Friday, November 24, 2017

Markel launches fintech insurance in Singapore

Markel International has unveiled a fintech policy offering comprehensive protection for businesses in the financial technology sector in Singapore, having successfully launched it in the UK early last year.

The product that will offer protection for policy limits up to a maximum of US$10 million and comes with three additional options for cover, building on the core professional indemnity section, to protect clients against their key exposures.

“Our focus is to provide a broad coverage, and so we have modelled our policy to be packaged together in a single cover so that it is more holistically beneficial to our customers,” said Simon Moi, senior underwriter and head of professional and financial risks at Markel International Singapore. “This is the first time these protections are offered in this manner.”

The three additional perils are directors’ and officers’ liability, theft (which covers against the stealing of money or other financial instruments, through both electronic and non-electronic means, including through extortion) and cyber liability and loss.

 

 

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