FAQ

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Theft Cover​

What's covered in Theft Cover?

All theft and loss of cryptocurrency funds resulting from:
- Proven third-party hacks or theft of private keys including: Brute force attack, cyber attacks, phishing software, malicious software, trojans, worms, hacking, device theft, insider attack, criminal extortion.
- Loss of wallet keys

What’s not included in Theft Cover?

We only cover digital currencies held in approved wallets. At the moment these are BitGo multi-sig wallets. We do not cover digital currency held on an exchange or in wallets where Coincover does not hold the backup key.

For approved wallets we only have two exclusions.

- Willful sending of digital currency by you or someone authorised by you.
- Failure of a digital currency blockchain.

Which cryptocurrencies do you protect?

Coincover protects the following currencies:

- Bitcoin (BTC)
- Wrapped Bitcoin (WBTC)
- Bitcoin Cash (BCH)
- Bitcoin Gold (BTG)
- Ethereum (ETH)
- Ripple (XRP)
- Stellar (XLM)
- Algorand (ALGO)
- Dash (DASH)
- ZCash (ZEC)
- Litecoin (LTC)
- EOS (EOS)
- Tron (TRON)
- Celo (CELO)
- Tezos (XTZ)
- Hedera (HBAR)

We also currently support 400+ Coins and Tokens including ERC20 standard tokens including all those supported on the BitGo platform.

Who are your insurance partners?

Coincover Comprehensive Cover is underwritten by Lloyd's of London members.

If my cryptocurrency is stolen how long does it take you to pay?

We pay theft cover claims within 48 hours of validating the theft. Claims are paid in USD, GBP or EUR. The value of the digital currency at the time of theft based on an external valuation.

What is the excess or initial deductible on a theft claim?

There is no excess or initial deductible to pay.

How do you calculate the value of a loss?

We take the calculation of loss extremely seriously and employ a clear and robust process to ensure you are treated fairly. Once we have received your claim we carry out the following steps to calculate the loss:

- We identify the transactions on the relevant blockchains to determine the date and time of the theft and the exact amount of cryptocurrency stolen.

- To calculate the value, we use the fiat currency valuation of the cryptocurrency provided by coingecko.com at the date and time of loss.

The claim is paid at this value (capped at the agreed cover level) with no excess or initial deductible taken. We aim to pay out within 48 hrs of a decision being made.

Where is the cover available?

Theft Cover is available globally with the exception of countries or jurisdictions prohibited by the UK or USA governments.

What is Theft Cover?

Theft Cover is an annual plan that protects you against the theft of your cryptocurrency held in an approved wallet. It offers a fiat currency equivalent payment of the cryptocurrency value at the time and date of theft.

Cryptocurrency Wills

Details on how Cryptocurrency Wills work

Before starting to complete your unique Cryptocurrency Will, it is important to understand how it works and the steps necessary for your funds to be retrieved and redistributed upon loss of access through death or other means.

Cryptocurrency is designed to facilitate a secure transaction between two parties, without the need for a trusted third party such as a bank or credit card company. All of the cryptocurrency is stored on a blockchain or similar ledger. In order to move these funds, you need to complete a transaction using your private key, which is the set of alphanumeric characters that are unique to your cryptocurrency wallet. The private key is often stored in a heavily encrypted state and a complex password is usually required to access and use it.

When you set up your Cryptocurrency Will, you will be guided in setting up a new multi-sig wallet (or wallets) specifically for your funds. This wallet provides you with complete control, secure custody and continued access of your funds up until your death.

The keys for multi-signature wallets need to be created at the time the wallet is set up with one of the keys added to Coincover’s secure storage vaults. Keys cannot be created and distributed after the fact. For this reason, Coincover is unable to protect and retrieve funds that are not in wallets protected by Coincover.

In order for an Executor, Beneficiary or loved one to access your cryptocurrency they will need to provide Coincover with the necessary legal documentation and proof before any movement of your funds takes place.

If you do not already have your cryptocurrency in a Coincover wallet, one will be arranged for you as part of a Cryptocurrency Will. We will walk you through the simple process of setting one up and linking it to your Cryptocurrency Will.

Will my relatives know how much cryptocurrency I have?​

No, it is not necessary to disclose your cryptocurrency holdings.

Will taxes be taken from the proceeds of the cryptocurrency?​

No, it is up to your beneficiary to make appropriate tax payments on any inheritance.

How can I be sure my beneficiaries don’t access my cryptocurrency prior to my death?​

With a Coincover Cryptocurrency Will you do not have to share your password or private key information with anyone. This ensures your funds remain secure and protected until such time as your Executor makes a formal request with us.

What if I have complex requirements for my cryptocurrency estate?​

We suggest you seek guidance from a legal professional about complex estate planning. Your Cryptocurrency Will enables your Executor to recover your funds after your death and follow any complex instructions as set out in your Will.

