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26th November, 2004
CFC appointed as the excusive provider of Cyber Liability insurance to BIBA's members
CFC Underwriting has been appointed to the BIBA Schemes portfolio as the exclusive provider of cyber liability insurance.
Graeme Trudgill, Technical Services Officer at BIBA comments: "The development of the BIBA Schemes portfolio means that our members are far less likely to have to turn a client away and can offer them a product which they know has been thoroughly vetted. An approved cyber-liability product is a valuable new addition, particularly at a time when businesses are becoming more and more dependent upon the use of email and Internet connectivity - and so exposed to greater risks from malicious attacks on their systems."
CFC's Managing Director, David Walsh, goes on to say: "According to the DTI, UK businesses are increasingly pessimistic about the future outlook for information security breaches. With the softening in general market conditions, there is a real opportunity for brokers to create a profitable new revenue stream while providing their clients with a product that adds real value to their insurance portfolio."
CFC will be providing its award-winning Esurance™ product filling the void created by traditional insurance policies that do not cover e-risks. Cover includes claims made by third parties and employees, as well as losses a business may incur itself. For example, if a company suffers a bad virus attack, Esurance™ can provide cover in four ways:
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paying the costs of expert IT or forensic consultants to repair systems and restore data
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reimbursing lost revenue as a result of system downtime
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paying legal costs and any damages awarded against the company if a third party holds that company responsible for their losses
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covering the costs of a PR consultancy to minimise damage to the company's reputation
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And for their SME clients, BIBA members can take advantage of Club Esurance™, designed to be affordable for smaller businesses with premiums starting from as little as £750 for comprehensive cover of up to £250,000.
With a network of intermediaries in over 20 countries around the world, CFC underwrites niche products for the UK, European, North American and Australasian markets.
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