Theft Cover

How it works

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

What is covered?

All theft and loss Theft of cryptocurrency, owned by you, to the maximum of the cover level selected, provided it was held in the wallet of our approved service provider during the cover period and the wallet was linked to Coincover.of cryptocurrency funds resulting from:

If you are paying for it monthly, it provides retroactive cover for previous months as long as your payments are up to date.

What is not covered?

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..

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 limitTheft 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.

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.

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.

What are the cove 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 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 types of attack are protected by Theft Cover?

Coincover Theft Cover protects against thefts of cryptocurrency resulting from the following types of attack:

Brute Force Attack
A sustained attack that submits multiple passwords, user credentials or keys to gain access to your funds.

Cyber Attack
An online attack which gains unauthorised access to and makes unauthorised use of user information, passwords and private keys to access your funds.

Phishing Scams
Usernames,  passwords and private keys giving access to your funds fraudulently obtained  by thieves disguised as a trustworthy entity in electronic communications.

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.

Trojans
Malware  disguised as legitimate software to trick you into loading and executing it  leading to passwords and private keys being compromised.

Worms
A self-replicating program that can spread throughout a network without human  assistance resulting in unauthorised access to your passwords or private keys.

Hacking
Weaknesses  in your device or wider computer systems and networks that allow  hackers to gain access to and steal your funds.n online attack which gains unauthorised access to and makes unauthorised use of user information, passwords and private keys to access your funds.

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.

Insider Attack
Security  breaches within an organisation with access to sensitive and personal information  including passwords and private keys.

Criminal Extortion
You are forced by violence or threat of violence to grant access to or transfer your funds against your will.All attacks will be subject to independent verification by the local law enforcement agency.

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?

We take the calculation of losAfter you have selected the cover you require you need to have registered you wallet with us.

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 cryptocurrencies do you cover?

Coincover protects the following currencies:

Bitcoin
Ethereum
Bitcoin Cash
Bitcoin SV
Ripple
Stellar
Dash
ZCash
Litecoin
100+ ERC20 tokens

Cover levels to suit you

Select a cover level to suit the amount of cryptocurrency you are holding across all of your wallets.

It takes less than two minutes to get your cover in place and will provide peace of mind against theft.

Pick a Plan
Select a Theft Cover plan to best suit your needs.
£10,000
Theft Cover
£110/year

£25,000
Theft Cover
£180/year

£50,000
Theft Cover
£360/year

£100,000
Theft Cover
£750/year

Payment accepted in