Superscript announces that it has organised the first Lloyd’s of London-backed line slip to increase the accessibility of property insurance for crypto-miners.
The line slip combines capacities from a panel of leading Lloyd’s of London insurers willing to provide dedicated insurance to crypto-mining businesses – an industry which has traditionally struggled to find insurers willing to underwrite risks for their facilities. It is available to crypto miners requiring insurance for operations in North America. Miners with North American assets can access Superscript’s line slip through their usual broker.
The initiative represents the latest development in Superscript’s mission to make insurance more accessible for digital asset businesses. Their dedicated team of crypto, blockchain and web3 brokers launched the first Lloyd’s-backed digital assets product, named Daylight, last year. Daylight provides businesses in the space with technology liability and cyber insurance – protecting them from digital risks like ransomware attacks and cyber business interruption. Through the new line slip, protection now extends to physical property assets, as well as digital.
George Frith, Account Manager – Digital Assets at Superscript, who led on the development of the line slip, said:
“Last year was a tough year for crypto miners, with the need for comprehensive insurance made more evident than ever before. This line slip is a huge step forward in addressing the capacity crisis among insurers for web3 businesses.
“Superscript’s Digital Assets team is the gateway between the on-chain crypto community and off-chain insurance industry. The agreement of some of the most forward-thinking property underwriters in the Lloyd’s market to be part of the line slip is evidence that our efforts to bring the two together are cutting through and that insurers are sensing the huge opportunity in underwriting crypto, blockchain and web3 businesses.”