BUSINESS INSURANCE (March 2, 2014, NEW YORK). According to this article, the best approach to insuring Bitcoin risk may be a hybrid policy that incorporates several elements, including cyber, fiduciary, crime, property and errors and omissions coverage according to several sources within the insurance industry including Ty Sagalow, President, Innovation Insurance Group, LLC. “Product development is typically driven by demands of our clients, in terms of innovation, and right now, Bitcoin is a topic of great interest” commended Oliver Brew, Vice-President of technology and privacy at Liberty International Underwriters. According to Ty Sagalow, “I would be (sic) surprised if carriers was not putting in serious efforts into this.”*
*post publication update: The Bitcoin Insurance Agency, a division of Innovation Insurance Group, LLC. is working with several carriers to create a standalone Bitcoin Risk Insurance Policy with expected launch of January 2015.