Evertas and Nayms use a public blockchain to help coordinate between brokers, insurers and policyholders.
The partnership allows customers to pay in USDC or native crypto, or place policies completely on-chain.
Lloyd’s of London, the three-century-old insurance marketplace, backs digital asset protection policies built on the public Ethereum blockchain that can be paid for natively, on-chain using cryptocurrency, courtesy of Lloyd’s coverholder Evertas and smart contract insurer Nayms.
It wasn’t that long ago that any form of insurance coverage for cryptocurrency was difficult to obtain. Beyond the efficiency benefits of paying for crypto policies and using a blockchain to streamline onerous paperwork, a consortium of syndicates from Lloyd’s of London backing crypto-native, on-chain insurance shows how far the sector has progressed in the past few years. years.
“What we’re enabling is that people using public blockchain infrastructure can interact with highly regulated, traditional, fiat-backed institutions in a way that is seamless,” J. Gdanski, CEO of Evertas, said in an interview. “Whether it’s paying in USDC or native crypto, or placing policies completely on-chain, where the blockchain helps coordinate between a broker, the insured and the insurers, we think this is a game-changing piece of infrastructure. ”
Nayms, a digital marketplace where brokers and insurers connect to crypto capital investments, is a play on Lloyd’s ‘Names’, the collection of individuals and companies that underwrite the risks in the historic insurance market.
Evertas provides coverage to custodians, exchanges and the bitcoin mining industry. Last year, Evertas acquired mining coverage specialist Bitsure and began offering policy limits of up to $200 million per crypto mining location.
“The crypto-native expertise we bring to the underwriting process gives us a deep understanding of the risks we are underwriting,” Nick Selby, the company’s head of European underwriting, said in an interview. “It means we are very explicit about what we do and do not cover, and we can pay out insured claims faster than anyone else.”
