New Policy Form Covers Cryptocurrency
Aon Risk Solutions has created a policy form intended to protect against the loss of cryptocurrency and other risks connected to digital ledger technology. Aon says it worked with companies involved with bitcoin to design the form. Aon detailed the form in a report that covers cryptocurrencies, blockchain, and initial coin offerings.
“In recognition of the growing exposures and limitations of traditional insurance, Aon has developed a policy form to protect against loss of cryptocurrency (bitcoin), which is unlikely to be covered by a traditional crime policy which typically limits coverage to tangible assets,” Aon said.
“Two obvious risks related to these cryptocurrencies are cyber security and fraud/theft,” according to Aon’s report, which added that traditional policies may not have specific language to cover cryptocurrencies. Aon said it will continue addressing these emerging risks as the new technologies increasingly become a part of everyday life. “The age of cryptocurrencies, blockchain and ICOs is upon us,” the report concludes.