One of the insurance companies which focuses on digital assets, Evertas, recently announced that they were implementing an increase in coverage limits, as well as adding mining operations to its portfolio of coverage. The per-policy coverage limits of the insurer on custodial crypto assets will be increasing to around $420 million, which would nearly triple the amount of risk transfer that was previously available to the blockchain-focused projects.
It would also be adding some much-needed coverage for mining operations in the amount of around $200 million per policy. According to the insurance company, these are literally the highest coverage limits available.
Evertas Has Launched New Coverage Expansions
The policy expansions from Evertas come just six months after the company managed to raise $14 million in a Series A funding round that was led by Polychain Capital. Reportedly, this brought the firm’s total outside funding to around $19.8 million when it accounted for its initial seed funding of $5.8 million.
The Chicago-based company is one of the few handful of insurers that have focused on cryptocurrency and digital assets, and have been the only company that has been given official cover holder status by Lloyd’s of London.
While most of the cryptocurrency exchanges do cover losses to a certain degree, there are multiple situations where the account holders could lose access to their assets that will not be tracked through account or on-chain activity. According to Evertas, the new policy limits will be used to ease the consumer pain points.
