• Days
  • Hours
  • Mins
  • Secs
  • Sun, 20 Oct 2019, 02:56 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Marsh, Arch Insurance (UK) Limited launch insurance solution for digital assets ‘Blue Vault’

Tue, 17 Sep 2019, 12:56 pm UTC

Arch Insurance (UK) Limited, a wholly-owned subsidiary of Bermuda-based Arch Capital Group, in collaboration with leading insurance broker Marsh, has announced an insurance solution for digital assets.

Called “Blue Vault,” the solution will provide insurance protection for the secure storage of private keys – the alphanumeric data that enable digital asset transactions on a blockchain – held in traditional vault facilities. It brings together companies that provide insurance coverage for digital asset risks.

Available globally, the solution will enable custodians of digital assets to transfer digital asset storage risks through the life cycle of private key management and storage.

“This is a significant step forward in digital asset insurance,” said Ankur Kacker, Vice President and Specie expert on Marsh’s Digital Asset Risk Transfer (DART) team. “The secure storage of digital assets will continue to evolve as the regulatory landscape for this new asset class becomes clearer and financial institutions increasingly expect insurance to cover digital asset exposures.”

According to a press release, Blue Vault is backed by syndicates Arch 2012 and Canopius 4444, as well as other syndicates and underwriters at Lloyd’s of London. The solution provides limits of up to $150 million and covers the loss of digital assets due to internal and external theft, including employee collusion, and the physical damage or destruction of private keys.

Philip Turner, Head of Specie at Canopius, explained that Blue Vault will offer an insurance solution for the safekeeping of the private key only after the completion of a "stringent and comprehensive underwriting process."

“No two risks are the same, so every submission is thoroughly scrutinised before we proceed,” Turner added.

Earlier this year, Marsh announced its plans to roll out its Proof of Insurance Blockchain platform, developed in collaboration with IBM, ACORD, and ISN, to US commercial clients. The solution aims to transform the certificate of insurance process, making it more streamlined and transparent.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,956.91 (-0.06%)
  • Ethereum (ETH) $171.45 (-1.14%)
  • XRP (XRP) $0.288000 (-1.43%)
  • Bitcoin Cash (BCH) $213.64 (+0.29%)
  • Litecoin (LTC) $53.59 (+0.56%)
  • Bitcoin (BTC) $7,956.91 (-0.06%)
Oct 18, 2019 (Friday)
12:51
Telegram’s claim “Grams will not be security once TON Blockchain launches” is insufficient, argues SEC
11:51
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:51
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:23
US Senator comes out in support of Facebook’s crypto, finds hostility towards Libra “puzzling”
10:38
Crypto Technicals: BCH/USD tests trendline support (209), dip till 78.6% Fib (168.35) likely
10:13
IBM, Raw Seafoods partner to digitize scallops supply chain using blockchain
08:48
India’s Reliance Industries reveals blockchain plans for Bill of Lading and Letter of Credit transactions
07:48
Crypto Technicals: Ripple (XRP) erases most of previous session's gains, retrace below cloud dents further upside
07:22
Crypto exchange Upbit operator Dunamu to launch OTC trading platform for unlisted securities
06:52
Crypto Technicals: ETH/USD fails to extend recovery, resumes weakness, 167.50 (Oct 6 low) in sight
06:22
Stablecoin initiatives highlight shortcomings in cross-border payments: G7 Working Group
06:11
Crypto Technicals: LTC/USD extends choppy trade below 21-EMA, bias bearish
05:02
Crypto Technicals: BTC/USD confined to narrow range, bias bearish below 5-DMA (8132)
04:48
Telegram calls SEC’s emergency injunction “unreasonable”, argues gram tokens are not securities
Oct 17, 2019 (Thursday)
13:38
Bermuda to develop blockchain-based national ID system with Shyft and Perseid Network
12:52
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:48
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:59
Samsung SDS partners with Tech Mahindra and Pega to launch blockchain-based traceability solution
11:13
Telegram proposes to postpone TON blockchain project launch to April 2020, seeks investors’ consent
10:41
Crypto Technicals: TRON (TRX) resumes weakness, break below 20-DMA could see fresh multi-month lows
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft