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You are here: Home / Bitcoin Insurance Publications and Interviews / The Growing Legitimacy of Bitcoins

June 30, 2014

The Growing Legitimacy of Bitcoins

Bitcoin “What’s New in Insurance” Series: Part 2

In this second part of the Bitcoin series in “What’s New in Insurance”, Ty Sagalow, President of Innovation Insurance Group, explains the growing legitimacy of Bitcoins, and risks associated with the peer-to-peer payment system.

There are approximately $8 billion dollars of Bitcoins around the world, says Ty, used to buy a growing number if online products and services. He questions whether holding and storing Bitcoins has risk and what it means for the insurance industry.

 Mr. Sagalow sees three main exposures: price fluctuation, mismanagement and theft. Mismanagement and theft offer opportunities for the insurance industry. According to Ty, “Mismanagement is an issue the insurance industry is familiar with and…risks covered by D&O carriers/underwriters on a daily basis.”  Ty believes Bitcoin companies should buy D&O insurance and will likely pay higher rates than more established companies.

 Great American and a number of Lloyds syndicates have announced the creation of Bitcoin theft policies.  According to Ty, Bitcoins “should be evaluated as a cyber risk” and offers opportunities for cyber and fidelity insurance carriers “too big to ignore.”

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Filed Under: Bitcoin Insurance Publications and Interviews, What's New in Insurance? Tagged With: 3-part series on bitcoin, bitcoin risk, video

Bitcoin Insurance

Combining his talents as a network security insurance expert and an insurance product development expert, Ty Sagalow is the leading expert on the unique risk and insurance needs of the bitcoin industry.

With the successful sale of BitSecure(tm), the first bitcoin theft insurance policy in February of 2015, he is the first to create a sustainable, robust insurance policy to cover the theft of bitcoins and other virtual currency backed by an A-Rated, global “top 10” Property and Casualty insurance company.

Innovation Insurance Group, llc

Offices at Short Hills
51 John F. kennedy Parkway,
First Floor West
Short Hills, NJ 07078
917-620-2174 (Ty's cell)(preferred)
973-218-2552 (office)
contact@innovationinsurancegroup.com

Company Profile

Innovation Insurance Group is an insurance consulting firm and insurance brokerage founded by 30-year insurance executive, Ty R. Sagalow, former Chief Underwriting Officer, General Counsel and Chief Innovation Officer at AIG, and former Chief Innovation Officer at Zurich, NA and Tower Group. IIG focuses on three core practice groups: product development, expert witness services (primarily in the Management and Professional Liability areas), and bitcoin industry brokerage services.

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