A new insurance product has launched today that offers individuals protection from cryptocurrency theft. Crypto Shield is powered by Boost Insurance, an insurtech that provides insurance technology and regulated insurance products for the cryptocurrency market.
Crypto Shield is the first insurance product specifically tailored to cryptocurrency retail traders, and allows individuals to purchase protection for their crypto wallets held by select custodians.
Insurance product Crypto Shield, came about as a solution to operational gaps in existing products, and is the result of a partnership between Breach Insurance and Boost Insurance.
Boost insurance is licensed to develop and sell P&C insurance products across the US, while Breach Insurance is a Boston-based insurtech company that provides insurance technology and regulated insurance products for the cryptocurrency market.
Eyhab Aejaz, Co-Founder and CEO at Breach commented on the launch, noting:
“Early stage insurtechs have foundational operational gaps, and it’s been exciting to find relationships that complement one another as well as our partnerships with Boost and Relm. Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
Joe Ziolkowski, CEO at Relm, added:
“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a significant milestone in supporting the development of crypto and blockchain technologies. Relm’s reinsurance provides the capacity to take this revolutionary product to market and for the first time, enables individuals to achieve their own level of protection in the industry.”
Breach and Boost have also partnered with Relm Insurance Ltd. which is underwritten by Trisura Specialty Insurance Company, and is a Bermuda based startup that reinsures Crypto Shield.
The group said that the Crypto Shield will meet all regulatory and compliance standards in all 50 states, and individuals holding the policy will be reimbursed for the value of their policy if the custodian is breached or suffers a social engineering attack.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
