CFC to Expand Coverage to FinTechs with Package Policy

August 28, 2020

CFC, a specialist insurance provider of emerging risks, has expanded its suite of products for financial institutions with the launch of a new product built specifically to cover the risks faced by organizations operating in the fintech space.

According to CFC’s financial institutions practice leader, Neil Beaton, the new product includes a range of essential insurance lines that fintech companies need in one package.

The coverage includes E&O, covering both aspects of financial and tech liability, D&O, crime, cyber and EPL and can tailor the definition of professional services as the companies expand and converge traditional financial services. Policies cover claims made anywhere in the world as standard.

Additional D&O limits are available to cover non-executive directors from personal liability arising from the operations of the organization.

The CFC cyber extension can help protect against the financial impact caused by privacy and cyber events and provides access to an incident response team should crisis strike.

CFC’s policy provides also includes protection against a claim brought against a fintech as a result of any error or admission by a sub-contractor they engage.

CFC offers a range of commercial insurance products built for emerging risks. It is headquartered in London and serves more than 100,000 businesses in over 80 countries.

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