31 March 2017: Servca, the independent international specialist Lloyd’s broker, has today announced the launch of a new Professional Indemnity (PI) policy for Financial Technology companies, referred to as ‘FinTech’.
The specialist packaged policy is underwritten by Lloyds and has London market ‘A’ rated capacity providing cover up to a limit of £10 million for Professional Liability, Directors’ & Officers, Theft and Cyber Liability & Loss all under a single policy. Optional add-ons include office packages and legal expenses cover with Insuris.
The policy typically covers the more complex risks and specific risks associated with Fintech companies such as Online platforms like FX Brokers, Stockbrokers, Commodity trading platforms, Crowd Funding and Peer to Peer lending platforms.
The new facility is timely launched as the UK announced the formal triggering of Article 50 to begin the UK’s exit from the European Union on 29th March – leading to a host of financial companies seeking to establish themselves on platform driven business – which can be located anywhere in the world.
According to the management consultancy PWC, the Fintech sector will be worth £120bn in the next 3-5 years in the UK alone. The specialist ‘FinTech’ broker only scheme offers a tailored policy to help them win business in this rapidly growing sector.
The policy is built around a core professional liability cover offering broad civil liability protection against claims and related costs from clients or third parties, including bad advice, poor servicing or programming errors. Coverage can also extend to the costs involved when sensitive documents or data is lost. It also covers Professional liability, Directors’ and officers’ liability, Theft (money & financial instruments), Cyber liability and Crisis Management.
Paul Rose, head of International Financial Lines at Servca said: “We specialise in identifying and finding cover for those niche areas or distressed risks that standard policies don’t cover. Fintech is a booming sector and an area where new risks are emerging that need a specialist approach. With our years of experience and access to secure capacity, we can provide brokers with the innovative but robust policies they need to tap into these new niche, lucrative areas.”
As well as focusing on developing specialist non-standard solutions for rapidly growing lines, like Cyber and FinTech, Servca has unrivaled access to markets for non-standard financial and professional lines, such as PI/E&O, Financial Lines and Medical Indemnity/Healthcare.
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Notes to Editors:
For further information, interviews with Nomaan Jamal or Paul Rose please contact:
Sophie Johnston, Spotlight Consulting: sophie@spotlightconsulting.co.uk 07971563246
SJ Wrigley, Spotlight Consulting: sj@spotlightconsulting.co.uk 07909546104
About Servca
Servca is an independent insurance group and London based Lloyd’s broker. It specialises in non-standard Professional, Financial & Medical Indemnity insurance and risk management, serving international retail clients and wholesale intermediaries. Servca also provides partner intermediaries with white-labeled specialist lines binding authorities in US, North America and Europe.