Today Arch Insurance (UK) announced a collaboration with brokers Marsh for Blue Vault Digital Asset protection. The global product provides insurance cover for private keys used to control digital assets or cryptocurrencies on a blockchain. The keys must be held in traditional vault facilities, and coverage is for up to $150 million. However, the offering is innovative because the risk covered extends beyond storage to the lifecycle of the keys, including key generation.
This distinction is critical because even if the keys are securely stored in a vault but have been copied in advance by an employee or thief, the insurance will cover a loss.
The risk is underwritten by Lloyd’s syndicates including Arch 2012 and Canopius 4444.
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