Bitcoin Financial Group Procures BitCoin Theft Insurance for XAPO

NEW YORK, NEW YORK, SEPTEMBER, 2015.  Bitcoin Financial Group (BFG) is pleased to announce the successful procurement of bitcoin theft insurance for XAPO and related entities.  Bitcoin Financial Group acted as broker of record* for this placement.  Laura Jeppson played a key role in the placement acting in her capacity as insurance consultant to BFG.  Coverage was placed through various London facilities. 

*acting through the Bitcoin Insurance Agency, a Delaware Corporation, and co-founder of the Company



Advisen.Ltd Nominates BitSecure(tm) as its 2015 Cyber Risk Innovation of the Year

April 20, 2015 (New York).  Advisen, Ltd, a well known leader in insurance education and insight announced their nominees for the 2015 Cyber Risk Awards.  Innovation Insurance Group along with XL Group was nominated as this year’s Cyber Risk Innovation of the Year for its new to the market BitCoin Theft Insurance policy, BitSecure™.

BitSecure was designed by Innovation Insurance Group and Bitcoin Financial Group to provide “first of its kind” coverage for policyholders and their customers for theft of bitcoins, whether by electronic or non-electronic means, regardless of whether by a “rouge employee” or an outsider.

BitSecure has been called a “Watershed Event” byCoinDesk, ”a first for the digital currency industry” according to the Wall Street Journal and, in the words of Bitcoin Magazine, the policy is “ushering in a new era in bitcoin security”. 

For more information, including a voting ballot, click here.

BitCoin Financial Group Designs and Sells First-Ever Bitcoin Theft Insurance Policy

Bitcoin Financial Group, LLC provides Bitcoin Security Leader BitGo with First-Ever Bitcoin Theft Insurance Policy purchased through Global A-Rated Insurance Provider  

FEBRUARY 25, 2015, NEW YORK.  BitCoin Financial Group, LLC announced the first successful design and purchase of a true Bitcoin Theft Insurance Policy. BitSecure™, a proprietary insurance policy designed by the Company was created for BitGo, Inc., the leader in Bitcoin security platform and a pioneer of multi-sig technology. Bitcoin Financial Group worked closely with the insurance carrier providing the coverage, a well known Global A-Rated insurer . The policy provides a robust cyber and professional liability insurance that goes well beyond narrow crime policies previously adopted by some bitcoin vault providers. BitGo customers who opt-in to the program are protected from any act, error, or omission of BitGo technology, processes, and employees, including external hacking incidents and employee theft. Both hot wallets and cold storage are eligible for coverage in the policy. In the event of a covered loss, the policy would reimburse BitGo’s customer, as a direct loss payee, for the full value of the stolen insured bitcoins, subject to the full terms of the policy. In addition, the policy provides BitGo unprecedented ability to work directly with it customers in the management and resolution of such incidents.

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Massive Media Coverage upon annoucement of BitSecure

From CoinDesk to the Wall Street Journal, the media is raving about Bitcoin Financial Group’s new insurance product.  Called a “Watershed Event” by CoinDesk, BitSecure is a”a first for the digital currency industry” according to the Wall Street Journal and, in the words of Bitcoin Magazine, is “ushering in a new era in bitcoin security”. 

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CIO Review: Insuring Bitcoin Technology by Ty Sagalow (March 2015)

CIO REVIEW MAGAZINE, (MARCH 9, 2015) In the mid to late 1990s, the insurance industry was struggling with “the Y2k crisis”, not only in connection with its own systems, but more importantly, with the systems of all their policyholders. As the Chief Underwriting Officer of one of the largest subsidiaries of one of the largest insurance companies in the world, AIG, it was my task to determine our potential exposure if the computer systems of our policyholders failed. My conclusion: hundreds of millions dollars of potential liability payouts.

This was the insurance industry’s first introduction to the hazards of insuring technology. To reduce that exposure, we had to figure out a way to motivate our corporate policyholders to take reasonable steps to manage their Y2k problem. Since one of the central purposes of an insurance policy is to motivate specific risk reducing behavior, such as wearing a seat beat, the question became how to apply that rule to motivate risk reduction behavior in connection with the impending “date configuration” problem.

So we created “Y2k insurance”, and made it available only to those companies who took the right steps to reduce their exposure.

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