Lloyd’s introduces new cryptocurrency coverage

It was last June that Lloyd’s of London introduced a product innovation facility (PIF) aimed at combining underwriting and innovation to insure the uninsurable; now PIF members including Tokio Marine Kiln and Markel have backed a second insurance product.

Created by Lloyd’s syndicate Atrium for Coincover, the new liability insurance policy is designed to protect cryptocurrency held in online or hot wallets against theft or other malicious hacks. Limits, from as low as £1,000 (around $1,283), are flexible to take into account the price changes of crypto assets.

“There is a growing demand for insurance that can protect cryptocurrency as it becomes increasingly popular,” noted Atrium underwriter Matthew Greaves. “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…