The $100 million policy covers digital assets where the private keys are held 100% by BitGo Trust Company or BitGo, Inc. in the event of:
AMOUNT OF COVERAGE
(USD) for digital assets
Insurance syndicates via Lloyd’s marketplace. Clients may request a copy of the insurance certificate.
COST OF INSURANCE
There is no additional cost to BitGo Trust Company or BitGo, Inc. clients. BitGo will pay any and all deductibles.
Our security architecture is engineered in a manner that is intended to prevent a breach affecting more than one wallet
In the event of a theft or direct loss of property, how would an insurance payout be distributed?
BitGo will make best efforts to distribute insurance recoveries across all clients who have suffered losses. In the event that total losses exceed insurance recoveries this does not change BitGo’s legal obligations outlined in customer agreements.
Additional Insurance Options
BitGo is collaborating with insurance broker Woodruff Sawyer to help clients that are interested in purchasing their own additional insurance. BitGo Business Wallet clients will be able to purchase key recovery service (KRS) insurance and additional insurance for their self-custody keys through third-party company Digital Asset Services.
Insurance for digital assets is complicated so we have written a white paper on it.
Get the white paper for information on type of insurance coverage,
what is covered by insurance and how to evaluate a custodian insurance coverage.
What is the aggregate limit of the relevant policy carried by the custodian?
Are client wallets segregated?
Who are the insurers underwriting the policy? What are the AM Best ratings of carriers backing the policy(s)?
Does the policy cover theft of digital assets?
Does the policy cover loss/destruction of private keys caused by natural disasters? (Fire, lightning, smoke, windstorm, hail, riot, civil commotion, aircraft, vehicles, vandalism, sprinkler leakage, sinkhole collapse, volcanic action, falling objects, weight of snow, ice or sleet; water damage, flood, and earthquake)
Does it cover insider theft? Insider theft by executives?
Is the coverage for cold wallets, hot wallets, both, neither?
What legal entities are covered by the insurance policy? Does this match legal entity for which customer has entered into a service agreement?
Does the custodian or exchange allow you to purchase additional insurance of your own?
Does the custodian’s policy employ “coinsurance” or “self-insurance” in addition to the per loss deductible? What is the amount of the deductible? What is percentage of co-insurance?