Crypto insurance company Evertas has announced an increase in coverage limits, as well as the addition of mining operations to its coverage portfolio.
The insurer’s per-policy coverage limits on custodial crypto assets will increase to $420 million, “nearly tripling the amount of risk transfer previously available to blockchain focused projects,” according to the announcement.
The firm is also adding coverage for mining operations in the amount of up to $200 million per policy.
According to the firm, these are the highest limits available.
Evertas CEO J. Gdanski stated that this expanded capacity will advance the Web3 ecosystem by helping close the “enormous digital asset insurance gap”, which has long been an impediment to technological advancement in the space.
“Currently, less than one percent of digital assets are protected by insurance, leaving the industry dangerously exposed and impeding innovation,” Gdanski said.
“This shortfall is a consequence of multiple deficiencies in the status quo, many of which Evertas has just solved. This dramatic increase in capacity is an unmistakable indication that the crypto space is both maturing and heading in the right direction.”
“On a practical level, this expansion in capacity confers two key advantages to crypto innovators. First, they’ll benefit from greatly increased speed and simplicity as it’s now possible to get a full, high-limit underwriting from a single source,” added Evertas President Raymond Zenkich.
“And second, they will benefit from much-needed scalability, as policy size can expand along with the needs of growing ventures without requiring additional underwritings.”
