NEW YORK : London-based 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.
"This is the single largest policy that can be approved from one insurance company," Evertas chief executive officer J. Gdanski told Reuters. 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.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.