MiCA Insurance

Compliant Professional Indemnity Insurance for VASPS

Meeting Regulatory Guidelines

Virtual Asset Service Provision (VASPs) services under Markets in Crypto-Asset (MiCA) regulation will need Professional Indemnity Insurance or a comparable guarantee as a prerequisite to being authorised.

Elmore’s MiCA insurance provides a robust and cost-effective solution to meet these regulatory guidelines. VASPs can operate with confidence, knowing that their services are comprehensively insured and their balance sheets are protected.

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MiCA Insurance Explained

Elmore has designed a comprehensive MiCA Insurance Policy providing under one policy all the key financial insurances including professional indemnity insurance.

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

Elmore Comprehensive MiCA 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 MiCA Insurance Programme Management

In the scale up of a VASP, rapid global expansion requires a coordinated approach to Insurance acquisition.  Elmore’s established offices in the UK and EU and network of established insurance partners around the world 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 - MiCA Insurance

With a captive audience and engaged users why not consider MiCA insurance solutions along side existing services and offer additional value to customers, differentiating your offering and brining a new income stream for the business. 

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

VASP Risk Management

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

In particular, the VASP must understand the operational risk considerations that a stakeholder will need to consider before engaging them.

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

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

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VASP Insurance Claims

Elmore is one of the early pioneers of arranging insurance for the VASP 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 VASP 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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