BitGo discontinued this insurance policy as of Jan All customers impacted were notified at that time. Bitgo insurance adjusters policy issued to BitGo is the first comprehensive coverage issued by a major, global, A-rated underwriter to a bitcoin company.
BitGo customers can increase the amount of protection available to them for a 1 percent annual fee. It is a robust cyber and professional liability policy that goes well beyond narrow crime policies previously adopted by some bitcoin vault providers. BitGo customers who opt-in to the program are protected from acts, errors, or omissions of BitGo technology, processes, and employees, including external hacking incidents and employee theft.
Both hot wallets and cold storage are eligible for coverage in the policy. In addition, the policy provides BitGo unprecedented ability to work directly with it customers in the management and resolution of such incidents. Bitgo insurance adjusters, a former chief underwriting officer and chief innovation officer at AIG, developed and negotiated this new insurance product with XL Group. Sagalow is responsible for numerous insurance innovations over bitgo insurance adjusters career including cyber-insurance, Y2k insurance, entity coverage, reputation insurance and intellectual bitgo insurance adjusters collateral insurance.
At the time of this announcement, BitGo offers two major services to its customers: The bitcoin theft insurance provided by XL Group covers the risk of theft or loss of bitcoins secured with both services. For our large enterprise customers, an insurance-backed guarantee is the final missing ingredient for peace of mind in a robust security software offering.
BitGo pioneered a technology known as multi-sig in bitgo insurance adjusters, and has continued to set the bar for bitcoin security in the industry with its leading products and published best practices. Just this month, BitGo launched the first draft of the CryptoCurrency Security Standard in collaboration with C4, a non-profit organization specializing in crypto security certifications.
The company offers BitGo Enterprise, an enterprise-grade, multi-sig, multi-user bitcoin wallet, and BitGo Platform API, a robust set of tools and services to access the underlying platform. XLthrough its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance bitgo insurance adjusters and other enterprises throughout the world.
XL is the company clients look to for answers to their most complex risks and bitgo insurance adjusters help move their world forward. Businesses that are moving the world forward choose XL as their partner. IIG focuses on three core practice groups: Bitcoin Financial Group bitcoinfinancialgroup.
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