A Major Insurer is Developing a Policy to Cover Bitcoin Exchanges
A Japanese insurance firm is reportedly planning to launch a new policy line aimed at bitcoin exchanges. According to Nikkei, Mitsui Suitomo Insurance is working with Tokyo-based bitcoin exchange bitFlyer to develop the policy. The publication reported that the insurer will offer as much as 1bn yen (roughly $9m USD at press time) in terms of coverage, with premiums ranging as high as “several million yen”. It’s not immediately clear when the insurance product would be launched. The launch within Japan would be notable given the collapse of Mt Gox, the now-defunct bitcoin exchange that fell....
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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....
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A British jeweler has sued its insurance company for refusing to cover a bitcoin ransom payment of $7.5 million. The jeweler paid the hackers to prevent sensitive customer data from being published.
Insurance Company Faces Lawsuit for Refusing to Cover Bitcoin Ransom Payment
A luxury British Jeweler, Graff, has sued its insurer, The Travelers Companies, for refusing to cover a ransom bitcoin payment, Bloomberg reported last week.
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