Evertas Solutions for Platform Risks
There is massive demand for insurance coverage within the crypto market. However, limited supply and inefficient/time consuming underwriting processes pose significant barriers to getting the coverage and protection end users, institutions, and customers want (and increasingly demanded by regulations or law). To provide for comprehensive coverage in a way that is affordable and scalable, Evertas has created a program for Platform Risks allowing for additional coverage to users of platforms or services. These Platform Risks include B2B2C Policies for Custodians, Exchanges, and Funds and Platform Policies for custody/technology platforms.
B2B2C Policies for Custodians, Exchanges, and Funds
Common in the market today are custodians, exchanges, and funds that want to offer insurance coverage to their customers, but for budgetary and commercial reasons cannot offer full coverage. Some of their customers, however, do desire or need to have additional coverage and the Insured wishes to offer their customers additional coverage. Evertas has designed a program where custodians, exchanges, and funds would offer additional coverages to their customers to cover potential loss event.
Custodian, Exchange, or Fund
Master Policy provides baseline coverage for end-user accounts.
Individual end-user accounts are built on the same underwriting as Master Policy.
Technology Platform Policies
In a similar vein, there are companies that sell custody (or similar) type Technology Platforms to be deployed and used by someone else (i.e., their customers). Typically these customers wish to have insurance themselves. In this case the platform provider should have a policy to cover losses as a result of their system failure; underwriting this policy enables us to understand the risk of the platform itself. After underwriting the platform the provider can also have different Platform Configurations underwritten by Evertas. This means that any of their customers which uses one of those Platform Configurations would be eligible to obtain an insurance policy without additional underwriting on the custody system or setup.
Master Policy establishes insurable implementation solutions through Evertas Underwriting.
The implementation of approved Platform Configurations policies for Customers requires no additional underwriting on the custody system or setup.