• BitGo has announced a Partnership with Lloyds of London
• This partnership will offer digital asses insurance for up to $100 million
• Even lost keys fall under the umbrella of their new policy offer

BitGo announced Tuesday that it will begin offering cryptocurrency insurance for its users through Lloyds of London.

“BitGo, the market leader in digital asset financial services, today announced the industry’s most comprehensive insurance protections for cryptocurrencies and digital assets held in their Business Wallet and Custody offerings.”

Insurance will cover even lost keys

The insurance coverage being offered is for crypto assets up to $100 million that are held by BitGo. Clients that make use of BitGo’a business wallet feature will be able to purchase theft insurance and Lost Key Cover from Lloyds of London’s Digital Asset Services.

Besides this, D&O, E&O, and Cyber theft will also be offered as corporate insurance policies.

For the $100 million coverage that is being offered, the keys must be 100 percent held by BitGo. The coverage is available in the event of third-party hacks or theft of private keys, insider theft by employees of private keys and physical loss or damage of private keys. This coverage will come at no extra cost to their customers.

As for the Business Wallet Insurance and Key Recovery Service, this is available only to Business Wallet users and needs to be purchased, either as an annual subscription or on a needed basis, from Digital Asset Services and offers lost key cover and theft insurance services.

First of a kind

The management of BitGo has stated that this is a first of its kind and will set the pace for customer protection in the digital asset industry. Mike Belshe, CEO of BitGo claimed:

“This is the most complete insurance offering in the industry. It is not always easy for some clients to understand under what circumstances their investments are insured and to what extent their loss would be covered. We are changing that by being more transparent than any other company about the terms of our coverage. Transparency and accuracy is essential for building trust in the market.”

Since the recent QuadrigaCX situation, there has been more discussion in the industry about customer protection and possible instance for funds held with custodians. With this, BitGo is helping to set the standard and hopefully, more firms will follow.