"Lloyd’s Backs New Crypto Hot Wallet Insurance Scheme From Coincover"

From CoinDesk:

Insurance giant Lloyd's of London is backing a new policy protecting cryptocurrency held in online wallets against theft from hacks.

Provided by Coincover, a crypto "lifestyle" service provider, the insurance is underwritten by Lloyd's insurance syndicate Atrium, Coincover announced on Sunday. The liability policy is said to be a new type of insurance with a dynamic limit that increases or decreases in line with the price changes of covered crypto assets. 

Offering coverage with limits starting from £1,000 (US$1,280), the policy is designed to protect investors and traders against losses arising from the theft of crypto held in online, or "hot," wallets.

The news marks an effort by Lloyd's, via Atrium, to move further into digital assets insurance after it began offering protection to qualified custodian Kingdom Trust almost two years ago.

Trevor Maynard, head of innovation at Lloyd’s, said in the announcement the U.K.-based insurance giant is the "natural home for insurance innovation because of the unique ability of syndicates to collaborate to insure new things."

“As more money flows into the crypto-asset market, losses from hacks are on the rise. Nevertheless, cryptocurrency companies have found ways to protect their digital assets from theft," Maynard said.

The policy is backed by a panel of Lloyd’s underwriters, including TMK and Markel, that are members of Lloyd’s Product Innovation Facility (PIF), an initiative aimed to speed up insurance product development for complex and non-standard risk policies.....MORE

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