London-headquartered CFC Underwriting, which serves over 70,000 businesses in more than 80 countries, has unveiled its cyber excess proposition.
Available globally, the new offering caters to firms with up to $1 billion in revenue and features access to as much as $10 million of excess cyber capacity. The coverage provides an automatic reinstatement of the excess limit as standard, helping to ensure policyholders are protected against the increasing likelihood of multiple cyber events during a single policy period.
“As cyber risk has become more pronounced and the severity of losses has gotten worse, organisations have been proactively buying increased limits on their cyber policies,” noted CFC cyber product leader James Burns.
“By providing a solution which gives clients not only the additional limit they need but also an additional reinstatement of that limit in case the worst does happen again, we are ensuring ultimate peace of mind in an increasingly perilous cyber landscape.”
Other policy benefits include so-called “dropdown” coverages such as Side A cover for lawsuits against directors and officers; up to $1 million of primary cover for theft of funds of senior executive officers; and a top-up of the primary limit for wire transfer fraud.
Policyholders also have complimentary access to the managing general agent’s full suite of cyber risk management tools that can be used alongside those supplied by the primary insurance provider.
“I believe this new excess solution gives our customers a simple and cost-effective way to address the risk of the growing frequency and severity of cyber-related losses,” added Burns.