What if I have complex requirements for my cryptocurrency estate?​

We suggest you seek guidance from a legal professional about complex estate planning. Your Cryptocurrency Will enables your Executor to recover your funds after your death and follow any complex instructions as set out in your Will.

Disclaimer

This Cryptocurrency Will Kit is provided to you to enable a redistribution of cryptocurrency assets to an Executor following your death. Distribution of funds should be covered in your main will. We recommend you seek professional legal advice should you have any doubt as to the suitability of the Cryptocurrency Wills Kit.

Deposit Protection Guarantee

What is the Deposit Protection Guarantee?

The Coincover Deposit Protection Guarantee for cryptocurrency protects customers when authorised Cryptocurrency services and firms fail, and they lose access to their cryptocurrency. The scheme ensures that customers will always be able to recover their funds in the event of lost access.

The Coincover Deposit Protection Guarantee provides protection to customers of Coincover partners cryptocurrency holdings up to a value of $1 million (1,000,000 USD) per wallet.

Coincover will recover the funds to a new wallet of the customers choosing.

When can I claim on the Deposit Protection Guarantee?

In the event that a business with Coincover Deposit Protection Guarantee ceases operations due to business failure, catastrophic systems failure, or catastrophic data loss that results in its customers being permanently unable to access funds in their wallets, the Deposit Guarantee scheme will access and recover funds on their customers behalf.

What happens if I need to claim on the Deposit Protection Guarantee?

In the event that a business with Coincover Deposit Protection Guarantee ceases operations as described above, Coincover will manage the recovery and movement of funds to another service provider or alternative wallet for any customer who can no longer access their wallets and funds.  

Customers will be provided with the relevant contact details following the incident. For security purposes, recovery will only take place once the customer passes full ID verification checks and is confirmed as the wallet holder.

How do I know if a business is protected by the Coincover Deposit Protection Guarantee?

Businesses with Coincover Deposit Protection Guarantee will show on their website that they are protected by displaying the Coincover deposit protection logo. Customers can and should also check the status of the deposit protection guarantee at the Coincover website where the certificate of coverage will be stored for public viewing.

How do I know if my wallet is protected?

In the majority of cases where a business displays on site that its customers have Deposit Guarantee, the customer is protected automatically when they create an account and receive confirmation that their funds are protected by Coincover Deposit Protection Guarantee. If you are not sure or didn’t receive a confirmation, please always check with your provider. You can also check the status of any company offering the Coincover Deposit Protection Guarantee at coincover.com.

Can I use the Deposit Protection Guarantee if I have lost access myself?

Coincover is able to recover funds should a customer lose access to their wallet. In the case the customer loses access they should first contact the company they are doing business with and follow the fund recovery process.

How does a Deposit Guarantee recovery take?

Coincover is committed to recovering your funds as quickly as possible. However, each customer recovering their funds must pass full ID verification checks and be confirmed as the wallet holder before the recovery can take place and must be processed individually. Typically a standard fund recovery will take 7 days from the recovery request. However, in the event that a business with Coincover Deposit Protection Guarantee ceases operations and funds become inaccessible, this will result in large volumes to process and is likely to take longer. If this is the case, we will keep all customers informed of the progress of recoveries.

What is secure key storage?

Secure key storage is the way we ensure you never lose access to your funds by creating and holding an emergency backup key to each of your wallets offline. When you create a new wallet with one of our partners with Coincover Deposit Protection Guarantee, a key pair is requested from us for your new wallet. The public portion of the key is allocated to your new wallet. The private backup key is stored by Coincover offline with zero network exposure.

It is fully encrypted, sharded and held in grade A free-standing six-sided vaults in multiple geographically dispersed locations in the United Kingdom. Each vault is protected by multi-party access control with a minimum of three Coincover personnel in attendance for every recovery and verification.

What is the fund recovery process?

Our first priority is the security of your funds. We will always confirm your identity before we initiate the recovery process to be sure we are recovering the funds for the owner. To ensure total transparency, we will ensure that you are kept informed on progress and are notified as soon as your funds have been recovered.

Step 1: The first step in the process is for us to confirm your ID and verify ownership of the wallet confirmed.‍
Step 2: We will help you to create a new wallet to hold the recovered funds.
Step 3: We confirm the funds have been recovered to your new wallet.

What are the Coincover Deposit Protection Guarantee recovery requirements?

All customers must have their Identity validated and ownership of funds confirmed before a recovery can take place. This will be checked when a customer requests a recovery.

Where is Coincover Deposit Protection Guarantee available?

Coincover Deposit Protection Guarantee is available to businesses globally with the exception of countries or jurisdictions prohibited by the UK or USA governments.

What cryptocurrencies do you cover?

For businesses that have the Coincover Deposit Protection Guarantee, coverage can include one or more of the following currencies depending upon the nature of the business holding the Deposit Protection Guarantee.

