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Coinbase Announces Hacking And Theft Insurance

Aug 28, 2014 at 06:00PM - By Nuno Menezes
Reading Time: 2 minutes

Last Tuesday, Coinbase has announced on their official website blog that they are now fully insured against any kind of theft or hacking attempt.

This is great news for the community since it reflects a greater sense of confidence and can bring new players into the game.coinbaseblog

Coinbase has publicly announced that now it holds insurance against theft, hacking or loss of bitcoin in their possession. The Company stated it was already insured for almost a year, but given the recent claims of insurance in the industry, the company administration thought it was appropriate to tell the customers about it, while informing them they wouldn’t be charged for this insurance.
Although, the company has full confidence on their own security systems it feels that further insurances and guarantees can only attract cautious investors and new users to the digital currency.

The Company feels it is important that consumers understand what’s behind their insurance. Some bitcoin wallets may claim to be “fully insured” while not working with accredited carriers or outright self-insuring. Others may be able to claim “fully insured” at the moment because their number of bitcoin stored are so low that a small insurance policy happens to cover everything until they grow.
Aon, the world’s largest insurance broker has signed a partnership with Coinbase as and will be covering this insurance.

About AON (NYSE:AON)

Aon plc (NYSE:AON) is the leading global provider of risk management, insurance and reinsurance brokerage, and human resources solutions, and outsourcing services. Through its more than 66,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative and effective risk and people solutions and through industry-leading global resources and technical expertise. Aon has been named repeatedly as the world’s best broker, best insurance intermediary, best reinsurance intermediary, best captives manager, and best employee benefits consulting firm by multiple industry sources.

aon
Reinsurance is critical to helping insurance companies underwrite risk profitably, while preserving or enhancing capital strength and ratings. Aon Benfield, the world’s leading reinsurance broker and intermediary, provides clients with integrated capital solutions and services, delivering objective advice and fostering competition among highly rated reinsurers and an expanding array of new and alternative capital providers. Clients are better able to differentiate and meet their business objectives with our treaty and facultative reinsurance placement services, capital markets expertise, and relevant analytics and technical expertise, including catastrophe management, actuarial and rating agency counsel.
Coinbase is now insured against theft and hacking in an amount that exceeds the average value of bitcoin it holds in online storage at any given time. This insurance covers losses due to breaches in physical or cyber security, accidental loss, and employee theft. The company also states that it will not be responsible for any loss or stolen coins as a result of an individual user’s negligence to maintain secure control over their account login credentials.

sources: aon.com, blog.coinbase.com

Photo source 1: coinbase
Photo source 2: wingatewire


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