Validus launches fintech policy to close coverage gap

Validus Specialty Underwriting Services has launched a new policy tailored for private US fintech companies.

The solution is designed to address fintech’s complex risk management needs, which are traditionally underserved by incompatible and inadequate policy forms, the company said.

The Validus Fintech policy offers a suite of coverage and protection with the ability to include directors and officers (D&O), errors & omissions (E&O), employment practices liability (EPL), fiduciary, cyber, and crime, the company said.

“With this innovative product, we’ve eliminated the gaps in coverage for fintech companies,” said Validus Specialty’s senior vice president of professional lines Cathy Cossu. “Our unique ‘open architecture’ underwriting platform allows for greater collaboration and a nimbler, solutions-oriented approach. This empowered our professional lines team to challenge industry norms and craft an innovative policy tailored squarely to fintech’s unique professional and technology exposures. It’s market leading.”

Sebastian Alia, underwriting counsel, added: “The policy seamlessly integrates a technology products failure trigger of coverage within all financial E&O insuring agreements, addressing the E&O exposures presented by fintech platforms.

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