A market leader in cryptocurrency financial services, BitGo just announced the industry’s most comprehensive insurance protections for cryptocurrency and digital assets by providing them with over $100 million of cover against theft or loss of their business wallet and cryptographic keys through the Lloyd’s of London insurance market.
The key features of the cover are:
- Custodial assets held by either BitGo, Inc., or BitGo Trust Company are insured for up to $100 million USD through Lloyd’s, the world’s specialist insurance and reinsurance market.
- BitGo Business Wallet clients will be able to purchase theft insurance and Lost Key Cover, a key recovery service, for their assets through Digital Asset Services, an insurance provider overseen by the Financial Conduct Authority, the UK financial services regulator.
- BitGo also carries a comprehensive set of corporate insurance policies including D&O, E&O, and Cyber Theft.
BitGo shall cover for digital assets where the offline private keys are being held 100% by BitGo Inc. or in its qualified custodian arms BitGo Trust Company in the event of third-party hacks or theft of private keys, insider theft by employees of private keys and physical loss or damage of private keys.
BitGo further states that it,
“has worked for the last year to build the right solution along with its partners, Woodruff-Sawyer & Co. and Paragon International Insurance Brokers Ltd,” and that “the team is now working on building a streamlined process to accommodate dedicated limits to individual customers.”
Mike Belshe, CEO, BitGo, said:
“This is the most complete insurance offering in the industry. It is not always easy for some clients to understand under what circumstances their investments are insured and to what extent their loss would be covered. We are changing that by being more transparent than any other company about the terms of our coverage. Transparency and accuracy is essential for building trust in the market.”
Another interesting take by BitGo, they’ve named one of Lloyd’s underwriters involved AMTrust. The cold storage of crypto asset seamlessly fits into the specie insurance market, which provides cover for things such as vaulted bullion, art and other such treasures.
BitGo Lost Key Cover is also being offered by Digital Asset Services, an insurance provider that’s overseen by UK regulator the Financial Conduct Authority.