Coinbase Insurance Has Been Active for Almost a Year

In a surprise post on Coinbase’s blog today, Coinbase revealed that they have ‘been insured for almost a year.’ Coinbase insurance was secured through worldwide insurance broker, Aon. Aon has over 60,000 colleagues worldwide and provides services for clients in over 120 countries. That Coinbase is securing insurance from a potentially worldwide network of underwriters is no small fact to look over. Coinbase’s insurance policy ‘covers losses due to breaches in physical or cyber security and employee theft.’ Pointedly, Coinbase insurance does not help any individuals that lose their bitcoins through ‘user negligence’ in the maintenance of secure control over login credentials. Though Coinbase revealed their broker partner in their established insurance relationship, the specific underwriters have not been identified.

This post was published at Crypto Coins News on 27/08/2014.