CFC, the specialist insurance provider, pioneer in emerging risk and market leader in cyber, announced today the launch of a new product designed to bring peace of mind to a wide range of organisations across North America.
CFC’s new Safeprotect Misconduct Liability (SML) offers broad sexual abuse and molestation coverage in the event of a wrongful act committed by an employee of an insured entity against a third party or in the event of failure to supervise.
To lead this new line of business, CFC has recruited Lee Abraham as Senior SML Underwriter. Abraham brings two decades of experience as a specialist in employment practice liability and sexual misconduct liability. He grew and managed a portfolio of over $50m at Tysers, finding innovative ways to create programme opportunities for both small groups of risks as well as larger organisations who required more than a standard SML policy.
“Whether a result of more open public discourse around sexual misconduct creating a more supportive environment for victims to come forward, or new protections and legislation to ensure accountability for employers, reports and claims of sexual misconduct in North America have undoubtedly increased over recent years,” said Abraham. “More businesses are contractually obligated to have cover against these events, yet there has been a real lack of capacity in the insurance industry to deliver solutions that are fit for purpose.
Our new SML product has been built on our strong understanding of what organisations across North America need – in particular in the education and healthcare sectors – and our desire to combine our insurance expertise with leading risk management and response services to help these businesses assess, prevent and respond to potential abuse risks. Lee Abraham , Senior SML Underwriter
A significant area of CFC’s new SML proposition is its partnership with a global expert in abuse prevention and crisis response, Praesidium. Policyholders will have access to high quality background screening for their employees, assistance and advice with company policies and procedures as well as live and recorded webinars from professionals on abuse prevention.
Other key areas of CFC’s SML cover include:
- Broad standalone coverage on a claims made and reported basis, with excess coverage available on a non-follow form to all US and Canadian territories on a worldwide basis
- Costs of retaining specialist public relations consultants to counter reputational damage from any negative media attention
- Costs incurred attending court, tribunals, adjudication, mediation or other hearings in connection with any claim
Abraham continued: “CFC has built a reputation for developing innovative insurance products for new and emerging risks, but equally for challenging the status quo in more traditional lines of business to create smarter solutions – especially in under-served markets. Our SML cover brings real peace of mind to many organisations across North America, knowing they have expert support to lean on should the worse happen.”
Full details of CFC’s new SML product including premium, limits and deductibles can be found here.
