The crypto market seems to be getting bigger and more volatile by the day. Investing in digital assets can be quite profitable but due to the unregulated nature, it also comes with high risk. Cryptocurrency insurance covers losses involving your crypto assets, such as loss of crypto wallet, crypto (investment) scam, collapse of crypto exchange, etc.
The traditional insurance industry was initially reluctant to provide insurance coverage for crypto assets. But thanks to some pioneer crypto insurance carriers like Cryptocurrencyinsurance.io. It is now possible for you to purchase cryptocurrency insurance to protect your cryptocurrencies and other digital assets. This article is the only guide you need to choose the best crypto insurance product for you.
Best Crypto Insurance Companies; Crypto Com Insurance
The best crypto insurance companies like Cryptocurrencyinsurance.io provide the best crypto insurance covers against damage. As well as loss from unpredictable events, and cryptocurrency insurance is no different. Highly volatile cryptocurrency often makes headlines as the target of multimillion-dollar hacks, leading to investors losing millions and the sector shedding billions.
Among the high-profile thefts include hackers who stole about $615 million from a blockchain project connected to the popular game Axie Infinity. Another $23.3 million from Ronin, a network that facilitates the transfer of crypto coins across different blockchains. And most recently the collapse of FTC exchange which led to loss of billions of dollars worth of cryptocurrency and digital assets.
Facts About Cryptocurrency Insurance – FAQs and Answers
How does crypto insurance work?
Generally, crypto insurance is designed to cover institutional losses. If a crypto exchange is affected by a security breach, its losses will be covered up to the amount covered in the policy. However, this emerging industry is beginning to recognize the need for individual crypto coverage as well.
Is your money protected in crypto?
Cryptocurrency payments do not come with legal protections. For example, if you need to dispute a purchase, your credit card company has a process to help you get your money back. Cryptocurrencies typically do not come with any such protections.
Can I claim money I lost on crypto?
Reporting crypto losses using form 8949 and 1040 Schedule D is required by the IRS. Claiming crypto losses on your tax return may allow you to deduct them from your income or offset capital gains. This lowers your tax liability.
Is there any insurance for cryptocurrency?
Commercial Crime Insurance. It provides indemnity against losses stemming from cryptocurrency theft. A crime insurance policy would reimburse you for the loss of the digital assets you were storing in your “hot” wallets.
What is crypto insurance token?
An insurance token represents a certificate of cover obtained by the insured in return for the premium payment. The insurable risk covered by a policy is usually non-transferable, and hence naturally, un-dividable.
What is the Best Way to Find the Best Crypto Insurance Company?
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Crypto Insurance Policies to Meet Growing Crypto Insurance Demands
Cryptocurrencyinsurance.io is one of the best crypto insurance companies that is offering crypto insurance policies to meet the growing crypto insurance demands. Individual and companies are scrambling to get cryptocurrency insurance as a protection against possible losses. They pay dearly for relatively limited protection as they venture into the world of high-risk, high-reward digital assets.
We are not beginning to see crypto risk and coverage inquiries from all kinds of individuals and companies. The CEO of Cryptocurrencyinsurance.io said: “Crypto is showing up all across financial services, tech, fintech, and other parts of the economy.” Hence, demand now far outweighs supply. Less than 2% of crypto-related risks are currently insured.
Get the Best Personal Crypto Insurance and Business Crypto Insurance
Cryptocurrencyinsurance.io offers the best personal crypto insurance for people who want to get individual crypto insurance. As well as businesses such as crypto exchanges who need to get business crypto insurance. Crypto insurance provides protection against crypto hacks, crypto theft, crypto scam, failure of crypto exchange, loss of private keys, errors and omissions, etc.
Most people end up paying as like as 1.5% of their coverage limits, according to the report. Insurance Journal estimates that annual premiums could be quite more for theft coverage. In cases of large amounts, the coverage is split between dozens of underwriters. Mostly for amounts ranging between $5 million to $15 million to ensure that no single insurer is on the hook in cases of hacks.
Get Insured With Cryptocurrencyinsurance.io
In order to provide the much needed crypto insurance solution, crypto insurance companies have devised ways to calculate premiums. Cryptocurrencyinsurance.io (one of the best crypto insurance companies) CEO, compared the crypto industry to a digital armored car service. He said that the company’s directors and officers adopted a strategy of finding an effective solution without any risk profile.
It also worth mentioning server-side security, cold storage, and multi-signature wallets as possible methods to mitigate risk attacks. Crypto insurance also covers other areas like smart contract and NFT. Get your cryptocurrencies and digital assets secure and protected against thefts, loss, scam and or any other form of attack with Crypto Insurance.