Lloyd’s of London's new insurance offering will cover crypto held in hot wallets.
If you have as little as $1,275 US dollars worth of crypto, you will soon be able to have it insured by Lloyd's of London.
The announcement was made on Monday, and the new liability insurance policy will protect cryptocurrency stored in hot wallets that has been stolen.
The announcement from Lloyd's stated:
“It is a new type of liability insurance policy with a dynamic limit that increases or decreases in line with the price changes of crypto assets. This means that the insured will always be indemnified for the underlying value of their managed asset even if this fluctuates over the policy period.”
According to CoinTelegraph, recently news also broke that blockchain security firm and crypto wallet service BitGo was planning to provide crypto insurance through Lloyd’s. Within the partnership, Lloyd’s is set to insure up to $100 million of assets held by BitGo or BitGo Trust Company.
This article is not intended to be financial advice. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Crypto Block does not provide investment, tax, legal, or accounting advice.
As always, do your due diligence before investing, and never invest more than you can afford to lose.
Photo Credit: nsinsurance.com