Lloyd’s syndicate partners with cryptocurrency broker to protect online wallets | Latest…

Lloyd’s syndicate Atrium has partnered with Welsh broker Coincover to launch a new liability product that protects cryptocurrency held in online wallets.

The policy, which offers flexible limits from £1,000 upwards, aims to protect individuals against losses arising from the theft of cryptocurrency or other malicious hacks on virtual wallets.

The new product is backed by a panel of Lloyd’s insurers, which are all members of the market’s Product Innovation Facility (PIF). This includes TMK and Markel, to name a few.

Prospect Insurance Brokers was also involved in the development of the policy.

Matthew Greaves, underwriter at Atrium, said: “There is a growing demand for insurance that can protect cryptocurrency as it becomes increasingly popular.

“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 online vaults – thereby providing customers with piece of…