A step by step guide to
protecting your crypto

Here we'll walk you through the complete process of protecting your crypto, from start to finish. Including setting up a BitGo wallet, setting up your Coincover account, selecting and paying for cover, receiving your confirmation certificate of cover and setting up a Crypto Will.

Account creation and cover selection


Create a Bitgo account and sign up for a free (or multiple free) wallet at https://app.bitgo.com/login/signup
This will take you through the process of creating an account and setting up your 2FA.


When creating a BitGo wallet, use the default settings such that Coincover remains the backup key provider.


Within the BitGo app you can select to receive funds into your wallet. This is where you can transfer funds from an external wallet into your new BitGo wallet.


You’ll then receive an email from Coincover to protect your wallet. Follow the links in the email to set up a Coincover account.


Once your Coincover account is set up, you can then connect your BitGo wallet/wallets that you would like to cover.


Next choose your level of protection at: https://www.coincover.com/store


Once payment is confirmed you will receive a certificate of cover from us with your level of 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.​

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?​

Any occasion where you or someone on your behalf have sent cryptocurrency to a third party.

Direct physical loss of or damage to any hardware

Failure, breakdown or disruption of the Cryptocurrency Blockchain.

All other exclusions as shown in the Terms & Conditions.

Which cryptocurrencies do you protect?​

Coincover protects the following currencies:

- Bitcoin
- Bitcoin Cash
- Bitcoin SV
- XRP (Ripple)
- Stellar
- Dash
- ZCash
- Litecoin

We also currently support 200+ ERC20 standard tokens.

Who are your insurance partners?​

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

Are there any restrictions?​

You must own the cryptocurrency assets and they must be held in a BitGo wallet with Coincover.

The most we will pay is the cover level you have selected.

We may pay less if the value of cryptocurrency stolen is below that limit.

Theft Cover offers no excess/deductible facility.

Theft Cover may not be transferred or assigned to any third party without our written agreement.

Theft Cover will not apply if payments are not up to date.

How do I pay?​

Coincover accepts payments for annual premiums in Bitcoin and monthly subscriptions in US Dollars.

Who is Theft Cover designed for?​

Theft Cover has been specifically designed for people using cryptocurrency who wish to protect their assets from theft. It is available to adults over 18 years of age. Provided customers can demonstrate their ownership of the assets, they are eligible to purchase Theft Cover.

How does Theft Cover work?​

Theft Cover works just like any other personal insurance policy. It provides you with permanent protection and a guaranteed pay out if your cryptocurrency is stolen. You are free to continue using your wallet as you would normally and are not required to notify us of transfers.

With Coincover you maintain 100% direct ownership of your cryptocurrency assets. A BitGo wallet protected by Coincover matches hardware for level of asset ownership with the added protection of insurance and the flexibility of an on-chain hot wallet.

There are no hidden charges and no excess so you will receive a full pay out so long as it does not exceed your cover limit.

After you’ve bought the cover level you require, you must then register your insured wallet addresses with us. This is done in our secure customer portal. To learn more visit our set up guide.

We pay claims to a maximum of the cover limit you chose. The value of the claim is based on the amount of quantity of digital currency stolen and its fiat currency value at the time of theft based on an external valuation provided by coingecko.com.

If you think you have been a victim of a theft you should contact us immediately. Our dedicated team will be waiting to support you.

We will tag the funds as being stolen on the blockchain, we will notify all exchange sand wallet providers and notify relevant authorities.

We investigate all claims thoroughly and aim to process all claims as quickly as possible and make pay outs with 48 hours of a decision being made.

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 US Dollars. The value of the digital currency at the time of theft based on an external valuation.

What are the cover levels?​

We offer a series of Cover Levels making it easy to identify how much cover you need, and it is also flexible so that you can move between Cover Levels at anytime to ensure you are only paying for the cover you need.

