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16th September, 2009
Just D&O it with CFC
Specialist lines underwriting agent, CFC Underwriting, is now including comprehensive management liability as a supporting cover across all its product suites including Biosurance™, Esurance™ and ProSurance™ ranges.
This is the first time that the underwriting agent has offered management liability cover but in the current climate, CFC has recognised that this is becoming an increasingly big exposure for the small and medium sized professional businesses which it specialises in.
Business Development Director Graeme Newman comments: "D&O is in the spotlight right now and while much of the current litigation is focused on financial institutions, it is likely that we're going to see wider fallout over the coming months. While the exposures for SMEs haven't necessarily changed, the sticky financial climate means that D&O is climbing up their priority ladder. Bosses who've always thought it'll never happen to me have seen others in the firing line and are feeling increasingly vulnerable."
Newman warns that some industry sectors are finding it harder than others to get quality cover at an affordable price. He explains: "In the life sciences industry - particularly firms discovering and developing new drugs - or those involved in early stage technology development are under-served by insurers in the current market. Few are willing to write D&O for this type of business. Our D&O has been designed to complement our existing product suites which include specific cover to meet the specialist needs and exposures of individual industry sectors such as life sciences."
CFC offers a modular policy structure which means that management is a natural extension of its professional indemnity and general liability offering. Cover can be tailored to the specific requirements of the business, and clients can be reassured that there are no exposures left by gaps between them. Cover is available exclusively through brokers.
Newman continues: "We pride ourselves on properly understanding clients' businesses, so our broker partners can be confident that they are providing the most appropriate cover with CFC policies. The addition of D&O means that they can now access a complete package of insurance for their clients."
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