Marsh has released a new professional insurance solution designed to address the various risks that US-based fintech companies face.
Developed in collaboration with professional liability solutions underwriter Validus Specialty, the new FINTECH Project offers comprehensive financial protection against management, professional, employment, and cyber liability risks, as well as broad coverage for direct losses associated with theft, computer crime, extortion, data breach, and technology failure.
The coverage is available to privately held firms operating in the established and emerging fintech space. This includes those companies backed by venture capital and private equity funds, with up to $10 million in primary, blended limits and excess capacity available.
“Fintech companies face increasingly complex risks from several sources, including investors, clients, regulators, competitors, and extortionists, as well as those associated with computer crime, data breaches, and technology failures,” said Marsh FINPRO financial institutions practice leader Tom Orrico. “With FINTECH Protect, we are enabling fintech firms to manage risk early in their financing cycle, with a simplified, comprehensive, and cost-efficient insurance solution.”
Validus Specialty senior vice-president of professional lines Cathy Cossu added: “Traditional insurance policies do not adequately address the complex and varied risks faced by fintech firms. Working with Marsh, we’ve challenged industry norms by crafting an innovative and market-leading solution specifically tailored to address these complex risk management needs.”
