Markel, the insurance operations within Markel Group Inc., announced the launch of its new FintechRisk+ insurance policy, underlining its long-term commitment to provide market-leading coverage and service solutions for fintech companies in an increasingly complex market.
Markel’s FintechRisk+ policy provides financial services and technology liability, directors and officers (D&O) liability, theft and cyber protection for UK and international fintech businesses with limits up to USD $20 million. The policy offers enhanced business interruption (BI) coverage, as well as several new cyber extensions, including betterment, crypto jacking, reward coverage and telecom fraud.
UK policyholders taking out FintechRisk+ will also have unlimited access to Markel’s Tax and Legal advisory services, which include a 24/7 help line for business and employment matters, debt recovery support, contract reviews, as well as help with grants, funding and R&D tax relief consultancy, among other benefits. In addition to those services, insureds can access online cyber training and a cyber risk management toolkit via Markel’s eRisk Hub, so they can manage their risk exposures effectively.
Nick Rugg, Head of Fintech and Investment Management Insurance (IMI) at Markel, commented: “Risks in the cyber and fintech markets have evolved rapidly since the inception of our original Fintech policy eight years ago. The pervasive issue of ransomware poses a significant problem for day-to-day cyber security where threat actors have netted millions in ransom payments from businesses who have fallen victim to their attacks.”
He elaborated: “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. That’s why we’ve been actively looking at ways to enhance our offering to fintech companies by providing both enhanced insurance coverage, as well as value-add services for our insureds, backed by Markel’s award-winning claims service and best-in-class underwriting.”
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