The insurance can be bought either with Bitcoin (BTC) or Ethereum (ETH), while claims paid in insurance cases will be disbursed based on the total amount of assets in the assured accounts recalculated in Bitcoins.
This is the first service of its kind on the market – until now, no company has offered insurance for personal accounts on cryptocurrency exchanges and in wallets. Moving forward, customers of CryptoIns can rest assured that even in the event of hacking, the losses will be compensated in full. The insurance also covers the risk of an exchange completely shutting as a result of extensive hacker attacks or malicious actions by members of the staff leading to a collapse of the exchange.
Taking out an insurance policy is as simple as registering on CryptoIns and choosing the accounts in an exchange or wallet the user wants to insure. The insurance is now available for 28 different exchanges and wallets, including well-known mainstays such as Binance, Bitfinex, Bitstamp, Bittrex, Poloniex, MEW, Ledger, Trezor, and others, as well as relatively new hosts for accounts.
All insurance payments are guaranteed by top global reinsurers. Insurance certificates are issued by Selecta Insurance and Reinsurance Company (Caribbean) Limited, a licensed insurer. And the CryptoIns platform is operated by Swiss insurance broker ASPIS SA.
The default insurance policy period is 90 days with extension options available for 90 or 365 days. The price of a policy is calculated automatically depending on the size of the insured cryptocurrency portfolio as well as on the reliability of the given exchange or wallet, which is assessed by a proprietary scoring model.
The insurer’s liability limit is $7 million per exchange. And the liability limit for any one insurance policy is up to 15 BTC per exchange. ASPIS SA plans to increase these limits in the future.
Timofey Volkov, the founder, and CEO of CryptoIns said:
“The ability to insure your own deposits will give confidence to both novice and experienced traders and investors, who finally have the opportunity to secure their accounts from theft on coin exchanges and in wallets. It will also attract a new audience to the industry.”
He went on to say,
“We are sure that the emergence of insurance products on the market is the next necessary step on the path to developing and spreading crypto technologies all over the world. Now our goal is to inform the entire crypto community that insurance of personal investments is a necessary, yet simple, step for everyone.”
About the Companies
ASPIS SA – Swiss insurance broker, founded by specialists with 25 years experience in the insurance industry.
Selecta Insurance and Reinsurance Company (Caribbean) Limited – an insurance company that is legally able to receive insurance premiums, maintain reserves and disburse insurance payouts in the form of cryptocurrencies. Selecta Insurance and Reinsurance Company partners with AIG, one of the ten largest insurance companies in the world.