Evertas, an insurance company focused on cryptocurrencies, has announced an expansion in its coverage limits. It also announced the addition of mining activities to its portfolio. Coverage limits per policy for the insurer’s custody crypto assets have increased to $420 million. Thus, it marks almost three times the amount of risk transfer previously available for Blockchain-focused projects. In addition, Evertas adds up to $200 million in coverage per policy for mining operations. It is reported that this is the highest coverage limit available. Here are the details…
Important development for the cryptocurrency company
Crypto insurance insurer Evertas will increase coverage limits to $420 million per policy while adding additional mining coverage. Evertas, an insurance company focused on cryptos, recently announced an increase in coverage limits and the addition of mining operations to its coverage portfolio. According to an announcement, the insurer’s per-policy coverage limits on crypto assets for custody purposes will increase to $420 million. That is, it will “nearly triple the amount of risk transfer that was previously available for blockchain-focused projects.”
It also adds up to $200 million in coverage per policy for mining operations. According to Evertas, these are the highest coverage limits available. The policy expansions come just six months after the company raised $14 million in a Series A funding round led by Polychain Capital. Reportedly, this brings the firm’s total external financing to $19.8 million. Evertas, a Chicago-based company, is one of a handful of crypto-focused insurance companies. It is also reportedly the only company to have been given official guarantor status by Lloyd’s of London.
Insurance problem in Bitcoin and altcoin field
While most cryptocurrency exchanges will recover to some extent, there are numerous instances where account holders may lose access to their untraceable assets through account or on-chain activities. An article in Investopedia includes the following statements:
Exchanges like Binance and Coinbase claim that they insure the coin funds of theft-stricken investors. However, this will not help you if you have to give your passwords and credentials in the event of an extortion.
The same article states that many insurers do not provide comprehensive coverage, thus forcing customers to mix and match policies. According to Evertas, the new policy limits aim to alleviate this frustration for consumers. The firm’s announcement states that its policies now provide greater scalability and speed, “making it now possible to obtain full, high-limit underwriting from a single source.” The cryptocurrency insurance space is relatively new compared to more traditional industries such as home and life insurance. According to experts, less than 1 percent of all cryptocurrency assets are insured through traditionally insured policies.
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