Institutional Bitcoin insurance for $1M+ holdings involves bespoke Lloyd's policies, Evertas, and AnchorWatch. Here's how coverage works, who underwrites it, and what it costs.
Individual Bitcoiners can sometimes get by with homeowners policy riders or specialist consumer insurers. But for institutions and high-net-worth individuals holding $1 million+ in Bitcoin, the insurance landscape is different — and so are the stakes.
Here's how institutional Bitcoin insurance works in 2026, who provides it, and what coverage actually looks like at scale.
Consumer Bitcoin insurance — homeowners riders, basic Coincover protection — typically covers up to $100,000-200,000 in value. For institutions, family offices, and large individual holders, this isn't remotely sufficient.
Institutional Bitcoin insurance is:
Bespoke: Each policy is individually underwritten based on the specific custody arrangement, security practices, and risk profile. No off-the-shelf product.
Capacity-intensive: Large coverage amounts require multiple underwriters sharing the risk. A single $50M Bitcoin insurance policy typically involves five to fifteen Lloyd's syndicates and specialty insurers.
Security-requirement-driven: Institutional insurers don't just price the risk — they drive the security requirements. You can't get institutional coverage for sloppy custody.
Expensive: Institutional Bitcoin insurance premiums typically range 1-3% of insured value per year. A $10M policy costs $100,000-300,000/year.
Lloyd's of London Syndicates
Lloyd's remains the ultimate market for unusual and high-value risks, including large Bitcoin custody. Multiple syndicates specialize in digital asset risk:
Accessing Lloyd's directly requires a licensed Lloyd's broker. Companies like Aon, Marsh, Willis Towers Watson, and specialist digital asset brokers can arrange policies.
Evertas
Evertas is the most prominent purpose-built institutional Bitcoin insurer. They underwrite policies specifically for:
Evertas policies are typically excess and surplus (E&S) lines, meaning they're not admitted insurance but are still issued by regulated entities through Lloyd's or similar markets.
Beazley
Beazley is a Lloyd's-based insurer with a growing digital assets practice. They've underwritten large crypto theft policies and have dedicated digital asset underwriting expertise.
Chubb and AIG
Both major commercial insurers have entered the institutional digital asset space with select policies. Coverage tends to be more conservative (lower limits, stricter exclusions) than specialist providers.
Institutional Bitcoin insurance typically covers:
Crime/theft coverage:
Cold storage coverage:
Errors and omissions (E&O):
What it typically DOESN'T cover:
AnchorWatch occupies a unique position in institutional Bitcoin insurance. Rather than insuring sloppy custody, they require clients to use AnchorWatch-approved multisig setups — then insure those setups.
Their approach: standardize security requirements (specific multisig configurations, geographic distribution, hardware requirements) and insure the resulting arrangements up to $100M per policy.
For self-custody Bitcoiners and smaller family offices who don't need full institutional infrastructure but want meaningful coverage, AnchorWatch bridges the gap between consumer insurance and full institutional brokerage-arranged policies.
Custody provider insurance (e.g., Coinbase Prime):
Coinbase Prime carries approximately $255M in commercial crime insurance that covers assets in hot storage. This is Coinbase's insurance — it protects Coinbase against losses, and by extension protects their clients' funds on Coinbase.
However: this coverage is spread across all Coinbase clients. It doesn't mean each client has $255M of individual coverage. If a $1B hack occurred, the insurance would pay out $255M and clients would share the remainder in a claims process.
Individual holder insurance:
For large holders who want their specific holdings covered by a specific policy amount, they need their own insurance — not just reliance on their custodian's blanket coverage.
Self-custody holders obviously can't rely on a custodian's coverage. For them, individual coverage through AnchorWatch or a Lloyd's policy is the only option.
Getting institutional Bitcoin insurance isn't as simple as filling out a form:
Step 1: Security assessment. Underwriters want to understand your custody setup in detail. Air-gapped hardware? Multisig? Geographic distribution? Number of keyholders? Physical access controls?
Step 2: Due diligence. The underwriter reviews your organization, personnel, and processes. Background checks on key custodians are common.
Step 3: Quoting. Based on the assessment, underwriters quote premium and terms. For large amounts, multiple underwriters share the risk.
Step 4: Negotiating terms. Coverage limits, deductibles, exclusions, and security requirements are negotiated.
Step 5: Ongoing compliance. Institutional Bitcoin policies typically require maintaining specific security standards. If your custody practices deteriorate, coverage may be voided.
Typically 1-3% of insured value per year. A $10M policy costs $100,000-300,000/year in premiums, depending on custody arrangement and coverage terms.
Yes, through AnchorWatch (up to $100M for approved multisig setups) or Lloyd's-based policies arranged through specialist brokers. Self-custody insurance requires meeting specific security requirements set by underwriters.
Coinbase carries blanket commercial crime insurance ($255M), not per-client insurance. It covers Coinbase against losses, which protects clients indirectly — but it's not a per-client policy and may not cover your full holdings in a major incident.
Specialist digital asset brokers include Aon's Digital Assets practice, Marsh Digital, and independent brokers like Digital Risks. Traditional E&S/Lloyd's brokers can also arrange coverage. AnchorWatch provides a more streamlined path for approved multisig holders.
Compare all insurance options in our Bitcoin Insurance Directory. See also: AnchorWatch Review and Evertas Bitcoin Insurance Review.
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