CFC enhances fintech insurance coverage

CFC, an insurance provider 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, comprehensive solution that addresses both professional service and technology risks faced by today’s 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,” commented Hannah Durrant, Fintech Team Leader at CFC.

“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.”

“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.”

CFC’s latest offering in the fintech insurance domain includes several improvements, such as:

• Upgraded cyber protection, now encompassing first-party business interruption, unauthorised computer resource usage, hardware replacement expenses, and CFC’s acclaimed proactive threat intelligence and cyber incident response services.
• Enhanced crime protection, specifically targeting social engineering schemes and client fund embezzlement.
• Inclusion of breach of contract coverage, addressing a common oversight in most policies regarding technology service liabilities.
• Coverage for pre-investigation costs, catering to official regulatory inquiries, raids, on-site inspections, or disclosure of product information to regulatory bodies.
• Simplified professional indemnity/errors and omissions coverage, featuring reduced sub-limits and extensive protection, including breach of contract indemnification.