As traditional insurers shied away from the crypto world, Mosaic Insurance has boldly stepped into the gap with a new suite of products targeting the digital asset sector. While others balked at volatility and regulatory uncertainty, Mosaic saw opportunity. Smart move? Time will tell.
The new offering combines cyber, technology errors & omissions, and financial institution crime coverage—all bundled in a neat little package that clients can mix and match as needed. Exchanges, custodians, miners, and other crypto players can now get coverage up to £10 million for cyber and tech E&O risks, and up to £5 million for crime. Not too shabby for an industry that’s been treated like insurance kryptonite. With cold storage security becoming standard practice for safeguarding digital assets, insurance providers are finally gaining confidence in the sector.
Lloyd’s Syndicate 1609 is doing the heavy lifting on underwriting, while A+ rated carriers provide the financial muscle behind the policies. Translation: if something goes horribly wrong (and in crypto, things often do), claims should actually get paid. Imagine that.
Mosaic didn’t just throw this together overnight. They partnered with Native, a specialist digital asset broker, to create the “Native Risk Collective”—a fancy name for “prove you’re not reckless and we’ll give you better rates.” The partnership aims to specifically reward clients with strong risk management practices through improved premiums and policy wordings.
Companies using approved risk-reduction vendors get better terms. Basic carrot and stick approach.
Distribution happens through Mosaic’s global network across seven major hubs from London to Singapore. The company’s international agency network ensures worldwide accessibility to their specialized coverage. They’re casting a wide net, hoping to snag both crypto veterans and newcomers to the blockchain party.
What makes this remarkable? It’s apparently the first Lloyd’s-backed product combining these specific coverages for digital assets.
Previous options were fragmented and confusing—kind of like trying to understand NFTs after three energy drinks.
For an industry plagued by hacks, collapses, and regulatory crackdowns, having legitimate insurance options might actually help the sector grow up a bit. Whether it’ll be enough to tame crypto’s wild west remains anyone’s guess.
