Aon arranges $500m digital asset cold storage cover

Aon has arranged $500m of digital assets cold storage coverage for Copper.co, a provider of digital asset custody and trading solutions.

The coverage was provider by a panel of insurers led by Canopius.

Soaring cryptocurrency thefts has provided an opportunity for carriers and brokers to provide insurance for digital assets, which in total have grown to a current market capitalisation of more than $1trn.

The entry of institutional investors into this space has also increased pressure on the insurance industry to find appropriate solutions. 

The cold storage insurance provided to Copper.co covers employee collusion, third party theft and physical loss or damage to digital assets held in hard drives. Copper’s new policy is in addition to their existing bespoke Aon-brokered crime insurance policy.

Tom Davis, executive director in Aon’s financial services group said: “It’s been a pleasure collaborating with Copper, whose aim is to provide the most secure solution to digital asset custody. This is a significant level of cover and demonstrates the value of partnering with a broker with digital assets expertise.”