Crypto Insurance: What Is It?

We are in the throes of a massive increase in value in the crypto space (although who knows what the future holds, what’s happening now could pale in comparison to what comes next). As the different forms of digital currency rise and fall, and become more understood and accepted by more of the general public, all the usual concerns about valuable assets arise; one of them, is “how do I insure this?”

Here’s a brief video detailing one option for just that. We found this intriguing in two ways. First, the explanation of the insurance model. The model explained in this video is effectively a mutual company, where all those covered by the insurance own the company. Coverage is not guaranteed and claims are reviewed and covered on a case by case basis. Collectively, we’ve become a little complacent about insurance. We buy a policy and assume we are covered. We may realize that our policy doesn’t cover everything, but there is generally an assumption that we are covered. When we’re not laboring under that assumption, when our claims are not a given but must be reviewed, how does that change our behavior and thinking about our assets?

Second, there are implications here for the insurance industry as a whole. If crypto can be covered in this way, why can’t all insurance be written this way (short answer, it can)? What does that mean, particularly for our clients here? That the nature of how we write coverage will likely change very soon. Tomorrow? Probably not, but soon.

Enjoy the clip. Much more discussion about this to come. If you’re interested in alternative assets, consider these collaborations with our team of experts below. Both titles include discussion about how these collectibles behave as assets (as well as how they don’t). Cheers!

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