Share this article
$5 Billion Insurance Company Offers Bitcoin Coverage to Businesses
Great American Insurance policyholders can now add BTC coverage against crime in most US states.
Updated Sep 14, 2021, 2:06 p.m. Published Jun 2, 2014, 8:20 p.m.
Make us preferred on Google
Organisations looking to minimize the risks associated with bitcoin can now obtain virtual currency insurance coverage courtesy of Great American Insurance Group.
The company's crime policies currently do not cover what it calls "virtual peer-to-peer mediums of exchange". As such, a new form of protective coverage has been made available through its Fidelity/Crime Division to both commercial and government policyholders.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Great American explained its decision, stating:
"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 endorsement to an existing crime policy."
Great American says the coverage is now available in most US states.
Protection against theft
The Windsor, Connecticut-based company says it is the first in the insurance industry to commercially cover bitcoin.
The company has $50m in underwriting capacity, and is part of American Financial Group Inc., a publicly traded company on the New York Stock exchange that earns roughly $5bn in annual revenue.
Great American's extension of virtual currency coverage only applies to crime, and thus, has its limitations. According to the company's Fidelity/Crime Division, the coverage includes employee dishonesty, money and securities, forgery and computer fraud.
Risky business
Lending to its relatively unregulated nature, there are a number of risks associated with dealing in BTC. Many companies, for example, are wary of bitcoin after the failure of Tokyo-based exchange Mt. Gox.
The ability for companies and governments to insure virtual currency-related activities against criminal loss is a positive one, though there is still regulatory and price risk.
With the advent of newer virtual currency security features from companies like BitGo and insurance coverage capabilities, this is a sign the industry continues to mature and move forward.
Great American logo via Expert Insurance Reviews
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Crypto ETFs with staking can supercharge returns but they may not be for everyone
From yield potential to custody risks, here’s how direct ETH and staking funds compare for different investor goals.
What to know:
- Investors can now choose between owning ether directly or buying shares in a staking ETF that earns rewards on their behalf.
- While staking ETFs offers yield, they come with risks and less control than holding ETH in an exchange or wallet.
- Grayscale’s Ethereum staking ETF recently paid $0.083178 per share, yielding $3.16 in rewards on a $1,000 investment.
Top Stories
