Evertas, one of the world’s first insurance companies for cryptoassets, has announced it has gained new policy writing capacity in Canada, expanding its reach in the region.
The expansion into Canada allows the Chicago-based Evertas to offer cryptoasset insurance in Canada and the US, while permitting the company to provide other policy types that are complementary to cryptoasset insurance, such as crime and specie (movable items of high value such as art or precious metals) policies.
“From the beginning, Canada has been the source of extensive innovation in blockchain technology, and these projects deserve access to insurance on the cryptoassets they produce,” said Evertas co-founder and CEO J. Gdanski. “Being able to provide blockchain innovators throughout most of North America with vital risk transfer tools means progress can continue as the enormous existing coverage gap begins to close.”
Gdanski also explained that currently, only 2-3% of global cryptoassets are believed to be insured. He explained that this is mainly due to a severe lack of insurance capacity. This coverage gap, the chief executive said, is something Evertas is working to address through its capacity expansion.
Evertas’ additional crime and specie policies can be offered through a single underwriting, enabling access to hundreds of millions of dollars of coverage, the company said. In particular, the specie policy has been the policy type used to protect the majority of cryptoassets. Other new policy types offered include “slashing” policies, which can protect against losses resulting from technological malfunctions.
Earlier this year, the company announced that it saw a dramatic increase in cryptoasset insurance writing capacity associated with its designation as a Lloyd’s of London coverholder.
