Cyberinsurance Veteran Teams With BitGo on 'Watershed' Insurance Policy
Bitcoin security specialist BitGo has announced a new partnership with Innovation Insurance Group and XL Group that will enable it to offer $250,000 in theft insurance to customers who opt in to the program. The coverage will protect BitGo's web wallet and platform API clients from errors resulting from its technology, processes or employee actions, as well as external hacking incidents and employee theft. Those who want to increase the value of their protection can also do so for a 1% annual fee. Long associated with some of the more prominent evangelists behind multi-signature security,....
Related News
BitGo, a leader in Bitcoin security, announced Tuesday it had secured first-of-its-kind insurance coverage for bitcoin theft from the global, A-rated XL Group insurance companies. With this announcement, BitGo joins the list of industry leaders including Xapo and Coinbase that offer insurance for bitcoin stored using their services. All of BitGo's paying customers are eligible for protection under the XL policy for up to $250,000 in covered theft claims, just by signing up for BitGo services. Customers can increase the amount of protection available to them for an annual fee. "We are proud....
BitGo has allegedly removed a previous blog post about its Bitcoin insurance policy following the recent Bitfinex incident where bitcoins were stolen from BitGo powered wallets. Since Bitfinex lost over $72 million worth of bitcoins in the recent security breach, the focus is now being turned towards its wallet provider as well. BitGo, the Palo Alto-based Bitcoin security firm is responsible for offering Bitcoin wallet services to the affected platform. While Bitfinex continues to investigate the origin of the hacking attack, disgruntled customers have found BitGo making few changes on its....
Institutional clients have shown strong demand for airtight and insured custody options. Digital asset custody firm BitGo has expanded its cold storage insurance program, raising its insurance capacity by $600 million.BitGo debuted its crypto insurance program through global insurance and reinsurance market Lloyd’s of London in 2019. This enabled BitGo clients to acquire insurance for their digital assets held on BitGo’s Business Wallet service and Custodial offering for up to $100 million.BitGo announced Wednesday that its “Dedicated Customer Excess Specie” insurance program has been....
China’s first insurance policy using the digital yuan for settlement has been issued in Shenzhen, local media reported. The new product, targeting medical personnel exposed to coronavirus risks, is offered by the country’s largest insurer, Ping An. The financial giant also has fintech and healthtech entities under its umbrella. Ping An Teams Up With Bank of China to Offer Digital Yuan Insurance Policy In what has been described as another major step towards wider deployment of China’s central bank digital currency (CBDC), the first digital yuan-settled insurance policies....
AIG offers Cyber Insurance. American Insurance Group, aka AIG, has announced that it is now offering a new type of insurance policy, one that will compensate companies and individuals, that have suffered losses due to cyber attacks that damage property and harm people. Tracey Alloway, writing from New York Financial Times, reports that this new insurance policy is the first of its kind from a major international insurer and offers a level of cover beyond that previously available. In the past policies were available but they only covered corporate losses arising from data breaches. At the....