CFC reveals retooled policies for tech, media organisations

CFC reveals retooled policies for tech, media organisations | Insurance Business Asia

CFC reveals retooled policies for tech, media organisations

Specialist insurance provider CFC has announced revamped policies for tech and media companies. The retooled policies provide comprehensive cover for the exposures these companies face and eliminate the need for multiple policies, CFC said.

“Technology has changed the way we communicate, how we share and consume information, how we work, how we entertain ourselves, even how we meet other people,” said Michael Brunero, head of tech, media and IP at CFC. “Tech and media companies themselves have changed, and a host of new businesses are emerging, from online influencers and vloggers to digital content creators. The exposures they face aren’t as clear-cut as they were even a decade ago, and yet our industry often continues to provide cover based on policies created over 20 years ago. These companies have a combination of exposures and are in need of one policy that can meet their varied needs.”

CFC’s revised policy workings cover a full range of exposures faced by these companies. Developments include:

  • Products and services liability: Modern tech companies may provide software and hardware products, advice and consulting services, and manual work such as installation. CFC’s new cover protects them from claims of financial loss to bodily injury or property damage that arise from the provision of those products and services.
  • IP infringement and defamation: The tech industry is an area of rapid growth and innovation, while the media and entertainment industry is driven by content creation – making IP infringement a very common risk. CFC’s new policies cover a host of IP infringement allegations, as well as allegations of defamatory material.
  • Comprehensive cyber cover: The new policies provide cover from CFC’s cyber team and include free access to its app, Response, which gives policyholders access to a range of proactive cybersecurity threat alerts, tools and services.
  • Subcontractors’ vicarious liability: Due to the extensive use of freelancers in the media sector, CFC now includes this cover as standard to ensure media businesses are protected if they are held liable for another’s mistakes.

Read next: CFC’s new tool reveals ransomware loss

“We’ve used our 20 years of experience and our expertise in emerging risk to design policies that cover the entire exposure spectrum for the modern tech and media companies of today and are proud to be at the forefront of changing the way the insurance industry provides cover that works for the digital world,” Brunero said. “The range of scale of these businesses is huge; they reach into every part of day-to-day life, and they’re only going to increase their reach as the world becomes increasingly digitalised. Our new wordings provide simple and sophisticated cover that allows for these businesses’ insurance needs to be seamlessly catered for under one policy that they can understand.”