CFC Delivers Business Intelligence Solutions for SMEs; Amwins SRU Introduces New Primary Construction Casualty Program

Specialist insurer CFC has announced the launch of a new extension to its Cyber Proactive Response cover, specifically designed for small- to medium-sized enterprises (SMEs). This innovative addition aims to address a critical gap in the insurance market by providing coverage for customer business interruption.

The customer business interruption feature responds to contingent business interruption (BI) events, offering essential protection for SMEs that may face financial losses due to a major customer canceling orders as a result of a cyber attack. This is particularly relevant in today’s digital landscape, where cyber threats can disrupt entire supply chains.

Scott Bailey, CFC’s Head of Global Cyber Underwriting, highlighted the significance of this coverage by referencing the cyber attack on Jaguar Land Rover (JLR). “The cyber attack suffered by Jaguar Land Rover demonstrated acute vulnerability in the supply chain because of dependence on one major customer whose business has effectively been shut down by cyber criminals,” he stated. “While unable to operate its own business as normal during the attack and recovery period, JLR was forced to cancel orders with its hundreds of suppliers, decimating the short-term fortunes of many of its small business providers.”

This customer business interruption coverage is available globally as an endorsement on CFC’s flagship cyber policy for SMEs, Cyber Proactive Response. Bailey emphasized that while the marketplace has primarily focused on businesses directly impacted by cyberattacks, insurers have not adequately addressed the exposure faced by small businesses when a customer falls victim to such attacks. “Until now,” he noted, “this gap has remained unaddressed.”

Although particularly beneficial for the manufacturing and wholesale/distribution sectors, which face clear supply chain risks, CFC’s customer business interruption cover is applicable across all industry sectors and geographic areas. This broad applicability ensures that a wide range of SMEs can benefit from this essential protection.

Amwins Special Risk Underwriters Launch Primary Construction Program

In another significant development, Amwins Special Risk Underwriters (SRU) has launched a primary construction program. This exclusive casualty solution is designed to provide brokers with greater flexibility in placing primary construction liability risks.

Mark Bernacki, chief underwriting officer at Amwins, commented on the initiative: “This new program is a natural extension of our strategy to bring differentiated casualty solutions to market that will complement our core specialty carriers in this class. By expanding our primary construction capabilities, we’re giving brokers another exclusive tool to help navigate increasingly complex placements without losing sight of underwriting discipline.”

SRU’s Primary Construction Casualty program is written on A+XV paper and offers multiple coverage options tailored to support a broad range of commercial construction risks. This launch not only enhances the offerings available to brokers but also solidifies SRU’s role as a strategic casualty partner within the broader Amwins platform.

Topics
New Markets
Construction
Casualty

Specialist insurer CFC has announced the launch of a new extension to its Cyber Proactive Response cover, specifically designed for small- to medium-sized enterprises (SMEs). This innovative addition aims to address a critical gap in the insurance market by providing coverage for customer business interruption.

The customer business interruption feature responds to contingent business interruption (BI) events, offering essential protection for SMEs that may face financial losses due to a major customer canceling orders as a result of a cyber attack. This is particularly relevant in today’s digital landscape, where cyber threats can disrupt entire supply chains.

Scott Bailey, CFC’s Head of Global Cyber Underwriting, highlighted the significance of this coverage by referencing the cyber attack on Jaguar Land Rover (JLR). “The cyber attack suffered by Jaguar Land Rover demonstrated acute vulnerability in the supply chain because of dependence on one major customer whose business has effectively been shut down by cyber criminals,” he stated. “While unable to operate its own business as normal during the attack and recovery period, JLR was forced to cancel orders with its hundreds of suppliers, decimating the short-term fortunes of many of its small business providers.”

This customer business interruption coverage is available globally as an endorsement on CFC’s flagship cyber policy for SMEs, Cyber Proactive Response. Bailey emphasized that while the marketplace has primarily focused on businesses directly impacted by cyberattacks, insurers have not adequately addressed the exposure faced by small businesses when a customer falls victim to such attacks. “Until now,” he noted, “this gap has remained unaddressed.”

Although particularly beneficial for the manufacturing and wholesale/distribution sectors, which face clear supply chain risks, CFC’s customer business interruption cover is applicable across all industry sectors and geographic areas. This broad applicability ensures that a wide range of SMEs can benefit from this essential protection.

Amwins Special Risk Underwriters Launch Primary Construction Program

In another significant development, Amwins Special Risk Underwriters (SRU) has launched a primary construction program. This exclusive casualty solution is designed to provide brokers with greater flexibility in placing primary construction liability risks.

Mark Bernacki, chief underwriting officer at Amwins, commented on the initiative: “This new program is a natural extension of our strategy to bring differentiated casualty solutions to market that will complement our core specialty carriers in this class. By expanding our primary construction capabilities, we’re giving brokers another exclusive tool to help navigate increasingly complex placements without losing sight of underwriting discipline.”

SRU’s Primary Construction Casualty program is written on A+XV paper and offers multiple coverage options tailored to support a broad range of commercial construction risks. This launch not only enhances the offerings available to brokers but also solidifies SRU’s role as a strategic casualty partner within the broader Amwins platform.

Topics
New Markets
Construction
Casualty