FintechRisk+ provides financial services and technology liability, directors and officers (D&O) liability, theft, and cyber protection for fintech businesses in the UK and internationally, with coverage limits of up to USD $20 million. The policy includes enhanced business interruption (BI) coverage and several new cyber extensions, such as betterment, crypto-jacking, reward coverage, and telecom fraud.
UK policyholders also gain unlimited access to Markel’s Tax and Legal advisory services, which feature a 24/7 helpline for business and employment issues, debt recovery support, contract reviews, and consultancy on grants, funding, and R&D tax relief. Additionally, insureds can utilise Markel’s eRisk Hub for online cyber training and a cyber risk management toolkit to help manage their exposures.
Nick Rugg, Head of Fintech and Investment Management Insurance (IMI) at Markel, said: “Cyber and fintech risks have evolved rapidly since we introduced our original Fintech policy eight years ago. The rise of ransomware has created significant cyber security challenges, with businesses paying millions in ransom payments.”
He added: “It’s crucial that businesses have insurance providers who not only offer capacity but act as long-term risk management partners. We’ve enhanced our offering to fintech companies with broader coverage and value-added services, backed by Markel’s award-winning claims service and best-in-class underwriting.”
