CFC revamps dedicated coverage for fintechs

CFC revamps dedicated coverage for fintechs | Insurance Business Canada

Insurance News

CFC revamps dedicated coverage for fintechs

Cyber cover now includes first-party business interruption

Insurance News

By
Kenneth Araullo

Specialist insurer CFC has announced a significant update to its fintech insurance cover in the UK, Canada, and Australia.

The revised product aims to provide comprehensive coverage for both professional service and technology risks faced by the evolving fintech sector.

The updated product includes several key enhancements. The cyber cover now includes first-party business interruption, unauthorised use of computer resources, hardware replacement costs, and CFC’s proactive threat intelligence and cyber incident response services.

Crime cover has been enhanced to address social engineering and client fund theft. Breach of contract cover now addresses gaps related to technology services. Pre-investigation costs cover is included to respond to official regulatory investigations, raids, onsite visits, or product information requests from regulatory bodies.

Professional indemnity (PI) and errors and omissions (E&O) cover has also been streamlined, reducing the number of sub-limits and providing coverage including breach of contract cover.

“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,” CFC fintech team leader Hannah Durrant said.

“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,” Durrant explained

“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,” Durrant said. “We believe our enhanced solution will benefit all fintechs, delivering a packaged product designed to meet all their cover requirements.”

CFC, headquartered in London, has offices in New York, San Francisco, Austin, Toronto, Brussels, Sydney, Melbourne, Perth, and Brisbane. The company serves more than 150,000 businesses in 90 countries.

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