Ledger Vault obtains custom crime insurance policy
14 November 2019 Paris
Image: Shutterstock
Ledger has obtained a crime insurance policy covering digital assets secured by the Ledger Vault platform.
The programme follows an evaluation of Ledger Vault’s hardware and software security infrastructure as well as governance policies.
Last year, Ledger Vault worked with Marsh and Arch Insurance (UK) to develop the custom programme at the behest of Vault clients.
The customised crime insurance programme insures crypto assets for up to $150 million including third-party theft of the master seed and private keys following a physical breach of a hardware security module in a secure data centre; secure transmissions of the master seed fragments as part of the client onboarding; and insider Ledger employee theft caused by collusion.
All the coins and tokens currently supported by the Vault platform are covered by the Ledger Vault policy. There is also a mechanism to add new coins/tokens to the policy coverage as may be necessary.
Pascal Gauthier, CEO at Ledger, said: “We consider insurance a crucial part of a comprehensive plan as digital assets gain a foothold in institutional portfolios. As a new class of assets, securing digital currencies has become a complex challenge for both institutions and insurers. Through our efforts with Marsh and Arch to curate this comprehensive crime insurance policy, we are playing a pivotal role in the movement to secure and insure all critical digital assets.”
Jennifer Hustwitt, senior vice president with Marsh’s global digital asset risk transfer team, said: “As this asset class matures, we are focused on structuring insurance programmes that align with how the underlying technology functions. This Ledger insurance programme marks the next chapter in the burgeoning insurance market for digital asset risks.”
The programme follows an evaluation of Ledger Vault’s hardware and software security infrastructure as well as governance policies.
Last year, Ledger Vault worked with Marsh and Arch Insurance (UK) to develop the custom programme at the behest of Vault clients.
The customised crime insurance programme insures crypto assets for up to $150 million including third-party theft of the master seed and private keys following a physical breach of a hardware security module in a secure data centre; secure transmissions of the master seed fragments as part of the client onboarding; and insider Ledger employee theft caused by collusion.
All the coins and tokens currently supported by the Vault platform are covered by the Ledger Vault policy. There is also a mechanism to add new coins/tokens to the policy coverage as may be necessary.
Pascal Gauthier, CEO at Ledger, said: “We consider insurance a crucial part of a comprehensive plan as digital assets gain a foothold in institutional portfolios. As a new class of assets, securing digital currencies has become a complex challenge for both institutions and insurers. Through our efforts with Marsh and Arch to curate this comprehensive crime insurance policy, we are playing a pivotal role in the movement to secure and insure all critical digital assets.”
Jennifer Hustwitt, senior vice president with Marsh’s global digital asset risk transfer team, said: “As this asset class matures, we are focused on structuring insurance programmes that align with how the underlying technology functions. This Ledger insurance programme marks the next chapter in the burgeoning insurance market for digital asset risks.”
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