Log In

Reset Password
BERMUDA | RSS PODCAST

Evertas bumps coverage limits

First Prev 1 2 3 Next Last
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)

You must be Registered or to post comment or to vote.

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

Evertas bumps coverage limits

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon