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Specialist insurer CFC announced a new cyber product – Cyber Proactive Response (CPR) – aimed at businesses with revenues up to $250 million.

CFC said the new product includes two firsts for the cyber insurance industry. Policyholders will not only have access to unlimited reinstatements, but will be offered them with no deductible. CFC said it will also offer the option to only pay one deductible, no matter how many cyber events policyholders have within the policy term.

“It’s been the norm for cyber insurers to cap what they will pay by aggregating the limit available under the policy while uncapping what an insured might have to pay, by making the deductible applicable to every single claim,” said James Burns, CFC’s global head of cyber. “But in a world where it’s increasingly possible to suffer a cyber event multiple times throughout the life of a policy, we want to reverse that dynamic and remove the burden for insureds by capping the amount they will have to pay.”

In another cyber insurance first, according to CFC, proactive cyberattack prevention will be contractually provided within the policy wording – in a response to broker demand.

30 coverage enhancements and removes six exclusions to make what Burns called “the most accessible cyber insurance policy available in the global market today.” The enhancements include:

• Interim payments for business interruption
• Income loss from lost or missed bids
• Affirmative coverage for AI events
• Theft of physical goods and invoice manipulation
• Full system failure coverage
• Emergency continuity costs
• Contingent bodily injury coverage

“While CFC has a track record of accepting 99% of all cyber claims, we want our clients to have complete confidence that we will be there for them at that critical moment when an incident strikes,” Burn added. “CFC is on a mission to try and remove as many exclusions as possible from all our policies, and we’ve struck six from this new cyber product.”

Topics Cyber