Specialist insurer Beazley has announced the launch of CryptoGuard, a new directors and officers liability product specifically designed for crypto markets. The product is the first of its kind in the London and US markets, Beazley said.
CryptoGuard is designed to address the risks faced by all types of companies operating in the crypto space through all stages of their lifecycle, including emerging start-ups, high-growth businesses and established public and private organizations.
“The crypto market is growing rapidly and becoming increasingly mainstream,” said Luisa Celentano, underwriter of D&O specialty risks at Beazley. “Crypto firms face a myriad of risks, from extreme volatility to a lack of regulation, and they also have to contend with different rules in different jurisdictions. One misstep can impact their financial results and business reputations, leaving senior executives in the firing line.”
Celentano said there were a limited number of insurance products specifically tailored to the concerns of the crypto space.
“CryptoGuard is a step forward in providing quality, specialist D&O protection that addresses the D&O liability risks crypto and blockchain firms and their executives face,” she said.
Beazley developed CryptoGuard following four years of research into the sector. The coverage includes access to an integrated team of underwriters and claims managers with a deep understanding of the crypto market, Beazley said.