BitSecure™, our proprietary bitcoin theft Insurance policy, is a bespoke insurance product customized for each customer. The policy provides a robust cyber and professional liability policy that goes well beyond narrow crime policies previously adopted by some bitcoin vault providers.
The policy protects both the corporate policyholder and well as its customers from any act, error, or omission of an Insured (including errors in technology, processes, and employees) which result in a theft of Insured Bitcoins (or their related private keys).
Coverage extends to both external hacking incidents and employee theft. Both hot wallets and cold storage are eligible for coverage under the policy.
In the event of a covered loss, the policy would reimburse a customer, as a direct loss payee (a feature not available in any other insurance program!) for the full value of the stolen Insured Bitcoins, subject to the full terms of the policy. In addition, the policy provides the corporate policyholder with unprecedented ability to work directly with its customers in the management and resolution of such incidents.
Bitcoin Financial Group’s new to the market Bitcoin Theft Insurance policy announced on February 25, 2015, has been called a “defining moment” in insurance for the bitcoin industry.