Since you’re on the Evertas website, you probably have a pretty good idea of what crypto insurance is and how it might be valuable to you. Still, we thought it would be helpful to break down the basics of what it is and where it’s applicable.
Crypto Insurance: Covering Both the Digital and the Physical
In the asset category, Evertas offers the crypto industry the insurance industry’s single largest policy, with limits in the hundreds of millions available to cover individuals and organizations who own, store, transport, or have cryptoassets in their care, custody, or control. We can offer insurance protection against theft by parties working from the inside or the outside.
Hacking gets a lot of news coverage, so many brokers we work with are actively aware of the need for insurance that will minimize loss from an externally arranged theft. Our Crime policies consider the intersection of cryptoasset operations and the technology comprising the custodial systems. We understand through practitioner experience the unique challenges of private key management, business continuity and disaster recovery, and the gradations of risk associated with storage systems. Evertas offers a range of policies across archival, operational and transactional wallets, and can customize coverage to meet the unique needs of any business.
It’s unpleasant to think that the theft might be coming from inside the building, so to speak, but because that can happen, we also offer coverage against it. Our Insider Theft / Loss (Fidelity) policies protect digital and physical assets from theft, loss, or damage by insiders—- your employees and contractors.
Whether the bad actor is coming from the inside or the outside, an asset holder needs to be ready for more than just the risk of hacking. Thieves can also simply drive away with physical hardware that’s mining or storing crypto. Evertas policies can insure both the physical and digital elements of generating and holding crypto.
Crypto Insurance: Protecting Mining Operations
Crypto mining operations can be vulnerable to theft and a number of physical threats, such as natural disasters or fires. Evertas has designed and built unique policies to address risks faced by industrial miners, co-location and hosting providers, and retail miners. These policies cover mining hardware against physical perils such as fire, theft, vandalism, wind, and others, while providing optional coverage to cover the mining operations’ monthly expenses. This can help keep the lights on when operations go dark due to an unforeseen event.
Consider the effect on a mining operation if a tornado or a catastrophic power outage decimates the data center it relies on. Mining equipment requires a considerable investment, and we believe an investment is only as sound as its protection.
Evertas also offers protection against software or hardware malfunctions. Our Platform Failure (Tech E&O) insurance protects our clients when a technology failure causes a loss.
If you’re running a crypto mining operation, if you have a significant amount of crypto, if you trade in or transport crypto, if your investment portfolio includes crypto… if you touch crypto at all, it’s time to talk to your insurance broker about how well you’re covered now–- and then to make sure your broker talks to the cryptonative experts at Evertas to guarantee that you’re entirely protected.