Relm offers business interruption policy

Bermuda-based digital insurer Relm has launched a new business interruption programme for bitcoin miners. 

Relm said the 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, the company said. 

"It provides robust financial protection against losses from operational interruptions caused by physical damage to property," a statement said. 

Claire Davey, head of product innovation and emerging risk, said: “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.” 

Relm is one of few insurers to hold the Class IIGB (Innovative Insurer General Business) licence with the Bermuda Monetary Authority, enabling the indemnification of bitcoin miners in the same currency they are mining.  

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