Evertas Triples Crypto Insurance Coverage to $420M Per Policy

Evertas Expands Crypto Insurance

• Crypto insurance underwriter Evertas has increased coverage limits to $420 million per policy and added mining coverage.
• The company recently raised $14 million in a Series A funding round, bringing total outside funding to $19.8 million.
• Evertas is one of few insurers focused on cryptocurrency and digital assets with official cover holder status from Lloyd’s of London.

Increased Coverage Limits

Crypto insurance underwriter Evertas has announced an increase in coverage limits and the addition of mining operations to its coverage portfolio. The insurer’s per-policy coverage limits on custodial crypto assets will now be up to $420 million, “nearly tripling the amount of risk transfer previously available to blockchain focused projects,” according to an announcement. In addition, it’s also offering coverage for mining operations in the amount of up to $200 million per policy. Reportedly, these are the highest coverage limits available in the industry.

Funding Round Led by Polychain Capital

This expansion comes just six months after the company raised $14 million in a Series A funding round led by Polychain Capital. Including this latest injection, Evertas’ total outside funding is now at $19.8 million when accounting for its initial seed funding of $5.8 million. The Chicago-based company is one of only a handful of insurers focused on cryptocurrency and digital assets and reportedly holds official cover holder status from Lloyd’s of London — making it a reliable source for digital asset protection.

Insurance Coverage Difficulties

Most cryptocurrency exchanges do provide some form of loss protection; however, there are numerous situations where account holders could lose access to their assets that can’t be tracked through account or on-chain activity — such as being extorted into giving up passwords and credentials. As Investopedia points out, many insurers don’t offer comprehensive coverage meaning customers must mix and match policies — something which can be difficult as well as time consuming. With its new policy expansions, Evertas hopes to ease this consumer pain point by providing greater scalability and speed so clients are able get full high-limit underwriting from one source quickly and easily.

“Less than 1% Covered” According to experts, less than 1% of all cryptocurrency assets are insured — highlighting just how much room for growth there is within this space even though it’s relatively new compared with more traditional sectors such as home and life insurance . Nevertheless , with companies like Evertas leading the charge , we could see significant advancements made in terms of digital asset protection over the coming years .