\n
![](\"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=840\/https:\/\/s3.cointelegraph.com\/uploads\/2023-06\/b7a3b01f-c0f4-486b-b62a-4e5d9f8ba2de.jpg\")
<\/p>\n
\n<\/p>\n
Evertas, an insurance company focused on digital assets, recently announced an increase in coverage limits and the addition of mining operations to its coverage portfolio.<\/p>\n
The insurer\u2019s per-policy coverage limits on custodial crypto assets will increase to $420 million, \u201cnearly tripling the amount of risk transfer previously available to blockchain focused projects,”\u00a0according<\/a> to an announcement. <\/p>\n It\u2019s also adding coverage for mining operations in the amount of up to $200 million per policy. According to Evertas, these are the highest coverage limits available. <\/p>\n Related: <\/em><\/strong>Turns out, it\u2019s pretty difficult to insure crypto users and platforms<\/em><\/strong><\/a><\/p>\n The policy expansions come just six months after the company raised $14 million in a Series A funding round led by Polychain Capital. Reportedly, this brings the firm\u2019s total outside funding to $19.8 million when accounting for its initial seed funding of $5.8 million. <\/p>\n Evertas, a Chicago-based company, is one of only a handful of insurers focused on cryptocurrency and digital assets and, reportedly, the only given<\/a> official cover holder status by Lloyd\u2019s of London. <\/p>\n While most cryptocurrency exchanges cover losses to some degree, there are numerous situations where account holders could lose access to their assets that can\u2019t be tracked through account or on-chain activity.<\/p>\n Per an article<\/a> on Investopedia:<\/p>\n \u201cExchanges such as Binance and Coinbase claim to insure the digital funds of investors who are victims of theft. But that won\u2019t help you if you\u2019re forced to give up your passwords and credentials in an extortion scheme.\u201d<\/p><\/blockquote>\n The same article mentions that many insurers don\u2019t provide comprehensive coverage, thus forcing customers to mix and match policies.\u00a0<\/p>\n According to Evertas, its new policy limits are meant to ease this consumer pain point. The firm\u2019s announcement says its policies now provide greater scalability and speed, making it \u201cnow possible to get a full, high-limit underwriting from a single source.\u201d<\/p>\n The cryptocurrency insurance space is relatively new when compared to more traditional sectors such as home and life insurance. According to experts, less than 1% of all cryptocurrency assets are insured through traditionally underwritten policies. This represents a significant amount of exposure, especially when considering the global cryptocurrency market is expected to grow significantly by 2030<\/a>.\u00a0<\/p>\n<\/div>\n