CORRECTED-CFC launches new cyber solution for mid-market firms

By Aidan Gregory

April 2 - (The Insurer) - UK specialty carrier CFC has launched a cyber offering with more than 30 enhancements to its existing terms and conditions for cyber policies and the removal of six exclusions.

In a statement on Wednesday, CFC said the new Cyber Proactive Response (CPR) product gives clients with revenue of up to 250 million pounds ($324 million) access to unlimited restatements, with zero excess.

CPR will also offer policyholders the option to pay one deductible regardless of how many cyber events occur during the life of the policy. This is intended to “remove the burden” for policyholders by capping how much they will have to pay, according to James Burns, global head of cyber at CFC.

CFC said it will also offer contractual guarantees in its policy wording for proactive cyberattack prevention services.

The insurer added that it has removed six exclusions from its new cyber product and introduced 30 enhancements.

CFC said these enhancements include interim payments for business interruption, income loss from lost or missed bids, affirmative coverage for AI events, theft of physical goods and invoice manipulation, full system failure coverage, emergency continuity costs and contingent bodily injury coverage.

The insurer has around 80,000 cyber policyholders in 65 countries, with around 2,000 claims a year.