CFC launches first FI policy
Written by staff reporter
CFC has launched its first insurance solution for financial institutions. The new Investment Management Insurance (IMI) policy is the first in a suite of products designed to address the challenging risk environment faced by investment managers.
IMI brings together the traditional cover that investment managers require with comprehensive cover for emerging risks including cyber and kidnap and ransom.
Cover is provided for management liability, professional liability, crime, and regulatory investigations, and cyber coverage can be easily added on to protect against the financial impact caused by privacy and cyber crime. Additional D&O limits are also available for non-executive directors.
The IMI policy also offers global coverage as standard, so that companies are covered for claims made anywhere in the world.
Financial Institutions practice leader at CFC, Neil Beaton, said, “Financial institutions are not only changing how they do business by utilising technology in new and different ways, they’re also subject to significant regulatory burden and an increasing threat of cyber crime,” he added. “The insurance market has failed to adapt to these new exposures, so CFC is developing a modern, relevant suite of products that cater to the emerging risks that financial institutions face today.”
The new policy is aimed at hedge funds, long-only equity funds, private equity and venture capitalists, REITs and other property and real estate funds as well as registered investment advisors. It provides investment managers and financial institutions with a maximum