Insurance market adapting to provide digital asset covers | Business Insurance
In this news article, "cryptoinsurance" is used to mean any kind of liability insurance that is issued to cover the liabilities of a crypto firm, be it exchanges, dealers, brokers, custodians, tech advisors or lenders. The type of liability insurance may include Directors' and Officers' Liability Insurance, Professional Indemnity Insurance and Cyber Insurance.
What has been usually referred to as "cryptoinsurance" generally, is referred to as species insurance in this article. This is where most of the challenges in obtaining cover lie.
The last sentence is a reflective statement. Since insurers have not really been exposed to any claims yet under the new policies that have been issued, the future claims experience will largely determine the type and the amount of coverage available in the future.
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