The upgraded fintech policy will deliver a streamlined, full service product covering both the professional service and technology exposures by the evolving fintech sector.
It’s over three years since we launched our purpose-built policy for the fintech industry and those companies operating in it. It’s a sector that is rapidly developing and the fusion of technology services with financial services is only increasing. These overlapping risks cannot and should not be addressed separately so we felt it timely to refresh and enhance our proposition to create a full service product that addresses not only how today’s modern fintech businesses operate but the exposures they face. Hannah Durrant, Fintech Team Leader, CFC
CFC’s fintech insurance product now includes:
- Enhanced cyber cover including first party business interruption, unauthorised use of computer resources, hardware replacement costs and CFC’s award winning proactive threat intelligence and cyber incident response services
- Enhanced crime cover addressing social engineering and client fund theft
- Breach of contract cover addressing the gap that most forms have in respect of technology services
- Pre-investigation costs cover responding to official regulatory investigations, raids or onsite visits, or to product information to regulatory bodies
- Streamlined PI/E&O cover with fewer sub limits and comprehensive coverage including breach of contract cover
Durrant concludes: “Our team have spent a lot of time not only with existing fintech clients, but also canvassing the wider fintech community to truly understand their businesses and their risks they face. We believe our enhanced solution will benefit all fintechs, delivering a packaged product designed to meet all their cover requirements.”
To read more about CFC’s enhanced cover for fintechs here.
