Beazley, a specialist insurer, has launched CryptoGuard, a new directors and officers liability coverage tailored to the crypto markets. According to Beazley, the device is the first of its sort in the London and US markets.
CryptoGuard is designed to handle the risks faced by all types of crypto firms at all phases of their lifecycle, including young start-ups, high-growth businesses, and established public and private entities.
“The cryptocurrency sector is fast expanding and becoming more popular,” said Luisa Celentano, Beazley’s underwriter of D&O specialist risks. “Crypto companies face a variety of risks, ranging from severe volatility to a lack of regulation, as well as various legislation in different jurisdictions.” One blunder can have a significant impact on their financial outcomes and company reputations, putting senior leaders in jeopardy.”
Celentano stated that there were just a few insurance products expressly geared to the crypto space’s problems.
“CryptoGuard is a significant step forward in offering high-quality, specialised D&O insurance that addresses the D&O liability issues that crypto and blockchain companies and their executives confront,” she said.
After four years of research into the field, Beazley created CryptoGuard. According to Beazley, the coverage provides access to an integrated team of underwriters and claims managers that have a thorough grasp of the crypto market.
