Lloyd’s adds cryptocurrency liability coverage
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Lloyd’s of London Ltd. has launched a liability insurance policy to protect cryptocurrency held in online wallets against theft or other malicious hacks, Lloyds said in a statement Monday.
The policy, with limits beginning at £1,000, was created by Lloyd’s syndicate Atrium in conjunction with cryptocurrency exchange Digital Asset Services Ltd. (trading as Coincover), the statement said.
The upper limit for each policy is £100,000, a spokesman said in an email.
The policy limit increases or decreases in line with price changes of crypto assets, allowing the insured to be indemnified for the underlying value of the asset even if it fluctuates over the policy period, the statement said.
The policy is backed by a panel of other Lloyd’s insurers, including Tokio Marine Kiln Group Ltd. and Markel Corp., all of whom are members of Lloyd’s Product Innovation Facility, the statement said.
“There is a growing demand for insurance that can protect cryptocurrency as it becomes increasingly popular,” Matthew Greaves, underwriter at Atrium, said in the statement.
