Fintech
CFC Strengthens Fintech Insurance Coverage
CFC, an insurance company known for emerging risks in the cyber insurance market, has announced a significant update to its fintech insurance coverage.
This revamped offering, available in the UK, Canada and Australia, provides a streamlined and comprehensive solution that addresses both the professional services and technology risks faced by today’s fintech sector.
“It has been more than three years since we launched our targeted policy for the fintech sector and the companies operating in it. It is a rapidly developing sector and the fusion of technology services with financial services is only increasing,” commented Hannah Durrant, Fintech Team Leader at CFC.
“These overlapping risks cannot and should not be addressed separately, so we felt it was appropriate to update and enhance our proposition to create a full-service product that addresses not only how today’s modern fintech companies operate, but also the exposures that they have to face.”
“Our team has spent a lot of time not only with existing fintech customers, but also surveying the broader fintech community to truly understand their businesses and the risks they face. We believe our advanced solution will benefit all fintechs by offering a packaged product designed to meet all their coverage needs.”
CFC’s latest offering in the fintech insurance sector includes numerous improvements, including:
- Enhanced cyber protection, now including first-party business interruption, unauthorized use of computing resources, hardware replacement expenses, and acclaimed proactive threat intelligence and cyber incident response services of CFCs.
- Increased protection from crime, specifically targeting social engineering schemes and misappropriation of client funds.
- Inclusion of coverage for breach of contract, addressing common oversight in most technology services liability policies.
- Covering pre-investigative costs, handling official regulatory requests, raids, on-site inspections or disclosing product information to regulatory bodies.
- Simplified professional/errors and omissions indemnity coverage, with reduced sublimits and expanded protection, including compensation for breach of contract.
