Breach Insurance’s New ‘Crypto Shield Pro’ Revolutionises the Industry
In the ever-evolving world of cryptocurrency, security remains a paramount concern for institutional investors. The risks associated with digital assets have given rise to a new breed of insurance solutions, and leading the charge is Breach Insurance, a Boston-based global insurance underwriter. Breach Insurance has recently launched ‘Crypto Shield Pro,’ a groundbreaking crypto custody insurance policy tailored exclusively for institutional clients of crypto custody solutions.
Despite its rapid rise to prominence, cryptocurrency has faced persistent security issues. Private keys, the digital keys that enable access to crypto assets, have been susceptible to theft, loss, or even destruction. Until now, insurance coverage for these risks has primarily been limited to large, established crypto institutions. However, the launch of Crypto Shield Pro by Breach Insurance aims to democratise this critical protection for institutional investors.
Breach Insurance has taken a significant step towards fortifying the crypto industry’s security infrastructure. This comprehensive insurance policy safeguards policyholders against the theft, loss, and destruction of private keys and crypto assets held in custody. What sets Crypto Shield Pro apart is its availability to a broader spectrum of institutional clients, ensuring that even more minor players in the crypto space can access the same level of security as their more substantial counterparts.
One of the critical strengths of Breach Insurance’s Crypto Shield Pro is its financial backing. Accelerant, a data-driven risk exchange that empowers speciality underwriters, supports the company’s capacity. Accelerant has earned a prestigious “A-” ” Excellent ” rating from A.M. Best, a testament to its reliability and financial strength. This financial backing gives policyholders confidence that a robust and reputable insurer protects their assets.
Crypto Shield Pro offers policyholders flexible coverage options, with limits of up to $10 million per policy. Moreover, additional underwriting allows for custom coverage and higher limits, catering to each client’s unique needs. This adaptability makes Crypto Shield Pro a versatile solution that can be tailored to suit institutional investors’ varying risk profiles and crypto holdings.
In addition to Crypto Shield Pro, Breach Insurance is making its ‘Active Wallet Monitoring’ service available to all. This service is a vital tool for assessing on-chain crypto wallet risks. It offers real-time insights into wallet transactions across major blockchains and cryptocurrencies. Furthermore, it identifies financial crime exposures and flags transactions linked to illicit activities, such as theft, money laundering, terrorist financing, and sanctioned entities. Such features are invaluable to licensed and regulated entities seeking to maintain their compliance obligations.
Eyhab Aejaz, Breach’s Co-Founder and CEO, expresses the company’s commitment to providing a reliable, reinsured, and fully regulated crypto insurance solution. Aejaz affirms their mission is to create new insurance capacity and products for the crypto economy. The launch of Crypto Shield Pro and the Active Wallet Monitoring service underscores Breach Insurance’s commitment to innovation and delivering on its promises.
Crypto Shield Pro and the Active Wallet Monitoring service are accessible via Breach’s proprietary insurtech platform. This platform offers a personalised experience for brokers and policyholders, facilitating the seamless placement of policies and efficient claims processing. While Crypto Shield Pro is already available in 35 states, the company plans to roll it out countrywide in 2024. In contrast, the Active Wallet Monitoring service is immediately available to clients worldwide, further enhancing the security and transparency of the cryptocurrency ecosystem.
In conclusion, Breach Insurance’s Crypto Shield Pro is a significant development in the crypto insurance landscape. Extending institutional-grade protection to a broader range of clients helps address the security concerns prevalent in the cryptocurrency market. Backed by a robust financial institution offering customisable coverage options, Crypto Shield Pro is a powerful tool for safeguarding digital assets. Coupled with the Active Wallet Monitoring service, Breach Insurance is making notable strides in enhancing the security and trustworthiness of the crypto economy. As the cryptocurrency industry continues to evolve, the importance of such innovations in risk management cannot be overstated. Crypto Shield Pro is a testament to the industry’s resilience and adaptability.
