Great American Insurance Group said it is the first in the industry to offer commercial coverage for virtual currency Bitcoins.
Bitcoins are used as a method of exchange by which transactions are conducted to buy and sell merchandise without a go-between, and are becoming increasing popular in today’s changing world of technology.
Standard crime insurance policies, including Great American’s crime policy, currently do not automatically provide coverage for virtual peer-to-peer mediums of exchange.
Crime insurance coverage for bitcoins can now be granted by Great American’s Fidelity/Crime Division by endorsement to an existing crime policy for mercantile and governmental customers who accept bitcoin in order to provide coverage for this increasingly popular method of payment, and to tailor coverage to fit the unique needs of insureds.
Coverage is available in most states and is pending approval in others. Coverage description is summarized; please refer to the actual policy for a full description of terms, conditions, limits and exclusions.
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