Specialist lines underwriting agency, CFC Underwriting, has launched prize indemnity and over-redemption policy products. The new coverages come from CFC’s recently established contingency team and follow the appointment of Matt Helm as Contingency Practice leader last year.
“Prize competitions and coupons or free product offers have become an increasingly valuable marketing tool for a huge range of companies, both on and offline. As a result, the contingency market is rapidly growing and there is real potential for brokers to develop profitable business in this arena. However, in my view, many have been constrained or put off by the lack of innovation and low limits,” said Helm.
Helm said CFC is offering a fresh approach and new capacity for brokers looking to grow their presence in this line of business.
Both policies offer up S$30 million and capacity is provided by Lloyd’s of London. The prize indemnity policy covers everything from hole in one and other sports skill competitions to conditional rebates and lotteries. The over-redemption policy, by contrast, covers on pack and in store promotions, electronic and paper coupons, loyalty schemes and more.
CFC Underwriting is a Lloyd’s MGA specializing in developing and distributing insurance products for specific niche markets. Based in London, CFC has clients in over 68 countries around the world and is backed by 26 Lloyd’s Syndicates.
Source :http://www.insurancejournal.com/news/national/2015/03/16/360651.htm
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