- Bitcoin (BTC)
- Wrapped Bitcoin (WBTC)
- Bitcoin Cash (BCH)
- Bitcoin Gold (BTG)
- Ethereum (ETH)
- Ripple (XRP)
- Stellar (XLM)
- Algorand (ALGO)
- Dash (DASH)
- ZCash (ZEC)
- Litecoin (LTC)
- EOS (EOS)
- Tron (TRON)
- Celo (CELO)
- Tezos (XTZ)
- Hedera (HBAR)

We also currently support 400+ Coins and Tokens including ERC20 standard tokens including all those supported on the BitGo platform.

When does the cover period start and end?

Please confirm with your Provider. Alternatively, you can view the current status of the Coincover Deposit Protection Guarantee for a given business at coincover.com.

If I have more than USD 1,000,000 in my wallet will you recover it?

Yes, Coincover will recover the full value of the funds in your wallet.

What happens if you cannot recover my funds?

Coincover will be able to recover all funds within the wallet.

Key Storage

How does Key Storage and Lost Key Cover work?

Protect your funds with multi-signature 3-key management and a backup key held securely offline.

‍Lost Key Cover is built on multi-signature (multi-sig) wallet technology. Multi-sig wallets require two or more private keys before the funds can be released.

BitGo multi-sig wallets consist of three private keys: one held by you, one held by BitGo and one held on your behalf by Coincover.

Two signatures are required on every transaction on a BitGo wallet and typically this is done by you and BitGo. But should you lose access, our dedicated team is waiting to help recover your funds as quickly as possible.

What is secure key storage?

Secure key storage is the way we ensure you never lose access to your funds by creating and holding an emergency backup key to each of your wallets offline.

When you create a new wallet with BitGo and select Coincover to hold your back up key, BitGo request a key pair from us for your new wallet.

We send BitGo the public portion of the key which is allocated to your new wallet. The private backup key is stored offline with zero network exposure. It is fully encrypted, sharded using Multi-Party-Computation (MPC) and held in grade A free-standing six-sided vaults in multiple geographically dispersed locations in the United Kingdom.

Each vault is protected by multi-party access control with a minimum of three Coincover personnel in attendance for every recovery and verification.

What is the fund recovery process?

Our first priority is the security of your funds. We will always confirm your identity before we initiate the recovery process to be sure we are recovering the funds for the owner. To ensure total transparency, we will keep you informed on progress and notify you as soon as your funds have been recovered.

- Contact us immediately to report the loss of access
- Your ID is verified and ownership of the wallet confirmed
- You create a new wallet to hold the recovered funds
- We securely sign the transaction to recover funds
- The wallet provider (in this case BitGo) securely counter-signs and your funds are then transferred to your new wallet
- We confirm the funds have been recovered to your new wallet

Our recovery requirements

Our standard recovery process requires independent approval from at least one further named individual from the company in addition to the primary contact.

All named individuals must be on the Access Control List (ACL) approved by all parties and provide personal information such as a copy of their passport and proof of employment in your company.

In addition, all named individuals must have a BitGo account and a Coincover account and have completed the Know Your Customer ID checks.

Lost Key Cover standard service levels

We offer standard service levels or custom ones to suit your needs. Our security experts will work with you to understand your requirements and recommend the appropriate service levels your business.

We will arrange a call to understand your goals and operations quickly. We aim for a fast turnaround and businesses are typically on cover within 5 to 7 business days and in less time if you are already a BitGo customer.

Our standard service levels include:      
- 24x7x365 support from our UK call centre
- Secure key storage for unlimited wallets
- Fund recovery for up to 24 wallets per calendar year
- Fund recovery within 7 days of verification

How much does Lost Key Cover for Business cost?

Lost Key Cover starts at just £399 (exc. VAT) per calendar month.

Enhanced service levels with more recoveries per year and expedited recovery times are available.

How many wallets can I protect?

You can protect all your wallets provided they were created with our approved service provider BitGo, Fireblocks, or Curv, and you selected Coincover as the backup key holder.

Lost Key Cover protects all your wallets individually and collectively.

Which cryptocurrencies do you protect?

Coincover protects the following currencies:

- Bitcoin (BTC)
- Wrapped Bitcoin (WBTC)
- Bitcoin Cash (BCH)
- Bitcoin Gold (BTG)
- Ethereum (ETH)
- Ripple (XRP)
- Stellar (XLM)
- Algorand (ALGO)
- Dash (DASH)
- ZCash (ZEC)
- Litecoin (LTC)
- EOS (EOS)
- Tron (TRON)
- Celo (CELO)
- Tezos (XTZ)
- Hedera (HBAR)

We also currently support 400+ Coins and Tokens including ERC20 standard tokens including all those supported on the BitGo platform.