The Singapore cover follows on the heels of a UK version introduced earlier this year
Specialist insurer Markel has launched a policy offering comprehensive protection to businesses in the financial technology sector in Asia.
With Singapore fast becoming the hub for fintech in Asia, Markel has taken a version of the policy that was successfully launched in the UK earlier this year to the Asia Pacific hotspot.
Building on a core of professional indemnity, the cover offers protection for three additional perils – directors’ and officers’ liability; theft; and cyber liability and loss.
Markel International Singapore senior underwriter and head of professional and financial risks Simon Moi said: “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. And this is the first time these protections are offered in this manner.”
He added: “We have also established a team of experts that are available on a 24/7 basis to help manage, investigate, resolve and recover from a network security incident, theft, phone hacking or a privacy breach; electronic or otherwise.”