The companies Boost Insurance and Breach Insurance have developed a crypto insurance product called Crypto Shield for retail wallet holders that is supported with reinsurance backing from Relm.
A statement from the two companies said that the product will offer cover for the theft of cryptocurrency while in the custody of a qualified custodian.
The companies said that the new product will meet all regulatory and compliance standards in all applicable jurisdictions. It will also be delivered to their platforms connect via API, allowing Boost’s policy administration system to deliver back-end management. Breach’s customers will then able to purchase and manage every part of their policy and claims process from within its proprietary crypto insurance platform.
Eyhab Aejaz, co-founder and CEO at Breach, said: “Early stage insurtechs have foundational operational gaps, and it’s been exciting to find relationships that complement one another as well as our partnerships with Boost and Relm. Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from Relm Insurance, underwritten by Trisura Specialty Insurance Company.
Joe Ziolkowski, CEO at Relm, said: “Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a significant milestone in supporting the development of crypto and blockchain technologies. Relm’s reinsurance provides the capacity to take this revolutionary product to market and for the first time, enables individuals to achieve their own level of protection in the industry.”
Crypto Shield is designed to allow individuals to purchase protection for their crypto wallets held by select custodians. If the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.