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Crypto custodian and security firm BitGo has announced its plans to offer insurance protections for cryptocurrencies through Lloyd’s of London.
BitGo said that this follows a thorough and rigorous assessment of its hardware, software, and physical security, as well as its policies and procedures by the underwriters involved.
According to the press release, 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 UK Financial Conduct Authority.
“Lost Key Cover is secure and easy to use, and will be available for purchase either as an annual subscription or when needed. Digital Asset Services’ Theft Insurance is the first of its kind and will enable BitGo clients to get fully regulated specialist insurance for their digital currency holdings,” BitGo said.
Furthermore, custodial assets held by either BitGo or BitGo Trust Company can be insured for up to $100 million USD through Lloyd’s. This covers events such as third-party hacks or theft of private keys, insider theft by employees of private keys, or physical loss or damage of private keys.
“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,” Mike Belshe, CEO, BitGo, said.
In August 2018, Lloyd’s of London extended its insurance cover to Kingdom Trust’s crypto custody platform.
