Evertas Expands Crypto Insurance Offerings to Include Mining, Increases Limits [Advance Cash ]

Evertas Expands Crypto Insurance Offerings To Include Mining, Increases Limits

Evertas, an insurance company focused on digital assets, recently announced increased coverage limits and the addition of mining operations to its coverage portfolio.

The insurer's per-policy coverage limits on custody crypto assets will increase to $420 million, "nearly tripling the amount of risk transfer previously available for blockchain-focused projects," according to an announcement.

It also adds coverage for mining operations up to $200 million per policy. According to Evertas, these are the highest coverage limits available.

Related: It turns out that insuring users and crypto platforms is quite difficult

The policy extensions come just six months after the company raised $14 million in a Series A funding round led by Polychain Capital. Apparently, that brings the company's total outside funding to $19.8 million when factoring in its initial seed funding of $5.8 million.

Chicago-based Evertas is one of the few insurers focusing on cryptocurrency and digital assets and reportedly the only official coverholder status granted by Lloyd's of London.

While most cryptocurrency exchanges hedge losses to some degree, there are many situations where account holders could lose access to their assets that cannot be tracked via account or online activity. chain.

Per an article on Investopedia:

“Exchanges such as Binance and Coinbase claim to insure the digital funds of stolen investors. extortion.

The same article mentions that many insurers do not provide comprehensive coverage, thus forcing customers to mix and match policies.

According to Evertas, its new policy limits are intended to alleviate this problem for consumers. The company's announcement says its policies now offer greater scalability and speed, which "now enables full, high-limit underwriting from a single source."

The cryptocurrency insurance space is relatively new compared to more traditional sectors such as home insurance and life insurance. According to experts, less than 1% of all cryptocurrency assets are insured by traditionally underwritten policies. This represents significant exposure, especially considering that the global cryptocurrency market is expected to grow significantly by 2030.