Markel Insurance has launched cover for insurtechs to manage cyber threats, crime and financial liability.

The InsurtechRisk+ product offers protection for businesses in Australia, Asia, the UK, Europe and Canada, with limits up to £10 million ($19 million).

It includes cover for cyber liability and loss, insurance services and technology liability, directors and officers, and crime.

Markel says the product provides cost-effective, one-stop protection and avoids coverage gaps associated with holding policies through multiple insurers. 

Insurtech policyholders can access a cyber risk tool kit, advice on contracts, tax and employment, debt recovery support and grant/funding assistance.

Head of fintech and investment management insurance Nick Rugg says InsurtechRisk+ reflects the “many cyber exposures that insurtech companies face today.

“I’m looking forward to rolling this out for our insurtech businesses, together with the value-add services that have been tailored with their needs in mind. 

“We want to disrupt ... how customers view the role of the insurer as only helping clients after an incident has taken place.”