US digital asset insurance company Evertas has announced the expansion of individual coverage limits across its multiple policy types.

The company has also added mining operations to its coverage portfolio.

The per-policy coverage limit has been increased to $420m on custodial crypto assets and $200m on crypto mining hardware.

The company claimed that these are the “highest” limits available across the industry.

Evertas CEO J Gdanski said: “Currently, less than 1% of digital assets are protected by insurance, leaving the industry dangerously exposed and impeding innovation.

“This shortfall is a consequence of multiple deficiencies in the status quo, many of which Evertas has just solved.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Gdanski added that the expanded coverage limits will help in closing the digital asset insurance gap, further contributing to the advancement of the Web3 ecosystem.

The new milestone has also ‘tripled’ the amount of risk transfer that was previously available to blockchain-based projects.

Evertas president Raymond Zenkich said: “On a practical level, this expansion in capacity confers two key advantages to crypto innovators.

“First, they will benefit from greatly increased speed and simplicity as it’s now possible to get a full, high-limit underwriting from a single source.

“And second, they will benefit from much-needed scalability, as policy size can expand along with the needs of growing ventures without requiring additional underwritings.”

According to a Reuters report, the $420m coverage limit will be applicable on all the crime-related policies, which primarily include theft of private keys or codes used for authorising transactions and for validating the ownership by a custodian.

The $200m limit covers property policies that are used by crypto miners for safeguarding their mining equipment from being destroyed by natural disasters and causes such as floods and damage from fire.

The report informed that Lloyd’s of London cover holder Evertas’ previous single policy limit was $5m.