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Welcome to the Easter edition of the CFC Broker Newsletter. Packed with product information, claims examples and news bites it will hopefully make for a “cracking” read….
| And the winner is.... |
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Congratulations to Endeavour Insurance Services who emerged as the eventual winners of our sixth annual CFC Pool Night, after a closely fought final with the Layton Blackham Group. |
| With over twenty-five teams taking part, and entrants from as far afield as Norwich and Canada, this year’s tournament field was one of the toughest yet. However, the absence of multi- |
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year champions, Windsor, opened a window of opportunity allowing Endeavour to claim the coveted title. |
| For those of you who had the misfortune of a few too many foul shots, we hope you have recovered from all the penalty Tequila and Zambucca shots! Thank you to all those who came along and we look forward to seeing you all back again next year. If you are feeling brave, please click here to see a few photos from the evening. |
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| BioSurance TM: CFC builds life sciences capability |
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We are pleased to announce the arrival of our new life sciences underwriter, Andrew Tamworth. Since joining us in January, Andrew has been developing our innovative new product suite, BioSurance™, and preparing for the product launch. |
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Initially targeting drug discovery companies and contract research organisations, BioSurance™ will be rolled-out across all the countries we currently do business. In the usual CFC style the product will be ‘blended’ to avoid gaps in cover, with the package including research stock and other property, business interruption, clinical trials, products and services liability and much more……Watch this space for the official launch later this month! |
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| Privacy Liability: US Payment Processor |
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When major discount retail chain TK Maxx was hacked in late 2007 it broke all records for data loss, with an estimated 50 million credit card details exposed to criminal gangs. It was not only the scale of the loss that broke new grounds, but also the subsequent liability claims, estimated to be over $40 million in total. |
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In January this year, however, this loss was dwarfed by a hack attack at America’s fifth largest payment processor, Heartland Payment Services. With over 100m card details exposed this was the biggest data breach in history. More than 500 individual financial institutions were affected by the loss, and eight banks and credit unions have already filed lawsuits against the company. |
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Perhaps most surprising of all is the fact that Heartland was certified to the highest level of PCI security compliance, meaning their systems were tougher to crack than Fort Knox. This highlights how exposed companies are in the new digital age, and the extent of potential liability for any company that is responsible for storing or processing credit card information.
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| With identity theft and credit card fraud on the increase, there is serious potential for further major privacy liability claims over the next twelve months. Any company responsible for holding sensitive personal data, from credit card information to medical records, is at risk. |
If you would like to learn more about our insurance solutions for this emerging risk please click here for a copy of our C&P brochure. |
Website: Download application forms and brochures
Our website has now been updated with all our new products. Application forms and brochures for each country are readily available for you to download, simply click here to learn more.
BIBA: Conference in Manchester
Come and visit us on stand E15 at the BIBA conference in Manchester on May 13th – 15th, where we will be more than happy to discuss our new products, potential business opportunities, and enjoy a few drinks. We look forward to seeing you there!
TECH Product: Featured in the Market
Lloyd’s latest edition of Market features our recently launched TECH product. Please click here to read the article in full.
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