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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.
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