$5 Billion Insurance Company Offers Bitcoin Coverage to Businesses
Organisations looking to minimize the risks associated with bitcoin can now obtain virtual currency insurance coverage courtesy of Great American Insurance Group. The company's crime policies currently do not cover what it calls "virtual peer-to-peer mediums of exchange". As such, a new form of protective coverage has been made available through its Fidelity/Crime Division to both commercial and government policyholders. Great American explained its decision, stating: "Standard crime insurance policies, including Great American's crime policy, currently do not automatically provide....
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The number of hacking attacks on various companies, irrespective of their business have been on a rise across the world. The increasing frequency and the extent of such attacks have driven the costs of obtaining a cyber insurance cover upwards. The premium for such insurance policies vary from business to business, based on the factor of risk associated with them. Among all the businesses, banking, finance and especially cryptocurrency based businesses are the worst affected due to drastic increase in rates and deductibles. Over that, insurers in some cases are also setting a cap to....
Mitsui Sumitomo Insurance has tailored coverage for bitcoin exchanges facing the risks of rampant cyber attacks. This sense of assurance may boost consumers’ confidence — but what else should they know about such coverage? Together with bitFlyer, Mitsui Sumitomo Insurance (MSIG) aims to provide protection to exchanges and their consumers, regardless of....
They did say that 2014 was the year of bitcoin business adoption, didn't they? Freshly announced: Great American Insurance Group's Fidelity/Crime Division has announced on Monday that they are among the first in the industry to offer commercial coverage (for government entities, too) for bitcoins "as part of its ongoing commitment to meet the evolving needs of its customers." The company writes: Standard crime insurance policies, including Great American's crime policy, currently do not automatically provide coverage for virtual peer-to-peer mediums of exchange. Crime insurance coverage....
Russian software architects and entrepreneurs Alex Paperno, Eugene Porubaev and Vlad Kravchuk plan to take the insurance company out of insurance. Their Teambrella, a Bitcoin-based peer-to-peer insurance platform, allows users to provide each other coverage for whatever they want, however they want, and without requiring any trusted intermediaries. Paperno: “Anyone who ever needed a reimbursement knows that insurance companies are actually not interested in paying out at all; it’s not in their benefit to help their customers. We intend to remove that conflict of interest, and make....
Japanese Bitcoin exchanges and their customers will soon be insured for the first time thanks to a product launched by Tokyo-based insurance firm Mitsui Sumitomo Insurance. As reported by the regional publication Nikkei, coverage will be offered against damages and losses borne out of breaches or hacks, ranging from 10 million yen to 1 billion yen (between $88,000 and $8.8 million approximately). Notably, coverage also includes losses incurred due to internal company mishaps and employee improprieties, a clause which BitPay is certain to favor following a theft of 5,000 bitcoins in 2015....