Markel Group launches FintechRisk+, covering fintech liability & cyber threats

Markel Group Inc., an insurance company renowned for its expertise in specialised insurance and risk management, has introduced its new FintechRisk+ insurance policy.

This move highlights Markel’s commitment to offering top coverage and service for fintech companies navigating a complex market.

The FintechRisk+ policy 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 up to USD $20 million.

It includes enhanced business interruption (BI) coverage and several new cyber extensions such as betterment, crypto jacking, reward coverage, and telecom fraud.

UK policyholders of FintechRisk+ will benefit from unlimited access to Markel’s Tax and Legal advisory services. This includes a 24/7 help line for business and employment issues, debt recovery support, contract reviews, and assistance with grants, funding, and R&D tax relief consultancy.

Additionally, insureds can utilise online cyber training and a cyber risk management toolkit through Markel’s eRisk Hub to 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 continued: “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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