Evertas expands crypto insurance offerings to include mining and raises limits
Evertas, an insurance company focused on digital assets, recently announced an increase in coverage limits and the addition of mining operations to its coverage portfolio.
The insurer’s per-policy coverage limits on custodial cryptoassets will increase to $420 million, “nearly tripling the amount of risk transfer previously available to blockchain focused projects," according to an announcement.
It’s also adding coverage for mining operations in the amount of up to $200 million per policy. According to Evertas, these are the highest coverage limits available.
Related: Turns out, it’s pretty difficult to insure crypto users and platforms
The policy expansions come just six months after the company raised $14 million in a series A funding round led by Polychain Capital. Reportedly, this brings the firm’s total outside funding to $19.8 million when accounting for its initial seed funding of $5.8 million.
Evertas, a Chicago-based company, is one of only a handful of insurers focused on cryptocurrency and digital assets and, reportedly, the only given official coverholder status by Lloyd’s of London.
While most cryptocurrency exchanges cover losses to some degree, there are numerous situations where an account holder could lose access to their assets that can’t be tracked through account or on-chain activity.
Per an article on Investopedia:
The same article mentions that many insurers don’t provide comprehensive coverage, thus forcing customers to mix and match policies.
According to Evertas, their new policy limits are meant to ease this consumer pain point. The firm’s announcement says its policies now provide greater scalability and speed making it “now possible to get a full, high-limit underwriting from a single
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