The first commercial coverage of the digital currency Bitcoin will be offered by the Great American Insurance Group after a previously announced deal with Lloyd’s collapsed.
Bitcoin’s storage service, Elliptic Vault, was reportedly to be insured by Lloyd’s. However, that deal apparently fell through earlier this year.
Great American’s fidelity/crime division will now offer the insurance. Standard crime insurance policies, including Great American’s crime policy, currently do not automatically provide coverage for virtual peer-to-peer mediums of exchange.
Crime insurance coverage for bitcoins can now be granted by endorsement to an existing crime policy for mercantile and governmental customers who accept bitcoin in order to provide coverage for this increasingly popular method of payment, and to tailor coverage to fit the unique needs of insureds, said the company.
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Great American Insurance, Lloyd's, North America, Europe, Bitcoin