Insurance Giant Lloyd’s Launches a New Cryptocurrency Insurance Product – Product Releas…

On 2 March, Lloyd’s, insurance and reinsurance market launched an innovative insurance solution for cryptocurrency wallets.

The insurance giant worth £53.5 billion of syndicate-level assets has introduced the wallet insurance for Coincover. With this, the assets held in online cryptocurrency wallets will stand insurance against theft and hacks.

Lloyd’s is a 334-year-old organization that insures and spreads risks of businesses, organizations, and individuals. In 2018, it had 84 syndicates, 55 managing agencies, and 303 approved brokers who collectively wrote £35.5bn of gross premiums.

One of its syndicate Atrium has created this unique liability policy in partnership with Coincover.

What makes Lloyd’s Cryptocurrency Product cover unique?

The insurance policy offers flexible insurance limits from as little as £1,000. And protects the assets held in hot cryptocurrency wallets against losses. Moreover, the limit is dynamic and the price variation of the crypto assets drives the…