Breach Insurance, a global insurance underwriter headquartered in Boston, has introduced its newest product, Crypto Shield Pro. This innovative crypto custody insurance policy is specifically designed for institutional clients utilizing crypto custody solutions.
The company claims that this policy will revolutionize the traditional insurance landscape for crypto assets by protecting policyholders against theft, loss, and destruction of private keys and crypto assets held in custody. Previously, this type of protection was primarily available to large, established crypto institutions.
The launch of the company’s new Bermuda class IIGB carrier has facilitated the introduction of this institutional crypto insurance product, setting a new industry standard.
With support 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 progress in enhancing its capacity to provide this essential coverage.
The policy offers limits of up to $10 million per policy. Additional underwriting is available for those seeking higher limits and customized coverage.
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, offering invaluable insights into wallet transactions across major blockchains and cryptocurrencies.
The key feature of this service is real-time identification of financial crime exposures, such as transactions linked to thieves, money laundering, terrorist financing, and sanctioned entities. This feature is critical for licensed and regulated entities seeking enhanced security and compliance.
Eyhab Aejaz, Co-Founder and CEO of Breach, stated that the company has partnered with established brokers to offer reliable, reinsured, and fully-regulated crypto insurance solutions to institutions. Breach remains 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 demonstrates Breach’s commitment to innovation and fulfilling its promises.
Both Crypto Shield Pro and the free Active Wallet Monitoring service are accessible through Breach’s proprietary insurtech platform, which provides a personalized experience for brokers and policyholders, streamlining policy placement and claims processing.
Currently, Crypto Shield Pro is available in 35 states and will be rolled out nationwide in 2024. The free Active Wallet Monitoring service is available globally, providing a valuable resource for the crypto community.
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