Specialty insurance carrier Relm Insurance has unveiled a new suite of insurance products designed to provide coverage for clients engaged in Web3 technologies.
The company said that this launch comes in response to growing customer demand and increasing risks associated with the burgeoning sector.
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The product suite includes five separate offerings targeting the specific needs of asset managers, cryptocurrency exchanges, technology developers, token issuers, miners and institutional staking providers.
It features SIGMAWEB3, ALPHAWEB3, NOVAWEB3, VISTAWEB3 and AURAWEB3.
SIGMAWEB3 is a multi-line package policy designed for Web3 organisations, while ALPHAWEB3 provides coverage options for digital asset fund or investment managers.
The NOVAWEB3 solution is to help Web3 service providers with cyber and technology errors and omissions insurance.
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By GlobalDataVISTAWEB3 offers crime coverage for digital asset holders and AURAWEB3 provides reimbursement coverages for organisations that are staking on the ETH 2 Beacon Chain.
All five products are designed to cater to the intricacies of the Web3 space, with a flexible underwriting approach that allows for premium payments in both fiat and cryptocurrency, stated Relm.
Relm CEO and founder Joseph Ziolkowski said: “Given our deep experience in Web3, we now have the tool kit and IP [intellectual property] to maximise the accessibility of the most important insurance coverages that companies operating in Web3 will need to scale their business.
“These new products illustrate our ongoing commitment to comprehensive and bespoke solutions for innovative companies.”
Established in 2019, Relm is a Bermuda-based carrier that aims to fill the gap in insurance capacity for new markets such as Web3, digital assets, AI and alternative medicine.
In November 2022, the company collaborated with CyberCube, a cyber risk analytics platform, to enhance its cyber underwriting operations.
