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.
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..
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.
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
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.
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.
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.
An online attack which gains unauthorised access to and makes unauthorised use of user information, passwords and private keys to access your funds.
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.
Malware disguised as legitimate software to trick you into loading and executing it leading to passwords and private keys being compromised.
A self-replicating program that can spread throughout a network without human assistance resulting in unauthorised access to your passwords or private keys.
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.
Unauthorised access to your funds gained following the theft of a mobile phone, laptop or other device containing your password or private key.
Security breaches within an organisation with access to sensitive and personal information including passwords and private keys.
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.
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.
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.
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
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.
Theft Cover is available globally with the exception of countries or jurisdictions prohibited by the UK or USA governments.
Coincover protects the following currencies:
100+ ERC20 tokens