French firm Ledger has secured a crime insurance policy to secure the digital assets in its crypto-currency platform, Ledger Vault.
The policy has been developed with insurance broker Marsh and crypto-asset insurance underwriter Arch Insurance.
The Ledger Vault platform is now capable of insuring crypto assets for up to $150m against cyber-attacks such as outsider theft of the master seed and private keys, and insider employee theft.
The policy also applies to secure transmissions of the master seed fragments as part of the onboarding process.
The clients can buy additional primary coverage as needed along with the Ledger Vault policy.
Ledger CEO Pascal Gauthier commented: “We consider insurance a crucial part of a comprehensive plan as digital assets gain a foothold in institutional portfolios. As a new class of assets, securing digital currencies has become a complex challenge for both institutions and insurers.
“Through our efforts with Marsh and Arch to curate this comprehensive crime insurance policy, we are playing a pivotal role in the movement to secure and insure all critical digital assets.”
Ledger Vault global head Demetrios Skalkotos added: “The combination of Ledger Vault’s secure hardware and software operating systems, along with our governance protocols, allowed Marsh and Arch to expand standard cold storage coverage to the Ledger Vault solution.
“The policy also covers the clients’ onboarding process, their personal security devices and the secure encrypted communication channel that is established when using the Vault platform. This unique policy is a true end-to-end solution that gives our customers the flexibility to both store and move funds without compromising on security and governance.”