Specialist insurer Beazley has launched a new directors’ and officers’ liability (D&O) insurance product in the London and US markets tailored specifically for crypto companies.
CryptoGuard, which was developed after four years of research into the crypto industry, is designed to address the risks faced by all types of companies through all stages of their lifecycle, including emerging startups, high growth businesses, and established private and public organisations.
The cover includes access to an integrated team of underwriters and claims managers with a deep understanding of crypto and its evolving risk landscape.
Luisa Celentano, underwriter for D&O specialty risks at Beazley, said the product will serve senior leaders at a time of rapid growth for crypto and when the industry is facing myriad risks, including extreme volatility and a lack of regulation.
Celentano said: “One misstep can impact their [crypto firms]financial results and business reputations, leaving senior executives in the firing line.”
“There are a limited number of specialist insurance solutions tailored for crypto businesses and with established financial institutions and banks entering the market, now is the time for the insurance industry to respond.”
“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.”