Japanese Bitcoin exchanges and their customers will soon be covered for the first time through a Tokyo product launched on the basis of insurance company Mitsui Sumitomo Insurance.
As reported by the regional Nikkei publication, coverage will be offered against damage and loss of violation or hacks, ranging from ¥ 10 billion to 1 yen (between $ 88,000 and $ 8.8 million) carried. Especially the coverage also includes corporate casualty losses and employee internal errors, a BitPay clause certainly prefer following a theft of 5,000 Bitcoins in 2015 as a result of a phishing attack. The company Bitcoin payments was arguing with its insurance company which refused to lose anything to cover less than 1 million as a result of the theft.
In addition, the insurer will pay for the cost as a result of an incident such as communicating with clients in the scenario of a break or facing damages that are applied to other countries.
This is an interesting proposition, and I wonder how much they're going to charge for their insurance policies, especially considering the value of money moving back and forth. I would expect insurance coverage to be low, heavily investigated, and more than likely they will overcharge for whatever it is they supply.
This'll be interesting to see whether or not it works, but if it does, it might usher in a new era of consumer protection within the Bitcoin economy.
