(Image source: Breach Insurance homepage.)
Breach Insurance, a Boston-based global insurance underwriter that provides insurance technology and regulated insurance products for the cryptocurrency market, has announced the launch of Crypto Shield Pro, which the company describes as an innovative crypto custody insurance policy for institutional clients of crypto custody solutions. Following the launch of the company’s new Bermuda class IIGB carrier, the new institutional crypto insurance product is designed to protect policyholders from the theft, loss, and destruction of private keys and crypto assets held in custody that have traditionally been available only to large, established crypto institutions.
The company’s capacity is backed by Accelerant (Atlanta), a data-driven risk exchange that supports specialty underwriters and has earned a financial strength rating of “A-”(Excellent) from A.M. Best. Breach reports that limits up to $10M per policy are available, with higher limits and custom coverage available with additional underwriting.
Along with Crypto Shield Pro, Breach is also making its free Active Wallet Monitoring service available to all. The service provides a complete picture of on-chain risks associated with wallets and allows anyone with a crypto wallet to gain free insights into wallet transactions across all major blockchains and cryptocurrencies, real-time identification of financial crime exposures, and flagging transactions linked to thieves, money laundering, terrorist financing, and sanctioned entities, which is critical to licensed and regulated entities.
Mission to Create Capacity and Products for the Crypto Economy
“We are proud to be partnering with established broker relationships to offer institutions with a reliable, reinsured, and fully-regulated crypto insurance solution that protects policyholders from real financial risks,” comments Eyhab Aejaz, Co-Founder and CEO, Breach. ‘Breach continues to be on a mission to create new insurance capacity and products for the crypto economy, and the release of Crypto Shield Pro and our free Active Wallet Monitoring service is demonstration of our ability to continue to innovate and execute on our promises.”
Both Crypto Shield Pro and the free Active Wallet Monitoring service are available via the Breach proprietary InsurTech platform, which provides both brokers and policyholders a personalized experience, allowing for seamless placement of policies and claims, according to the company’s announcement of the product launch. Crypto Shield Pro is live in 35 states and says it will be rolling out countrywide in 2024, while the free Active Wallet Monitoring service is available now globally.