JUST IN: Great American Develops First-Ever Bitcoin Coverage - TopicsExpress



          

JUST IN: Great American Develops First-Ever Bitcoin Coverage by Amy Skidmore PRODUCT: Commercial coverage for bitcoins, virtual currency not backed by government entities and used to facilitate peer-to-peer transactions COMPANY: Great American Insurance Group, Fidelity/Crime Division BEST RATING: A+ (Superior) AVAILABILITY: Offered as an endorsement to exiting Great American crime policies. FOCUS: Bitcoins are virtual currency used to buy and sell merchandise without using a go-between. Standard crime insurance policies do not automatically provide coverage for virtual peer-to-peer media of exchange. To address this gap, Great American is offering the first-ever coverage for bitcoins, which are gaining popularity. The coverage can be endorsed to existing mercantile and governmental customers’ crime policies, affording protection for those who accept bitcoin payment. Coverage includes employee dishonesty, money and securities, forgery and computer fraud. It does not cover bitcoin exchanges or servicing. UNDERWRITING: The value of stolen bitcoin is based on the date the loss is discovered and the value assigned to that date by Coinbase, one of the largest bitcoin exchanges in the country. MINIMUM PREMIUM: Coverage is tailored to the distinctive needs of each insured. TARGET: Commercial and governmental policyholders. COVERAGE TERRITORY: Available in 38 states; pending in others. - See more at: iamagazine/markets/read/2014/11/03/great-american-develops-first-ever-bitcoin-coverage#sthash.XgbxnkMa.dpuf
Posted on: Mon, 03 Nov 2014 19:40:38 +0000

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