Marsh partners with Validus to launch new US fintech policy
Insurance broker and risk management firm Marsh has collaborated with professional liability specialist Validus Specialty to launch a new financial and professional insurance solution designed to manage US-based fintech companies’ growing risks.
Fintech Protect is a comprehensive solution that offers financial protection against management, professional, employment, and cyber liability risks, and broad coverage for direct losses associated with theft, computer crime, extortion, data breach, and technology failure.
The coverage is available to privately held firms operating in the established and emerging fintech space, including those backed by venture capital and private equity funds, with up to $10 million in primary, blended limits and excess capacity available.
Presently, fintech companies have to piece together multiple policy forms and insurers to offer full coverage, which often results in gaps in coverage, higher costs, and unfavorable claims experiences.
Traditional insurance forms designed for either the financial or technology industries do not effectively address the full scope of these risks, Marsh said.
“Fintech companies face increasingly complex risks from several sources, including investors, clients, regulators, competitors, and extortionists, as well as those associated with computer crime, data breaches, and technology failures,” said Tom Orrico, Financial Institutions Practice leader within Marsh’s financial and professional insurance business (FINPRO).
“With FINTECH Protect, we are enabling fintech firms to manage risk early in their financing cycle, with a simplified, comprehensive, and cost-efficient insurance solution.”
Cathy Cossu, senior vice president of professional lines at Validus Specialty, added: “Traditional insurance policies do not adequately address the complex and varied risks faced by fintech firms. Working with Marsh, we’ve challenged industry norms by crafting an innovative and market-leading solution specifically tailored to address these complex risk management needs.”
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