Markel launches specialised cyber coverage for FinTechs
Markel, a global specialty insurer, has launched a cutting-edge cyber insurance policy designed to cater to FinTech firms.
The offering, known as FintechRisk+, was developed to address the rapidly changing risks faced by FinTech companies, particularly in the areas of cyber threats and ransomware attacks.
As these threats evolve, businesses require not only financial protection but also robust risk management solutions.
Nick Rugg, head of FinTech and investment management insurance at Markel, commented on the news, “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.”
The policy provides comprehensive financial services and technology liability coverage, along with directors and officers (D&O) liability, theft, and cyber protection.
With coverage limits of up to $20m, this policy is designed for both UK and international FinTech businesses. In addition, it includes enhanced business interruption (BI) coverage and several new cyber-related extensions, such as betterment, crypto-jacking protection, reward coverage, and telecom fraud protection.
UK policyholders will benefit from unlimited access to Markel’s Tax and Legal advisory services, which provide a 24/7 helpline covering business and employment matters, debt recovery support, contract reviews, and assistance with grants, funding, and R&D tax relief consultancy.
FintechRisk+ also offers insureds access to online cyber training and a risk management toolkit through Markel’s eRisk Hub, designed to help businesses manage their cyber exposures effectively.
The policy reflects Markel’s proactive approach to addressing emerging threats in the FinTech and cyber security sectors.
The addition of value-added services, backed by Markel’s award-winning claims service and best-in-class underwriting, reinforces the company’s position as a trusted partner for FinTechs in the UK and beyond.
“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,” Rugg concluded.
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