It also is likely to be written in the excess and surplus lines market, experts say.

“Conceptually, it would require bringing together aspects of the specialist insurance industry,” said Oliver Brew, New York-based vice president of technology and privacy at Liberty International Underwriters, part of Liberty Mutual Holding Co. Inc.

With a hybrid policy, in which all risks are covered by a single insurer, there is “no finger-pointing between carriers” if there is a claim, said Richard Magrann-Wells, vice president and financial services practice leader at Willis North America Inc. in New York. “You eliminate all the cracks.”

Likely buyers include Bitcoin storage, training or mining companies, “so we’re talking about very different types of entities with very different types of risks,” he said.

However, it is unlikely any Bitcoin policy would cover currency fluctuations, given its wide swings in value, experts say.

It could be some time before a dedicated Bitcoin policy is introduced, Mr. Brew said.

“Product development is typically driven by the demands of our clients, in terms of innovation, and right now Bitcoin is a topic of great interest,” but is not yet “mainstream,” he said.

Bitcoin’s best insurance option may be a hybrid policy _ Business Insurance

*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.