Whether you are an established FinTech company or a new start-up, the right insurance and crisis management plan can mean the difference between the survival of your FinTech business, or financial disaster and reputational ruin.
Being within the financial services sector, professional liability is essential insurance and, for many, a compulsory regulatory requirement, whilst directors’ and officers’ insurance is key for attracting top management and personally protecting them. For FinTech businesses, which will have a combination of technology, money and personal data at their core, protection against cyber risks and theft is also an essential part of comprehensive cover.
The Insured should never underestimate the importance of your crisis management plan and the responses and actions in the immediate period after a cyber breach. They could be crucial for the survival of your company. Our Reinsurer (Markel) offers a single FinTech policy which deals with all these issues. The insurance provides over 100
FinTech companies that offer services such as banking, money transfer, trading, investments, lending and most recently Account Information Service Providers (AISPs) and Payment Initiation Service Providers (PISPs). The Payment Services Directive 2 andOpen Banking were implemented on the 13 January 2018. It’s vitally important for companies that wish to offer AISP or PISP services to have the rightinsurance policy to form part of their application to the FCA.
The FinTech policy provides the essential insurance cover needed for companies that wish to become authorised by the FCA to be able to offer these services.
For FinTech businesses, which will have a combination of technology, money and personal data at their core, protection against cyber risks and theft is also an essential part of comprehensive cover. This policy is primarily designed to cater to needs of the financial services sector.
FinTech policy comes with an option of selecting multiple covers in addition to the core cover for Professional Services:
Directors & Officers Liability, Cyber Liability & loss; Theft
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Insuring Clauses
This policy is designed to protect you, the Insured, against certain Liability and Loss that you may become exposed to during the course of your business activities. It covers certain Losses that you may suffer and Claims that may be made against you by your clients, customers or other third parties. The policy covers –
Professional Liability
Directors & Officers
Theft
Cyber Liability & Loss
Exclusions
- Asbestos
- Dishonest, Fraudulent, Criminal or Malicious Acts or Omissions
- Contractual Liability
- Market Fluctuations