Crypto insurer Evertas authorized to offer largest single crypto insurance policy

economictimes.indiatimes.com:

Arch Insurance International has authorized cryptocurrency insurer Evertas to increase the coverage limit for a single policy to $420 million for custodians or exchanges in what the U.S firm said is the highest in the industry. The move is a big boost for a crypto sector tainted by the collapse of major market players such as FTX and should help ease concerns on hacks and thefts that have plagued the industry. Currently only 2-3% of global cryptoassets are believed to be insured, Evertas said. «This is the single largest policy that can be approved from one insurance company,» Evertas chief executive officer J. Gdanski told Reuters. «A lot of other things that you may have found in press releases say like, oh you know, $500 million, a billion or whatever. Those are programs that actually require multiple underwriters to sign off.»

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The $420 million coverage applies to crime-related policies involving the theft of private keys — or codes used to authorize transactions or prove ownership — held by a custodian. Examples of custodians are Coinbase Exchange and Binance. The previous single policy limit for Evertas was $5 million. Evertas is a Lloyd's of London [SOLYD.UL] «coverholder», an insurance firm with specialized technical or local knowledge that international insurers rely on to assess or underwrite complex risks, such as crypto. It only writes insurance for custodians with private keys. Evertas