Coincover Service Description
Scope of the service
Key features: Coincover is a unique triple guard system for all approved wallets with Coincover selected as the Key Recovery Service provider during the creation process:
24/7 wallet monitor and early warning alert of suspected attack
Secure key recovery service when private keys are lost
Theft Protection with a 100% insurance backed guarantee
Features and benefits
24/7 wallet monitoring and early warning alert of suspected attack
Coincover monitors all transactions on your wallets and will contact you if we identify suspicious activity
Secure key recovery: Never lose access to your wallet again
A private key is the only way to get in to your digital currency wallet. Lose it and you lose access to your funds. Coincover makes sure your funds are safe and gets you back in your wallet as soon as possible. We aim to recover our funds in no less than 7 days and often within 48 hrs for registered users.
Theft protection with a 100% insurance backed guarantee
If our detection and prevention systems fail, we offer cover for proven theft of specified digital currencies up to the specified value held in digital wallets that are protected by Coincover.
Cover levels: Coincover is capped at the limit set by you, the customer. Cover is specified in the chosen payment currency (e.g. GBP). It does not fluctuate with the value of the digital currency. Customers will need to adjust cover levels to account for fluctuations in digital currency values.
Fees: Cover levels are in the customer’s chosen payment currency (e.g. GBP) costs £2 per month per £1,000 protected up to £100,000. Quotes for higher cover amounts are available on request.
Renewals: Coincover renews automatically every month. It runs monthly from the day cover was requested.
Cancellations: protection can be cancelled at any time. There is no cancellation fee but we do not refund monthly subscriptions. If you cancel mid-month you will continue to receive cover at the current level until the term has ended.
Multiple wallets: the account holder can cover unlimited wallets as long they were all created with Coincover selected as the Key Recovery Service provider during the creation process. The selected cover level will apply across all wallets but the total payment is capped at that level. For example: if you have £20,000 of cover and have two wallets each containing digital currency with a value of £12,000, the £20,000 of cover is shared across both wallets. If one wallet suffers a theft then we would pay out the £12,000 for that claim. But if both wallets were attacked at once, the pay out is capped at £20,000.
Calculation of loss: In the event of a claim, we analyse the relevant digital currency blockchain(s) to determine whether and when the theft occurred as well as how much was stolen and use that as the basis of the loss. The value of the digital currency is calculated at the point of theft based on the valuation provided by Coingecko.com
Approved digital currencies: We currently support 122 ERC20 standard tokens as well as Bitcoin, Bitcoin Cash, Etherium, XRP (Ripple), Stellar, Dash, ZCash and Litecoin.