December 18, 2019

Coincover Blog | Coincover Approach to Cryptocurrency Insurance

Coincover has a revolutionary new approach to Cryptocurrency Insurance

Coincover Theft Cover is the first personal insurance protection for your cryptocurrency.

We are able to keep its prices low by partnering with a small number of approved service providers like BitGo, which offer wallets with the necessary levels of security. Our prices start from as low as 1% of the value of the funds protected. For more details on Theft Cover prices visit Coincover Theft Cover.

We have a unique combination blockchain, cryptocurrency, technology, cybersecurity and insurance expertise. In partnership with BitGo we also have access to historical data necessary to assess the level of risk. And working with group of dynamic Lloyd’s of London insurers we have the backing of the leading underwriters in the industry.

What is covered?

Theft Cover protects against thefts of cryptocurrency resulting from a range of attacks. Attacks covered include those targeting your device or cryptocurrency wallet directly or resulting from a third-party service, such as your email account, being compromised or breached.

  1. Brute Force Attack: A sustained attack that submits multiple passwords, user credentials or keys to gain access to your funds.
  2. Cyber Attack: An online attack which gains unauthorized access to and makes unauthorized use of user information, passwords and private keys to access your funds.
  3. Phishing Scams: Usernames, passwords and private keys giving access to your funds fraudulently obtained by thieves disguised as a trustworthy entity in electronic communications.
  4. Malicious Software (malware): A programme which gains access to and exploits your information, passwords and private keys to access your funds. These include computer viruses, worms, Trojans and spyware.
  5. Trojans: Malware disguised as legitimate software to trick you into loading and executing it leading to passwords and private keys being compromised.
  6. Worms: A self-replicating program that can spread throughout a network without human assistance resulting in unauthorised access to your passwords or private keys.
  7. Hacking: Weaknesses in a company device or wider computer systems and networks that allow hackers to gain access to and steal your funds.
  8. Device Theft: Unauthorised access to your funds gained following the theft of a mobile phone, laptop or other device containing your password or private key.
  9. Insider Attack: Security breaches within your own organisation or a third party company with access to sensitive and personal information including passwords and private keys.
  10. Criminal Extortion: You or one of your employees are forced by violence or threat of violence to grant access to or transfer your funds against your will.

What happens when I need to make a claim?

When you make a cryptocurrency insurance claim you will need to tell your insurer immediately providing details of the theft, when you noticed your cryptocurrency had been taken, how much had been taken and when.

At Coincover, we understand how difficult and emotional as time this can be and we have a dedicated claims team to guide you through the process, evaluate the claim and pay out as quickly as possible the full amount that you have lost.

How do I buy Theft Cover?

Before Coincover, it was almost impossible for a consumer or even a small business to buy cryptocurrency insurance unless you held $millions and were willing to hand the custody of your cryptocurrency to a third party.

With Coincover you can sign up in seconds for instant protection.

  1. Select the level of cover you need and checkout on the Coincover website.
  2. Set up your profile - visit our claims portal to setup your secure linked account.
  3. Secure your cryptocurrency by creating your new wallets and transfer your funds.

Theft Cover is the first personal insurance protection for your cryptocurrency.

Cryptocurrency theft is becoming more common because hackers have found cryptocurrency easier to steal than cash or electronic money in the banking system. The insurance industry has been slow to meet the demands of consumers. Insurers are cautious about insuring such a relatively new asset with such a high-risk reputation.

In cryptocurrency markets, insurance against theft is starting to play the role of financial institutions and regulators in more established markets increasing market confidence and removing a significant barrier to entry for those worried about investing. But it most cases this protection is limited to the platform and does not cover individuals.

Coincover is changing this. Theft Cover is the first personal insurance protection for your cryptocurrency. Losing your cryptocurrency is the number one concern for many of us. Billions of dollars in cryptocurrency are lost each year. Coincover protects you and your cryptocurrency ensuring that you never lose it giving you the confidence to invest for the long term. We are here to remove the barriers to cryptocurrency becoming mainstream. Our range products and services are designed to reduce risk and make digital currency investment simple, safe and secure.

If the worst does happen, you can be assured we will help turn a bad situation into a better one.

Our premiums start from as little as 1% per year with cover levels to suit all needs. We accept payment in Bitcoin, Ethereum and Fiat currencies.

Visit Coincover Theft Cover to learn more.