Crypto-asset insurance can be purchased in Canada

Evertasa Chicago-based general agent, announces that it has secured sufficient capabilities to expand its insurance offering to cover cryptocurrency assets to the Canadian market.

Founded in 2017 by its CEO J.Gdanski and its president Raymond Zenkichthe company presents itself as the first supplier in the insurance of the cryptocurrency market and the block chain. Insurance capacities are also granted for the American market.

“From the beginning, Canada has been an important source of innovation in communication technology. block chain. Projects that require access to insurance for the cryptoassets they produce,” Gdanski notes.

According to him, only a small proportion of cryptoassets, between 2 and 3%, are covered by insurance, which limits their expansion in the institutional market. Evertas aims to close this gap by obtaining underwriting capacity from insurers.

Different guarantees are granted to holders, both to cover theft and problems related to the malfunction of the technology.

New Abilities

Last February, Evertas entered into an agreement to act as underwriting agent for the Lloyd’s of London in the protection of crypto-assets. The general agent already had agreements with Arch Insurance and bitsurea company specializing in the risk management of companies that mine cryptocurrencies.

In announcing the agreement with Lloyd’s, Mr. Gdanski indicated that the lack of insurance capacity was limiting the interest of institutions and investors in this market.

Evertas reports that the hack of assets backed by cryptocurrency was revealed in 2021 at US$4 billion.

Al’General Agents Association of Canada (CAMGA), the Managing Director Steve Masnyk recalls that some provinces require that the agent general be registered as a courtier, but this is not the case everywhere. As a result, General Agent Evertas can offer capabilities to Canadian courtiers without being registered with regulators.

At Evertas, the spokesperson Robert Chamberland confirms that products sold in Canada will be covered by Lloyd’s underwriters.

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