BitGo now provide beyond $100 million insurance coverage

According to a recent announcement by cryptocurrency custody service, BitGo — the company will now offer its clients much greater insurance for the assets it holds on their behalf. So far, the company had a $100 million coverage limit, but the new announcement, published yesterday, March 18th, will expand that limit.

This will make BitGo the first crypto asset custodian to allow users to purchase a limit that exceeds its standard policy.

What does the expanded policy include?

The company originally introduced a $100 million insurance policy for digital assets a little more than a year ago, in February 2019. It managed to secure the insurance thanks to its partnership with an insurance company, Lloyd’s. Since then, BitGo clients knew that their funds will always be safe from incidents such as lost keys or theft via hacking attacks.

However, the new addition to the firm’s policy will let BitGo clients insure their assets beyond the original $100 million. Not only that, but the new policy also grants additional features, such as adjustable limits, and prorated premiums, which will let clients only pay for a certain period of insurance.

The new coverage will be managed by Woodruff-Sawyer & Co, a specialty commercial insurance broker, in partnership with another company known as Paragon Brokers.

Of course, cryptocurrencies have been a rather risky asset to invest in ever since they were created. They are not only highly volatile, but the fact is that everyone is responsible for their own coins in terms of storing them and keeping them safe from hackers. Users also need to be careful not to lose their private keys, otherwise, their coins would be irretrievable.