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- Lloyd’s has launched a new policy, and it is for the insurance of cryptocurrency wallets.
- Lloyd’s is different from its competitors in this industry as it is not an insurance company and instead is a corporate body that is governed by the Lloyd’s Act of 1871.
- This is a liability policy which is said to be the first of it’s kind and is very flexible too.
Lloyd’s has launched a new policy, and it is for the insurance of cryptocurrency wallets. Llyod’s is actual name is Llyod’s of London is an insurance and reinsurance market that is located in London, United Kingdom.
Lloyd’s is different from its competitors in this industry as it is not an insurance company and instead is a corporate body that is governed by the Lloyd’s Act of 1871.
The corporate body has launched a new insurance policy that is quite different and unheard of before this. This policy has been made with keeping it’s focused on protecting cryptocurrency held in the online digital wallets against all sorts of attacks, ranging from theft to other high profile malicious attacks.
This is a liability policy which is said to be the first of it’s kind and is very flexible too. Its limits start from as low as a thousand Sterling Pounds or about 1,281 USD. This policy was created by Lloyd’s syndicate Atrium in a partnership with the Coincover to protect against losses arising from the theft of cryptocurrencies that, of course, are held online in a digital wallet.
The policy is made with a dynamic limit that increases or decreases on the basis of the price change in cryptocurrency assets. It means that the insured will always be indemnified for the underlying value of every asset in the policy, even if the value of the asset fluctuates between the period of the policy.
A panel of Lloyd’s insurers back this policy, and the panel includes TMK and Markel. They are all members of the Lloyd’s PIF or Product Innovation Facility.
The CEO of Coin cover also made a statement and said that they are very pleased and delighted to have worked with the Atrium and the Lloyd’s PIF members to bring such a unique and timely solution to the crypto asset market.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
