Markel unveils tech, cyber and D&O liability clauses for insurtech firms
By Rebecca Delaney
June 11 - (The Insurer) - Markel has launched a package of four clauses for insurtech businesses, spanning insurance services and technology liability, D&O, crime and cyber liability.
The InsurtechRisk+ package offers limits of up to 10 million pounds ($13.5 million) for businesses domiciled in the UK, Europe, Australia, Asia and Canada.
It also includes access to 24/7 business, legal and employment advice, R&D tax advisory, debt recovery support, grant and funding assistance, and contract reviews.
The four insuring clauses are designed to avoid any coverage gaps across insurtech businesses' complex landscape of cyber threats, crime and financial liabilities.
Nick Rugg, head of fintech and investment management insurance at Markel, said the cyber risk landscape has evolved since Markel launched its first insurtech policy, including the emergence of more advanced attacks from threat actors utilising AI tools and technology to infiltrate company networks, impersonate senior personnel and steal confidential data and funds.
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