The coverage is meant to protect digital currency owners against theft from being hacked. Lloyd’s of London is now backing a new type of cryptocurrency insurance policy meant to help protect owners of online wallets against theft resulting from hacks. The coverage is sold by crypto “lifestyle” service provider, Coincover. Atrium, a Lloyd’s insurance syndicate, is underwriting the cryptocurrency insurance, according to an announcement made by Coincover last weekend. The coverage is being defined as a new form of liability policy. It functions dynamically with a limit that rises and…
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Banks are selling customized cryptocurrency insurance packages to businesses
According to a recent Bloomberg Report, several insurers are offering these custom products. A number of large insurers are now quietly selling cryptocurrency insurance packages to businesses. Despite the association with thefts and hacks, Allianz, AIG and others are offering customized deals to cover the digital currencies for digital asset businesses. Providing cryptocurrency protection is increasingly commonplace despite the lack of publicity. Insurers are acting quite quietly regarding the cryptocurrency insurance they sell. Aon currently holds more than 50 percent of the total cryptocurrency insurance market. The London-based insurer appears…
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