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Relm Launches Industry First Bitcoin Denominated Insurance Policy for Bitcoin Miners
10/03/24 - Relm Insurance ("Relm"), a leading specialty insurance carrier supporting emerging and innovative sectors, today announced the launch of BTC Business Interruption Insurance (BTC BI).
This pioneering product offers business interruption coverage specifically tailored for bitcoin miners, marking it as the insurance industry’s first bitcoin denominated insurance product.
Designed for diverse bitcoin mining operations, including publicly traded companies, private enterprises and off-grid miners, BTC BI addresses the unique risks faced by the bitcoin mining community. It provides robust financial protection against losses from operational interruptions caused by physical damage to property.
“With our deep, technical underwriting expertise and relationships in the bitcoin mining community, we are leading the insurance industry in the development of this crucial risk transfer solution,” said Claire Davey, Head of Product Innovation and Emerging Risk.
Relm is one of few insurers to hold the Class IIGB (Innovative Insurer General Business) license with the Bermuda Monetary Authority, enabling the indemnification of bitcoin miners in the same currency they are mining.
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