Marsh launches new facility providing insurance cover for digital custodians
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Marsh launches new facility providing insurance cover for digital custodians 26 March 202426 March 2024 Reporter: Jack McRae
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Marsh has launched a new insurance facility to provide cover for digital asset custodians.
The insurance broker says that the facility provides up to US $825 million in insurance capacity and will support organisations with digital assets held offline.
Marsh also claims that it will cover certain elements of risks for assets secured by multi-party computation (MPC) or other custody solutions that do not operate entirely offline.
Jacqueline Quintal, global digital asset leader at Marsh Specialty, says: “Marsh’s facility provides custodians with protection for the key operational risks they face in the management of digital assets; we look forward to supporting clients globally in aligning their risk financing and evolving commercial strategies, as they focus on building their operational resilience and market presence in this fast-growing sector.”
The facility will protect against risks related to physical natural perils, third-party physical theft and internal collusion by employees responsible for secure storage.
The facility is backed by Lloyd’s syndicates and London-based international insurers and was developed by Marsh Specialty’s digital asset team.
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