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Protecting Web3 Companies with Bespoke Solutions
Costero has been at the forefront of providing insurance for crypto-related companies, most notably for Coincover’s ground-breaking wallet protection product, which protects retail investors against theft and hacking events.
Costero can also offer insurance solutions to exchanges, custodians, self-custody platforms, banks, trust companies, miners, investment managers, and other companies with crypto exposures.
Crypto custodians and exchanges most commonly purchase crime and specie coverages. The crime market covers loss, damage, destruction, or theft of the assets whilst in a secure location, or whilst in transit, internal and external fraud, and perhaps most importantly they typically cover electronic theft, which is vital protection
for entities with either warm or hot wallets. There is roughly $125m of capacity for this coverage in the market.
The specie market covers theft or destruction of assets stored in secure locations and deliberate or dishonest acts of employees. There is roughly $1bn of available capacity for this coverage in the market.
Other coverages commonly purchased that Costero is able to assist in providing coverage for are: Directors and Officers (D&O) liability insurance, Technology Errors and omissions (E&O) insurance, cyber insurance, professional liability insurance, and Key Man insurance.
Finally, financial clients such as hedge funds, investment managers or funds that have crypto exposure may require specialist Financial Institution Professional Indemnity or Directors & Officers coverage, which Costero can also offer on a worldwide basis. As well as the more ‘off the shelf’ products that are available in the market, Costero has helped create a number of bespoke policies for Web3 clients based on their exposures and requirements, so if you are a Web 3 business we welcome the opportunity to understand your unique requirements.
Geographic Scope
Worldwide
Structure of Placement
Insurance, Reinsurance & Specialist Facilities
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Our expert knowledge of these product classes, combined with our passion and dedication to completely understand our clients’ business needs.