Major London-based insurance firm Lloyd’s has reportedly begun offering a new kind of insurance coverage policy, for providing protection to stolen hot wallet-stored crypto. 

Specifically, the new release was built by Lloyd’s syndicate Atrium, with the assistance from crypto startup Coincover. The minimum sum eligible is £1,000 ($1,275), as revealed by Lloyd on March 2nd. 

Numerous big names in the insurance sector have also provided their support to Lloyd’s, including TMK and Markel – both are at the moment a part of of Lloyd’s Product Innovation Facility.

“It is a new type of liability insurance policy with a dynamic limit that increases or decreases in line with the price changes of crypto assets. This means that the insured will always be indemnified for the underlying value of their managed asset even if this fluctuates over the policy period,” the announcement read. 

Matthew Greaves, an underwriter at Atrium, has reportedly shared his findings, regarding a surge in demands for crypto-related insurance coverage, because of how popular the assets are. 

“As the crypto-asset market heats up again at the start of 2020, a new wave of crypto-curious customers are standing by at the ready to jump in, having previously been put off by the lack of adequate protection against theft and loss. With this innovative new policy, we can remove these barriers and broaden the appeal of crypto.” David Janczewski, head of Coincover, shared his remarks.