Breach Insurance, a Boston-based global insurance underwriter, has made an exciting announcement with the launch of its latest offering: Crypto Shield Pro. This innovative crypto custody insurance policy is specifically designed for institutional clients of crypto custody solutions. In a world where the security of digital assets is of paramount importance, this product aims to provide comprehensive coverage and protection for institutional investors.
Coverage and protection
Crypto Shield Pro sets itself apart by safeguarding policyholders against the theft, loss, and destruction of private keys and crypto assets held in custody. This level of protection has traditionally only been available to large, established crypto institutions, leaving smaller players at a significant disadvantage. The introduction of this insurance policy bridges the gap and ensures that institutional clients can benefit from the same level of security.
Banking and Financial Strength
Breach Insurance’s capacity for providing this coverage is backed by Accelerant, a data-driven risk exchange that empowers specialty underwriters. Accelerant has earned an impressive financial strength rating of “A-” (Excellent) from A.M. Best. This rating reflects their strong commitment to financial stability, which further strengthens the reliability and credibility of Crypto Shield Pro.
Policy Limits and Custom Coverage
To cater to the varying needs of institutional clients, Breach Insurance offers policy limits of up to $10 million per policy. However, for those requiring higher coverage limits or custom coverage options, additional underwriting is available. This flexibility ensures that clients receive tailored protection based on their unique requirements and risk profiles.
Active Wallet Monitoring Service
In addition to the coverage provided by Crypto Shield Pro, Breach Insurance goes a step further by offering a free Active Wallet Monitoring service. This service provides clients with a comprehensive view of on-chain risks associated with their wallets. By continuously monitoring wallet transactions, it allows for real-time identification of financial crime exposures, such as transactions linked to thieves, money laundering, terrorist financing, and sanctioned entities.
Identification of financial crime exposures
With the free Active Wallet Monitoring service, institutional clients can gain peace of mind knowing that potential risks are promptly detected and flagged. Breach Insurance’s advanced technology identifies suspicious activities, ensuring that any illicit transactions are swiftly brought to the attention of policyholders. This proactive approach to risk identification adds an extra layer of security to clients’ crypto assets.
Innovation and Execution
The release of Crypto Shield Pro and the free Active Wallet Monitoring service is a testament to Breach Insurance’s commitment to innovation and its ability to deliver on its promises. By continuously refining and expanding their product offerings, the company stays at the forefront of the evolving needs of institutional crypto investors. With an industry that constantly introduces new risks, Breach Insurance remains dedicated to adopting innovative solutions that provide its clients with the highest level of protection.
Access and Personalized Experience
Both Crypto Shield Pro and the free Active Wallet Monitoring service are easily accessible through the Breach proprietary insurtech platform. This platform offers a personalized experience to brokers and policyholders, enabling them to efficiently navigate the insurance process. The user-friendly interface and streamlined workflows simplify the process of obtaining coverage and managing policies, ensuring a seamless experience for all stakeholders.
Availability
Crypto Shield Pro is currently available in 35 states, providing widespread coverage to institutional clients across the United States. However, Breach Insurance has ambitious plans to roll out this product nationwide by 2024. This expansion will undoubtedly benefit countless institutional clients seeking comprehensive insurance coverage for their crypto assets.
Breach Insurance’s introduction of Crypto Shield Pro fills a vital insurance gap in the rapidly growing crypto space. By offering a regulated insurance solution, the company is addressing the unique needs and risks associated with the crypto economy. Through this innovative product, institutional clients gain access to comprehensive coverage and protection for their crypto assets, which was previously limited to only the largest players in the industry. Combined with the free Active Wallet Monitoring service, Breach Insurance demonstrates its commitment to proactive risk management. With their excellent financial backing and dedication to innovation, Breach Insurance is poised to become a trusted partner for institutional crypto investors seeking comprehensive insurance solutions.