Evertas, an insurance company focused on digital assets, has recently announced an increase in coverage limits and the addition of mining operations to its coverage portfolio.
The coverage limits per policy of the insurer on crypto assets in custody will increase to USD 420 million, “nearly tripling the amount of risk transfer previously available for blockchain-focused projects,” according to an ad.
It also adds coverage for mining operations for an amount of up to USD 200 million per policy. According to Evertas, these are the highest coverage limits available.
The policy expansion comes just six months after the company raised $14 million in a Series A funding round led by Polychain Capital. This reportedly brings the company’s total external funding to $19.8 million when factoring in its initial funding of $5.8 million.
Chicago-based Evertas is one of the few insurers dedicated to cryptocurrency and digital assets and, apparentlythe only one officially granted coverholder status by Lloyd’s of London.
Although most cryptocurrency exchanges hedge losses to some degree, there are numerous situations where an account holder could lose access to their assets that cannot be traced through account or on-chain activity. .
According to a article from Investopedia:
“Exchanges like Binance and Coinbase claim to secure digital funds from investors who fall victim to theft. But that won’t help you if you’re forced to hand over your passwords and credentials in an extortion scheme.”
The same article mentions that many insurers do not offer comprehensive coverage, forcing customers to mix and match policies.
According to Evertas, the new limits of its policies are designed to alleviate the difficulties of consumers. According to the company’s announcement, its policies now offer greater scalability and speed, so “it is now possible to get a full subscription with high limits from a single source.”
The cryptocurrency insurance sector is relatively new compared to more traditional ones, such as home and life insurance. According to experts, less than one percent of all cryptocurrency assets are insured through traditionally written policies. This represents a significant amount of exposure, especially considering that The global cryptocurrency market is expected to grow significantly by 2030.
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