Markel has announced the launch of its new FintechRisk+ insurance policy, which aims to offer comprehensive coverage solutions for fintech companies in an increasingly complex market environment.
The FintechRisk+ policy provides a range of coverages, including financial services and technology liability, directors and officers (D&O) liability, theft, and cyber protection for fintech businesses in the UK and internationally.
The policy offers coverage limits of up to $20 million and includes enhanced business interruption (BI) coverage, along with several new cyber-related extensions, such as betterment, crypto jacking, reward coverage, and telecom fraud.
UK-based policyholders will also have access to additional services through Markel’s Tax and Legal advisory offerings, which include 24/7 support for business and employment matters, debt recovery assistance, and contract reviews. The services extend to grants, funding, and R&D tax relief consultancy.
Additionally, insureds will have access to Markel’s eRisk Hub, which provides online cyber training and a cyber risk management toolkit to help businesses manage their exposures effectively.
Nick Rugg (pictured above), head of fintech and investment management insurance at Markel, noted the evolving risks in the fintech and cyber markets.
“Risks in the cyber and fintech markets have evolved rapidly since the inception of our original Fintech policy eight years ago," Rugg said. He highlighted the growing threat of ransomware, where cybercriminals have extorted millions in ransom payments from businesses.
Rugg added that it is critical for businesses to have insurance providers that not only offer coverage but also serve as long-term risk management partners.
“We believe that it's more important than ever, businesses have insurance providers who not only deploy capacity, but also act as trusted, long-term risk management partners when it comes to the identification and mitigation of risk," he said.
He emphasized that Markel has been enhancing its offering for fintech companies by providing both improved insurance coverage and value-added services, supported by the company’s claims service and underwriting expertise.
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