CHICAGO, June 22, 2022 (GLOBE NEWSWIRE) — Evertas, the world’s first cryptoasset insurance company, announced the addition of newly expanded geographic reach and policy types. The expansion empowers Evertas to offer cryptoasset insurance in Canada, in addition to the US. This latest expansion also permits Evertas to offer policy types that are complementary to cryptoasset insurance.
“From the beginning, Canada has been the source of extensive innovation in blockchain technology, and these projects deserve access to insurance on the cryptoassets they produce,” said Evertas co-founder and CEO J. Gdanski. “Being able to provide blockchain innovators throughout most of North America with vital risk transfer tools means progress can continue as the enormous existing coverage gap begins to close.”
According to Gdanski, currently only 2-3% of global cryptoassets are thought to be insured, due primarily to a severe lack of supply – also called capacity – resulting in an imbalance Evertas is working to rectify through capacity expansion.
In addition to the new geographies, Evertas can now offer crime and specie policies through a single underwriting, enabling efficient access to hundreds of millions of dollars of coverage. Specie refers to coverage of movable items of high value, such as art or precious metals, and has been the policy type used to protect the majority of cryptoassets.
Other new policy types offered by Evertas include “slashing” policies, which are those protecting against loss due to errors resulting from technology malfunctions.
Earlier this year, Evertas announced a dramatic jump in cryptoasset insurance writing capacity associated with its designation as a Lloyd’s of London coverholder. As a Lloyd’s coverholder, Evertas is authorized to leverage its deep expertise and knowledge of cryptoasset risk to write and service policies covering risk in this very specialized sector, on Lloyd’s behalf.
Gdanski maintains that the lack of cryptoasset insurance capacity has and will continue to hinder growth, liquidity and broad-based adoption of blockchain technologies by keeping many institutional players from participating in the market, out of fear of experiencing destabilizing losses due to theft. In 2021 alone, about $4 billion in cryptoassets were stolen.
Evertas Inc. is a Chicago-based cryptoasset insurance company focused on covering the full spectrum of crypto risks for institutional holders of cryptoassets and blockchain technology, including exchanges, custodians, traditional financial institutions, funds, family offices, corporations, miners, and ultra-high net worth individuals. Licensed to operate as a Class 3A Insurer by the Bermuda Monetary Authority, Evertas offers the only full lifecycle cryptoasset insurance solution; a world leading underwriting framework, bespoke cryptoasset policy form and claims handling.
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