In a seven-part series delving into issues relating to insurance coverage for digital assets, we provide a comprehensive understanding of the types of loss that can be sustained, who can sustain them, the availability of coverage under traditional insurance policies, and the emergence of new insurance products.
Continue Reading Digital Asset Insurance Coverage
From IRS rulings that “virtual currency” is taxed as “property” to an SEC lawsuit claiming that digital assets are “securities” under federal law, meteoric growth of the largely unregulated crypto industry has raised numerous questions about whether crypto-related risks are covered by insurance.
Continue Reading California Holds Stolen Cryptocurrency Does Not Qualify as “Physical” Loss Under Homeowners’ Policy
As reported on the Hunton Insurance Recovery Blog, in what appears to be a case of first impression, an Ohio trial court ruled in Kimmelman v. Wayne Insurance Group that the crypto-currency, Bitcoin, constitutes personal property in the context of a first-party homeowners’ insurance policy and, therefore, its theft would not be subject to the policy’s $200 sublimit for loss of “money.”
Continue Reading “Crypto-Property:” Ohio Court Says Crypto-Currency is Personal Property Under Homeowners’ Policy
A new report from the New York Attorney General summarizes the findings of its recent Virtual Markets Integrity Initiative. The NYAG concluded that crypto trading platforms vary significantly in their risk management strategies and in the ways they fulfill customer responsibilities.
Continue Reading New York Attorney General Reports on Crypto Exchanges
Blockchain, or distributed ledger technology, is already proving to be a game-changer for businesses globally and across sectors. But is it secure? And can insurance help protect against risks and, thus, help advance the development of this technology?
Continue Reading Insuring the Blockchain
On August 28, 2018, Lloyd’s of London underwriters have agreed to insure digital currency storage company, Kingdom Trust Co., against theft and destruction of cryptocurrency assets.
Continue Reading Lloyd’s Jumps Into the Cryptocurrency Market, Insuring Part of Kingdom Trust’s $12 Billion Assets