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Evertas bumps coverage limits

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Thomas Shewchuck, head of underwriting at Evertas (File photograph)

Evertas Inc, the Florida-based crypto insurance company with an operation in Bermuda, now offers worldwide coverage of up to $360 million per location for mining equipment.

Evertas Insurance Ltd is a Class 3A insurer licensed by the Bermuda Monetary Authority.

The company said these policies were the largest in the world, and available in 12 or 18-month terms.

“This is a dramatic increase from our 2023 coverage limits,” said Thomas Shewchuck, head of underwriting at Evertas.

“Our capacity has grown from a $200-million limit to $360 million. We want people to know that we have substantially more coverage available for their mining equipment and operations, almost anywhere in the world.”

The company said its expanded mining equipment insurance coverage was used by miners to insure their application-specific integrated circuits and graphics processing units against operational perils such as fire, theft, vandalism, wind events like tornadoes and hurricanes, or damage due to power disruption.

Evertas chief executive J. Gdanski added: “Evertas knows that the mining industry is the backbone of crypto, and we believe that this shows our commitment to that critical sector.”

The company said the 18-month policy was a demonstration of its underwriting expertise.

“While most mining policies are capped at 12 months,” said Keith Burkhardt, Evertas head of Insurance, "Evertas’s crypto native underwriters provide the confidence to lengthen the policy period.”

J Gdanski, CEO at Evertas (File photograph)
Keith Burkhardt, Evertas head of Insurance (File photograph)

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Published May 20, 2024 at 7:39 am (Updated May 20, 2024 at 9:26 pm)

Evertas bumps coverage limits

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