I've worked with Monica Minkel of Holmes Murphy for years. She does the best she can for us given the very difficult insurance market for crowdfunding platforms which are considered high risk (and hence the insurance is expensive). Monica is very familiar with the crowdfunding insurance market. Please let her know that I sent you, if you reach out. firstname.lastname@example.org
We work with numerous portals on their corporate insurance as well as partner with many of them for our TigerMark D&O insurance program for Issuers (which has tangible benefits/ protection for Portals, Investors, and obv Issuers).
We are intimately involved with the insurance carriers that are providing portal insurance on creating "a better way" in the form of a tech/professional liability (e&o) + TigerMark D&O for issuers that dramatically reduces the costs to portals & provides the necessary insurance for their unique operations/ risks.
We are actively looking for more portals that would want to participate in helping us build this and give feedback on product market fit.
happy to discuss with anyone that wants to learn more
Thanks for the invite to this forum. I have worked with crowdfunding, FinTech and InsureTech clients very heavily for nearly ten years. (I've presented on related topics many times and closely followed CFIRA for years). Our firm (and my predecessor firm) helped manuscript some of the early insurance products specific to the CF space. For platforms, it is important to get proper Professional Liability coverage for your underlying operation (are you more of a BD, a real estate lender, a real estate syndicator, an incubator with a Fund, etc.). D&O alone is not enough to address claims from your 'crowd'. Policies need to work together (Cyber and Crime, Professional and D&O, etc. etc.) to prevent gaps or overlaps in coverage. There are many markets available, although terms have tightend across most. Coverage matters so quality first. In my experience, there is no one market that is the best fit for every platform. Size, funding mechanisms and specific activities can create a range of potential solutions. A good broker can help you find the right fit for your individual exposures. Be cautious about programs that have a cookie cutter approach because you may find big gaps when you need them most.