Boost Insurance, alongside its market partner, Breach Insurance, an InsurTech that provides insurance technology and regulated insurance products for the cryptocurrency market, announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders. Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.
Crypto Shield allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.
While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding cryptocurrency, securing a partnership with Boost to assist in navigating the complexity of bringing Crypto Shield to life.
Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling InsurTechs like Breach to more quickly launch new lines of business.
Boost’s team of insurance and technology experts worked with Breach to develop a product that met all regulatory and compliance standards in all applicable jurisdictions. To deliver that product, Boost and Breach’s platforms connect via API (application programming interface), allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.
In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from Relm Insurance Ltd., underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies operating across the crypto ecosystem.
Distinguished Programs, a national insurance program manager, announced the relaunch of its Express Umbrella program, which includes the Express Real Estate Umbrella and Express Community Associations Umbrella products.
The program offers limits up to $5 million and caters to community associations, homeowner associations, condominium associations and small commercial buildings.
Initially, the coverage will be non-admitted as the program is built out and the necessary state filings are obtained. Key coverages in the program will include director and officers (D&O), follow form, pay on behalf, defense outside limits, and zero retention.
Brokers can submit business for the Express Community Association Umbrella and the Express Real Estate Umbrella by visiting the Distinguished website.
Distinguished Programs is a national insurance program manager providing specialized insurance programs to brokers and agents with specific expertise in real estate, community associations, hotels, and restaurants. Property and liability products are distributed through a national network of agents and brokers.
WTW, a global advisory, broking and solutions company, has worked with Marriott to launch a set of global travel insurance plans for Marriott guests.
WTW Affinity has worked with Marriott and Allianz Global Assistance to develop services initially available to U.S. residents, enabling them to insure their domestic and international travels when booking their hotel stay directly through Marriott.
Unlike typical travel insurance for individuals, the travel insurance plans developed for Marriott can cover everyone staying in the rooms, including friends or family, and provide benefits for more than just the cost of the hotel stays.
The plans available to Marriott guests and Marriott Bonvoy members can include protection for trip cancellation or interruption providing reimbursement for eligible pre-paid, non-refundable trip expenses such as airfare, hotel, tours and activities, entertainment and sports tickets. They may also include benefits for unexpected expenses caused by covered travel delays such as the cost of rebooking flights, booking an airport hotel room for the night, or paying for a taxi. Depending on the plan purchased, costs for covered emergency medical care and evacuation during a trip, as well as delayed or lost baggage and personal belongings may also be covered.
Sources: Boost Insurance, Distinguished Programs, WTW