Digital payments move fast – and so do the risks.
As the number of payment service providers (PSPs) increases, so do the options for making purchases and transferring funds. But with new business models come new exposures, from fraud and cyber threats to regulatory complexity.
PSPs need insurance designed specifically to protect their businesses and clients in today’s dynamic payments landscape.
Our protection
Elmore provides tailored products for PSPs and related financial services companies such as e-money institutions (EMIs), virtual asset service providers (VASPs), and crypto-asset service providers (CASPs).
We understand the intricacies of the payments/financial ecosystem and structure products to meet regulatory, operational, financial, and technology-related risks.
Coverage examples
Cyber and crime
Insurance for cyberattacks; financial loss from hacking and fraud; data breaches; internal or external crime; reputational damage.
Professional indemnity
Insurance for claims from customers and other parties for failure or errors in delivering services; technology failure; regulatory compliance issues; obligations under MiCA.
Directors and officers liability
insurance for claims by regulators, shareholders, employee, or other stakeholders.
Operational risk/technology failure
Insurance for networks, systems, cloud providers; downtime; outsourced provider failures.
Regulatory/compliance risks
Insurance for fines or regulatory actions
App fraud reimbursement
Insurance to help PSPs cover liability/financial exposure according to the UK’s authorised push payment (APP) fraud rules.
Standard business cover
Insurance for liability to public and employees; damage to buildings and property.
Multi-national/global programmes
Insurance for PSPs operating in multiple jurisdictions.
A total service
Risk identification and mitigation are core strengths of Elmore’s service. Our comprehensive reviews help PSPs identify and mitigate risks before they can damage the business.
We provide flexible coverage, enabling insurance products/components to be combined in one policy or purchased separately.
Our multi-national/global programmes ensure local policy compliance while maintaining centralised oversight.