Crypto Foundation Insurance

Insuring the robustness and integrity of blockchain networks

Defending the Guardian Role

In the rapidly evolving protocol environment for Crypto Foundations it has never been more challenging to ensure operability, transaction facilitation, achieving consensus, protect against attacks, and adapts to changing regulations. There are several risks and exposures that a foundation may face. 

Crypto Foundation Insurance can provide robust protection against a wide range of loss events, ensuring that Crypto Foundations and their Guardians are adequately protected. Partner with Elmore to benefit from claims expertise and a dedicated approach to supporting Crypto Foundations through their risk transfer journey. 

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Crypto Foundation Insurance Explained

Elmore has designed a comprehensive Crypto Foundation Insurance Policy providing under one policy all the key financial insurances including coverage for the Guardians and the foundations principal assets under custody.

To ensure policy coverage is kept up-to-date, Elmore has been actively engaging with key Crypto Foundation stakeholders in developing a solution for the insurance requirements and is well positioned to guide Crypto Foundations on the implications of operational risk events for their operations and the suitable insurances that are required to be in place.

Elmore Comprehensive Crypto Foundation Insurance - Policy Coverage

The following cover can be combined in one policy or offered in separate policies:

Professional Indemnity Insurance (PII)

  • MiCA PII Endorsement
  • Claims by customers
  • Claims for failure of regulated services
  • Claims for failure of technology

Cyber & Crime Insurance

  • Event management
  • Reputation management
  • Financial loss incl. fines
  • Cyber liability

Officers Liability

  • Claims by regulators
  • Claims by shareholders
  • Claims by employees
  • Claims by other stakeholders

Office & Employee Insurance

  • Property and equipment
  • Employers liability
  • Public liability
  • Travel insurance

Multi-National Crypto Foundation Insurance Programme Management

In the scale-up of a Crypto Foundation, rapid global expansion requires a coordinated approach to Insurance acquisition.  Elmore’s established offices in the UK, EU and CH and a network of established insurance partners around the world allows for a succinct Global Insurance Programme offering.  With the requirement to have local policies while being coordinated by one centralised function it can allow better compliance and visibility into the global requirements.

Partner With Insurers – Crypto Foundation Embedded Insurance

With a captive audience and engaged users why not consider embedded insurance solutions along side existing offering allowing additional value to users, differentiating your protocol offering and brining a new income stream for the Foundation.  

Elmore delivers bespoke and innovative programmes for both consumer and business users, get in touch to learn more.

Crypto Foundation Risk Management

For a Crypto Foundation to partner successfully with it’s key stakeholders, it must appreciate the breadth and depth of financial and technology risk management.

In particular, the Crypto Foundation must understand the operational risk considerations that arise being a foundation including the dynamic environment it is operating.

By following best practice controls and processes required to onboard insurance it can improves the overall governance of a Crypto Foundation.

The diagram represents the benefits of mitigating and reducing risk to optimise risk transfer through insurance:

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Crypto Foundation Insurance Claims

Elmore is one of the early pioneers of arranging insurance for the crypto sector and as such have seen business models both succeed and fail. Being one of the few insurance intermediaries who has handled and managed complex crypto insurance claims, it makes Elmore the ideal risk transfer advisor and partner.

Elmore experienced claims team is committed to meeting the highest standards of service and operational excellence.  Seasoned professionals are aligned with each specialty product line and geography and consistently employ best practice standards. As needed, Elmore partner with specialised claims consultants to ensure that no matter how complex an Insurers claims may be, the proper technical expertise is employed to analyze and resolve the loss.

Keeping Your Data Secure

We take cybersecurity very seriously and are one of the few practices in the insurance industry to certify with Cyber Essentials. These controls can significantly reduce the risk of unskilled, but widespread, cyberattacks.

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