Specialist insurer Markel International unveiled a new product designed to protect fintech startups in Asia against potential claims from clients. The policy has already been on offer in the U.K.
Markel International rolled out the policy for financial technology firms in Singapore, Asia's leading fintech hub, having first launched it in the U.K. earlier this year. Simon Moi will act as senior underwriter at Markel's branch in Singapore, the company said in a statement today.
The new product will offer protection for as a maximum $10 million and comes with three additional options for cover, building on the core professional indemnity section, to protect clients against their key exposures.
Liability Issues
The professional indemnity core addresses the professional liability issues that may arise in a fintech and offers broad civil liability protection against claims and related costs from clients or third parties, including alleged bad advice, poor servicing or programming errors. Coverage also extends to the costs involved when sensitive documents or data is lost.
