BitGo launches Excess Specie Insurance for custody clients
23 March 2020 Palo Alto
Image: Shutterstock
BitGo has launched dedicated customer ‘Excess Specie Insurance’, which will be provided to custody clients.
Excess Specie Insurance includes “highly competitive premiums due to BitGo’s underlying $100 million programme”, and “adjustable limits”, according to BitGo.
Additionally, Excess Specie Insurance features prorated premium so clients only pay for the relevant period of protection.
BitGo explained that clients who purchase Excess Specie Insurance will be named as dedicated customer loss payee in the policy, ensuring an additional layer of protection.
This comes after BitGo introduced insurance protections for digital assets which included $100 million for assets held in BitGo Custody through the world’s specialist insurance and reinsurance market in London in 2019.
Crypto.com is one of BitGo’s first clients to take advantage of the dedicated customer excess limits policy.
Kris Marszalek, co-founder and CEO of Crypto.com, said: “BitGo carries a robust insurance programme, elevating the scope of protection for our digital assets in their custody and providing further assurance to our customers that their funds are safe and protected.”
Mike Belshe, CEO of BitGo, added: “The new excess policy is the strongest and lowest cost full coverage for digital assets in the market today. I’m very proud of the team because this innovative program is only possible thanks to the foundation of cold storage insurance that BitGo and our underwriters established in 2019.”
Excess Specie Insurance includes “highly competitive premiums due to BitGo’s underlying $100 million programme”, and “adjustable limits”, according to BitGo.
Additionally, Excess Specie Insurance features prorated premium so clients only pay for the relevant period of protection.
BitGo explained that clients who purchase Excess Specie Insurance will be named as dedicated customer loss payee in the policy, ensuring an additional layer of protection.
This comes after BitGo introduced insurance protections for digital assets which included $100 million for assets held in BitGo Custody through the world’s specialist insurance and reinsurance market in London in 2019.
Crypto.com is one of BitGo’s first clients to take advantage of the dedicated customer excess limits policy.
Kris Marszalek, co-founder and CEO of Crypto.com, said: “BitGo carries a robust insurance programme, elevating the scope of protection for our digital assets in their custody and providing further assurance to our customers that their funds are safe and protected.”
Mike Belshe, CEO of BitGo, added: “The new excess policy is the strongest and lowest cost full coverage for digital assets in the market today. I’m very proud of the team because this innovative program is only possible thanks to the foundation of cold storage insurance that BitGo and our underwriters established in 2019.”
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