Markel launches £10m financial technology policy

Markel International, the specialist insurer, has launched a policy offering comprehensive protection for businesses in the rapidly growing financial technology sector.  Fintech includes a wide range of businesses, such as trading platforms, forex platforms and peer-to-peer crowdfunding sites.  The single policy covers professional liability, directors’ and officers’ liability, theft and cyber liability protects clients against key risks. A 24/7 crisis management response service and regulatory investigation costs coverage is also included. The policy offers limits of up to £10 million for each of the coverage options. Markel’s fintech policy is built around a core professional liability cover, offering civil liability protection against claims and related costs from clients or third parties, including bad advice, poor servicing or programming errors. Coverage also extends to the costs involved when sensitive documents or data is lost. Director’s and officers’ liability cover protects against claims of mis-management, which could be brought by shareholders, employees, creditors or regulators. The theft option covers the insured against the stealing of money or other financial instruments, through both electronic and non-electronic means, including through extortion. It will also cover the cost of rectifying computer systems following a theft. Cyber liability and loss cover provides protection if the insured suffers a network security incident, such as a hack, denial of service attack, or a computer virus, and will also cover business interruption losses arising from such an incident. This section includes cover for the cost of rectifying computer systems following a network security incident.  Martin McCarron, head of financial institutions at Markel International, said: “The financial technology sector is rapidly growing and the UK is leading the way. Whilst coverage is available for the wide range of risks to which this industry is exposed, this the first time these protections have been packaged together in a single cover.  “In addition this comes with a 24/7 emergency response service that is vital in preventing a claim turning into a catastrophe for a fintech company. Professional handling of a breach can mean the difference between the survival of a business and its failure.”