CFC’s large corporate clients can now access cover for property damage caused by a cyber event.

The new offering applies to CFC’s $50 million large-line-size cyber product.

Corporate cyber practice leader Andrew Prendergast says property insurers increasingly exclude cyber events, creating a gap that CFC is addressing.

“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,” he said.

CFC made the change after “listening to what our broker partners need to serve their clients best”, he says.

Large corporate physical damage requirements are often far greater than those for non-physical cyber exposure, Mr Prendergast says, and there is a “need for the cyber market to offer meaningful capacity to clients to remain relevant”. 

London-based CFC has offices in Australia, across Europe and in North America.