decade now and offer one of the most holistic cyber offerings in the market, with one of the largest line sizes available. However, we are constantly looking at how we can evolve our coverage to better support large enterprises as their risk environment changes, and listening to what our broker partners need to serve their clients best, ” said Andrew Prendergast, Corporate Cyber Practice Leader at CFC.
It’s clear that in a world where computers are used to run more and more physical processes in the likes of the manufacturing and energy sectors, there is increasing need for property damage cover as part of a cyber policy. Andrew Prendergast, Corporate Cyber Practice Leader at CFC
He continued: “Property insurers are increasingly looking to exclude cyber events, creating a coverage gap for clients that we are addressing. The physical damage limits required by large corporates are often far in excess of those needed for their non-physical cyber exposure. Therefore, there is a need for the cyber market to offer meaningful capacity to clients to remain relevant. The addition of property damage to our large corporate cyber proposition brings some much needed choice and capacity, further strengthening our already comprehensive product offering.”
Benefits of CFC’s large line size cyber product include:
- Standard non-physical cyber line of $30M with new option to bolt-on physical cyber cover
- Proactive cyber attack prevention using threat intelligence insight to alert customers
- Nil deductible on initial incident response costs
- Full retroactive cover with a discovery-based trigger
- Broad all non-physical perils business interruption cover
- Ability to provide comprehensive contingent business interruption cover extending to all types of supply chain partners
- Pre and post loss reinstatement options
- Largest in-house incident response and dedicated claims team in the market with experience of preventing and remediating thousands of cyber events every year
For more information about CFC’s new property damage bolt-on option, click here.
