Insurance broker Marsh in partnership with Validus Specialty, an underwriter of professional liability solutions, has rolled out a new financial and professional insurance solution to help American fintech companies manage their risks.
The news plan, Fintech Protect, provides financial protection against management, professional, employment, and cyber liability risks, and broad coverage for direct losses related to theft, computer crime, extortion, data breach, and technology failure.
Privately held firms operating in the established and emerging fintech space can avail the coverage up to $10m, available in primary, blended limits and excess capacity.
Marsh’s financial and professional insurance business (FINPRO), financial institutions practice leader Tom Orrico 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.
“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.”
Validus Specialty senior vice president of professional lines Cathy Cossu said: “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.”
Marsh operates as a wholly owned subsidiary of Marsh & McLennan Companies (MMC), which had posted annual revenue of over $14bn and employs about 65,000 colleagues across the globe.