Breach Insurance, a global insurance underwriter headquartered in Boston, has unveiled its latest breakthrough offering, Crypto Shield Pro. This innovative crypto custody insurance policy is tailored specifically for institutional clients utilizing crypto custody solutions.
According to the company, the policy is set to revolutionize the traditional insurance landscape for crypto assets by safeguarding policyholders against theft, loss, and destruction of private keys and crypto assets held in custody, a protection that was previously accessible primarily to large, established crypto institutions.
The launch of the company’s new Bermuda class IIGB carrier has enabled the introduction of this institutional crypto insurance product, setting a new standard in the industry.
With backing from Accelerant, a data-driven risk exchange known for empowering specialty underwriters and holding an impressive financial strength rating of “A-“(Excellent) from A.M. Best, Breach Insurance has made significant strides in bolstering their capacity to provide this crucial coverage.
The policy offers limits of up to $10 million per policy, and for those seeking higher limits and customized coverage, additional underwriting is available.
In addition to Crypto Shield Pro, Breach Insurance has expanded its offerings to include the free Active Wallet Monitoring service, accessible to all. This service provides a comprehensive overview of on-chain risks associated with crypto wallets, giving crypto wallet holders invaluable insights into wallet transactions across major blockchains and cryptocurrencies.
Real-time identification of financial crime exposures is a key feature, flagging transactions linked to thieves, money laundering, terrorist financing, and sanctioned entities. This feature proves to be critical for licensed and regulated entities seeking enhanced security and compliance.
Eyhab Aejaz, Co-Founder and CEO of Breach, mentioned that the company has partnered with established broker relationships to offer reliable, reinsured, and fully-regulated crypto insurance solutions to institutions.
He emphasized that Breach is committed to its mission of creating new insurance capacity and products for the crypto economy.
The release of Crypto Shield Pro and the free Active Wallet Monitoring service showcases Breach’s dedication to innovation and delivering on their promises.
Both Crypto Shield Pro and the free Active Wallet Monitoring service are accessible through Breach’s proprietary insurtech platform. This platform ensures a personalized experience for both brokers and policyholders, streamlining policy placement and claims processing.
Currently, Crypto Shield Pro is live in 35 states and is set to roll out nationwide in 2024, while the free Active Wallet Monitoring service is available globally, providing a valuable resource for the crypto community.