Validus Specialty Underwriting Services, Inc. has announced the launch of a new comprehensive package policy aimed at private U.S Fintech companies.
The policy is designed to address Fintech’s complex risk management needs, which Validus claims have thus far been inadequately served by unsuitable policy forms.
Cathy Cossu, Validus Specialty’s Senior Vice President of Professional Lines, said: “With this innovative product, we’ve eliminated the gaps in coverage for Fintech companies. Our unique ‘open architecture’ underwriting platform allows for greater collaboration and a more nimble, solutions-oriented approach.
“This empowered our professional lines team to challenge industry norms and craft an innovative policy tailored squarely to Fintech’s unique professional and technology exposures. It’s market leading.”
The comprehensive new Fintech policy is designed to cover a range risks, including Directors and Officers (D&O), Errors & Omissions (E&O), Employment Practices Liability (EPL), Fiduciary, Cyber, and Crime.
Sebastian Alia, an Underwriting Counsel who drafted the policy forms, said: “The policy seamlessly integrates a technology products failure trigger of coverage within all Financial E&O insuring agreements, addressing the E&O exposures presented by Fintech platforms.”
Keith Adamson, Assistant Vice President of Financial Institutions added: “Working with Jackie Lee, our Cyber/Tech team lead, we have leveraged our resources to embed the cyber and technology exposures directly into our E&O coverages.
“We’ve also removed the complexity of piecing together non-cohesive coverages from different product lines. Brokers and clients have access to our entire suite of products through a single underwriter, offering unparalleled convenience and continuity of service.”
Validus Specialty’s Professional Lines group has been taking steps to expand and broaden its capacity over the last two years, and the company’s solutions portfolio will now be bolstered by this new Fintech policy, as well as its recently announced Stand-alone Cyber policy.
Commenting on the latest announcement, Jonathan Ritz, CEO of Validus Specialty, said: “The Fintech sector is growing rapidly. This creative group of experienced insurance professionals saw an opportunity to better serve these clients and capitalized on it.”