The Cover Levels available as standard are (GBP £):
Up to 10,000
Up to 25,000
Up to 50,000
Up to 100,000

If you have more than £100,00 in an account or wallet then please contact us for a personalised quotation.

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

There is no excess or initial deductible to pay.

What are my obligations?​

You must tell us immediately if you suspect your assets have been stolen, and report the theft to the Police.

You must tell us of any circumstances which you think may give rise to a loss in future.

You must take reasonable care of your digital assets as set out in the Terms & Conditions.

You must take reasonable care to give us full, complete and accurate information to the questions we ask.

You must tell us if your circumstances change, and if you wish to vary the amount of cover you have.

You must help us investigate the background and/or causes of any theft and be prepared to share information with us.

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.

When does the cover period start and end?​

The cover starts once you have paid for your cover and completed your Coincover registration. The registration process includes confirming your identity as well as creating and linking an account or wallet with our approved service provider BitGo. The cover then ends 12 months from the start date

How many wallets can I protect together?

You can protect as many wallets as you like provided they were created with our approved service provider BitGo and you selected Coincover as the back up key holder. The cover level you have selected covers all your wallets collectively.

For example: You have two wallets protected by Coincover Theft Cover – wallet #1 with cryptocurrency valued at £9,000 in it and wallet #2 has a value of £12,000 - with a total value of £21,000.

In this example you would have needed a cover level of £25,000 to cover both wallets. If wallet #1 suffers a theft then we would pay out the £9,000 for that claim and if wallet #2 suffers a theft then we would pay out the £12,000 for that claim. If both wallets were attacked at once, the pay out would be £21,000.

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.

Crypto Will set up


First you will need to purchase a Will Kit from Amazon:


Once your Will Kit arrives, you will need to activate it. Enter your unique Cryptocurrency Will ID at www.coincover.com/wills to get started.


Answer a set of short questions to link your Cryptocurrency Will to you and confirm your identity.


Identify your Executors by confirming those who will be responsible for distributing your cryptocurrency in line with your wishes.


Set up your will wallets with multi-signature wallets for your cryptocurrency holdings.


Decide whether to make any amendments to your wider will and notify your Executors.


Distribute your notification cards to your executors and loved ones for safe keeping. Keep your unique Will ID card on you.

Cryptocurrency Wills FAQ

Cryptocurrency Wills are designed as a way for your loved ones to retrieve your cryptocurrency in the event of your death without the need to share or compromise secret or personal details.​

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.

Important notes​

1. This Cryptocurrency Will is designed to ensure your cryptocurrency assets are retrievable by your Executor in the event of your death.

2. You must complete the set-up of your Cryptocurrency Will online at https://vault.coincover.com/signup where our simple step-by-step process will guide you along the way.

3. Due to the specific and secure nature of cryptocurrency holdings, Coincover can only retrieve and redistribute cryptocurrency held within a Coincover approved wallet, which is provided as part of this kit. Your funds remain entirely within your control until the time of your death.

4. You do not need to share any security or password information about your holdings with anyone prior to your death.

5. You may make changes to your Cryptocurrency Will online at any time to reflect a change in circumstances.

6. The unique ID found on your Cryptocurrency ID Card is specific to you and links directly to your Cryptocurrency Will.

7. Please notify your Executor of the unique ID number on your Cryptocurrency Will ID card contained within this pack, and Coincover will do the rest.

8. Your cryptocurrency holdings may be subject to either capital gains tax or inheritance tax, depending on their value, as well as the jurisdiction in which you live. Coincover will retrieve cryptocurrency funds but is not in a position to provide legal tax advice. Specialist legal advice should always be sought in this respect.

9. Your cryptocurrency funds are usually treated as an asset and form part of your estate. We recommend you review any existing overarching will you may have, to ensure your cryptocurrency is distributed in line with your wishes.

10. If you require any assistance completing your Cryptocurrency Will, please email us at wills@coincover.com  where we will be happy to help.


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.