Relm Insurance Introduces BTC-Denominated Policy for Bitcoin Miners
The aim of the policy is to offer bitcoin miners with financial protection against losses from operational interruptions caused by physical damage to equipment or facilities
Updated Oct 3, 2024, 4:00 p.m. Published Oct 3, 2024, 3:58 p.m.
- Bermuda-registered Relm Insurance has introduced a policy covering bitcoin miners' for periods of business interruption.
- Relm is licensed to offer indemnification to bitcoin miners in the same currency that they are mining thanks to its Class Innovative Insurer General Business (IIGB) license from the Bermuda Monetary Authority.
Bermuda-registered Relm Insurance has introduced a policy covering bitcoin miners' for periods of business interruption.
BTC Business Interruption Insurance is denominated in bitcoin, the first such policy to do so, according to an emailed announcement on Thursday.
The aim of the policy is to offer bitcoin miners with financial protection against losses from operational interruptions caused by physical damage to equipment or facilities.
Bitcoin mining companies have faced headwinds in recent months relating to the block reward for producing new BTC being halved and bitcoin's price being restrained by selling pressure and various geopolitical factors. These challenges could then be compounded by losing capacity to the wear and tear of their machines or outages related to power problems.
Relm is licensed to offer indemnification to bitcoin miners in the same currency that they are mining thanks to its Class Innovative Insurer General Business (IIGB) license from the Bermuda Monetary Authority.
Read More: Proton Management Says Swan Bitcoin ‘Does Not Have Mining Business of Its Own’
Jamie Crawley
Jamie joined CoinDesk as a news reporter in February 2021 after writing widely about crypto and blockchain for two years in other roles. Away from crypto, Jamie runs a lot and loves all things sport. He holds small amounts of BTC, ETH, ADA and LTC.
