Large corporate clients of specialist insurer CFC will from today be able to access physical property damage caused by a cyber event.

CFC's cover has a single aggregate limit of £25m for physical and non-physical cyber cover combined.

Commenting on the new addition, Andrew Prendergast, corporate cyber practice leader at CFC, said: “It’s clear that in a world where computers are used to run more and more physical processes in the likes of the manufacturing and energy sectors, there is increasing need for property damage cover as part of a cyber policy.”

Prendergast said this latest development brings “much needed choice and capacity” for clients with coverage gaps.

“Property insurers are increasingly looking to exclude cyber events, creating a coverage gap for clients that we are addressing,” he added. “The physical damage limits required by large corporates are often far in excess of those needed for their non-physical cyber exposure. Therefore, there is a need for the cyber market to offer meaningful capacity to clients to remain relevant.”

CFC has been writing large corporate cyber business for over a decade.

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