Crypto firms face a myriad of risks from extreme volatility to a lack of regulation
Beazley has launched a directors’ & officers’ liability (D&O) insurance product tailored specifically for crypto companies – the first of its kind in the London and US markets.
The cover - CryptoGuard - is designed to address the risks faced by all types of companies operating in this developing industry through all stages of their lifecycle; from emerging start-ups, high growth businesses and established private and public organisations.
Luisa Celentano, underwriter, D&O Specialty Risks said: “The crypto market is growing rapidly, and becoming increasingly mainstream. Crypto firms face a myriad of risks from extreme volatility to a lack of regulation, and they also have to contend with different rules in different jurisdictions.
“One misstep can impact their financial results and business reputations, leaving senior executives in the firing line.
“There are a limited number of specialist insurance solutions tailored for crypto businesses and with established financial institutions and banks entering the market, now is the time for the insurance industry to respond.
“CryptoGuard is a step forward in providing quality, specialist D&O protection that addresses the D&O liability risks crypto and blockchain firms and their executives face.”