The coverage is intended to address the risks encountered by all types of companies operating in this developing industry at all stages of their life cycle, including emerging start-ups, high-growth businesses, and established private and public organizations.
"The crypto market is rapidly growing and becoming increasingly mainstream," said Luisa Celentano, Underwriter, D&O Specialty Risks. Crypto firms face a slew of risks, ranging from extreme volatility to a lack of regulation, as well as different rules in different jurisdictions. One slip-up can have a negative impact on their financial results and business reputations, putting senior executives in the firing line.
"With established financial institutions and banks entering the market, the time has come for the insurance industry to respond."
"CryptoGuard is an important step forward in providing high-quality, specialized D&O protection that addresses the D&O liability risks that crypto and blockchain companies and their executives face."
Beazley conducted four years of research into the sector before developing CryptoGuard, which includes access to an integrated team of underwriters and claims managers with a deep understanding of the crypto market and its evolving risk landscape.