11th September 2017/ CFC NEWS
CFC launches new insurance solution for US-based eHealth companies
Specialist lines underwriting agency, CFC Underwriting, today announces the launch of a brand new insurance solution for US companies and individual practitioners who provide telemedicine and other eHealth services.
In what is believed to be a first for this industry sector, CFC’s new policy provides affirmative coverage for bodily injury arising from both the advice companies and practitioners provide as well as bodily injury arising from technology failures and cyber incidents.
Timothy Boyce, CFC’s US Healthcare Team Leader, says: “Practitioners and companies operating in the eHealth space often bridge both the healthcare and technology sector meaning that they are open to a wide range of risks. In particular, as technology advancements continue to play a more crucial role in how healthcare is delivered, monitored and addressed, the potential problems these companies face from cyber events and system outages is very real. That’s why we’ve developed a policy which truly addresses the eHealth industry’s unique risk profile.”
CFC has tailored cyber and privacy cover in this new policy to address eHealth companies’ specific cyber exposures. As well as a separate section for extortion to address the growing threat of ransomware, CFC’s policy also covers HIPAA-related fines, penalties and resolution agreements. Cyber incident response services are offered with a nil deductible as standard.
Other features of the new offering include automatic coverage for physicians and practitioners, a separate section for technology E&O, breach of contract cover, and failure to perform cover for wearables and self-monitoring healthcare devices that have been manufactured or distributed by the insured.