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Leading Insurance Company in UK to Provide Crypto Insurances

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Leading Insurance Company in UK to Provide Crypto Insurances

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  • Lloyd’s of London pushes for EUR 100,000 policy for crypto insurances.

UK’s insurance conglomerate Lloyd’s of London is instigating crypto insurances for funds in online wallets. As reported by The Times, Lloyd’s has come up with a policy worth EUR 100,000 to protect investors from hackers — thereby establishing more trust in the domain.

Atrium, an underwriter which operates under Lloyd’s, is underwriting the insurance policy. Atrium recognized the need to launch the policy ahead of the rise in crypto crime which has shaken the faith of many investors. Underwriter at Atrium, Matthew Greaves, stated:

“There is a growing demand for insurance that can protect cryptocurrency as it becomes increasingly popular. It is a testament to Lloyd’s that the market has put together an innovative solution to mitigate these new risks and protect against theft – from physical as well as online vaults – thereby providing customers with peace of mind that their assets are safe.”

The policy has been developed for a startup, Coincover, a firm delivering security and assurance in cryptocurrencies for investors. Coincover told CoinDesk that when a customer files a genuine claim along with police report, it will verify the claim and try to fulfill it within 48 hours post approval.

 

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