10 Top Coincover Alternatives for Digital Asset Insurance

This article will cover the best alternatives to Coincover for insurance of digital assets and related risks. This will include insurance solutions for Crypto businesses

Custody insurance, Smart Contracts, and the DeFi space. I will be covering each company’s offerings, strengths, weaknesses, and other considerations when selecting a solution in this space.

Key Points

Coincover Alternative	Explanation
Evertas	Provides insurance solutions for digital assets, crypto businesses, and blockchain-related risks.
Relm Insurance	Offers specialized coverage for cryptocurrency companies, digital assets, and emerging technology businesses.
Breach Insurance	Provides crypto insurance products designed to protect digital assets against covered theft.
Canopius	Offers specialty insurance expertise covering emerging risks across digital assets and blockchain businesses.
Marsh (Blockchain & Digital Asset Practice)	Provides insurance brokerage and risk advisory services for blockchain and digital asset businesses.
Nexus Mutual	Decentralized mutual providing blockchain-based protection against smart contract and protocol-related risks.
OpenCover	Decentralized insurance marketplace offering protection against selected crypto protocol and smart-contract risks.
InsurAce	Decentralized insurance protocol providing coverage for DeFi, smart contracts, and crypto-related risks.
Etherisc	Blockchain-based insurance platform enabling decentralized, automated insurance products for various digital risks.
Bridge Mutual	Decentralized insurance marketplace connecting users seeking coverage with liquidity providers.

10 Top Coincover Alternatives for Asset Insurance

1. Evertas

Evertas is a licensed crypto asset insurance company. It provides insurance products to custodians and institutions. Evertas describes its products and services including information on Risks Covered, Coverage Limits, Costs, Claims, and Exclusions.

Evertas emphases its underwriting for theft and loss. Evertas underwriting policies can reach hundreds of millions. The cost is determined using traditional actuarial methods. Claims are determined by standard and regulation insurance practices and requirements.

Exclusions usually are determined by the insurance underwriting policy and if the asset is supported and approved by Evertas. Evertas is interchangable with Coincover for institutions and businesses for crypto insurance.

Evertas Features

• Insurance coverage for crypto exchanges, custodians, and investment products
• Traditional underwriting for theft and custody risk insurance
• Large policy limits and enterprise risk assessments
• Covers major crypto assets globally

2. Relm Insurance

Relm Insurance provides insurance products and services for emerging and evolving risks. Relm describes its products and services including information on Risks Covered, Coverage Limits, Costs, Claims, and Exclusions.

Relm focuses on crime and cyber risks as well as D&O and professional liability insurance. Coverage limits and costs are determined by the risks, assets, and size of a client’s business.

Claims are determined by the standard and regulation practices of the insurance industry. Exclusions are determined by the risks and assets supported by Relm. Relm is interchangable with Coincover for institutions and businesses for crypto insurance.

Relm Insurance Features

• Insurance for Web 3.0 startups, DAOs, and digital asset businesses
• Cyber, crime, D&O, professional liability, operational risks
• Flexible underwriting
• Availability globally excluding high-risk jurisdictions

3. Breach Insurance

Breach Insurance provides insurance for crypto wallets and exchanges. This product is for individual customers and small businesses. Breach Insurance describes its product and includes details about risk coverage, limits, and costs.

Exclusions are defined, and available coverage is dependent on the blockchain and/or exchange. Coverage limits range from a few thousand to over one hundred thousand dollars.

Breach makes coverage available in several U.S. states and supports several blockchains, including Bitcoin and Ethereum, making it a good alternative to Coincover for retail customers.

 Breach Insurance Features

• Insurance for retail customers to insure their crypto wallets and cryptocurrency
• Covers hacks and failures of cryptocurrency exchanges
• First responder to damages
• Operates in most of the U.S. focusing on major cryptoassets (BTC, ETH, ERC-20)

4. Canopius

Canopius is a Lloyd’s of London synticate member that provides insurance services worldwide, and through its syndicate, offers insurance for the crypto economy. Canopius describes its insurance services, risk coverage, limits, and costs, and provides examples of potential customers and exclusions.

Limits are unlimited and the syndicate charges standard Lloyd’s of London underwriting fees. Strict regulatory frameworks govern the insurance claims process.

Exclusions are determined on a case-by-case basis, and can include illegal activities. Through its services, Canopius supports all blockchain and cryptocurrency ecosystems, and provides regulated insurance services for exchanges, custodians, and funds.

Canopius (Lloyd’s Syndicate) Features

• Licensed crypto insurance by Lloyd’s of London
• Enterprise-level crime and custody insurance
• Strict risk assessment
• Global coverage
• Limitations on coverage for decentralized applications

5. Marsh (Blockchain & Digital Asset Practice)

Marsh aids traditional insurance coverage for companies exposures to risks arising from the use of digital and/or cryptocurrencies. While performing due diligence, Marsh discloses its offering, target clientele, risks covered, retentions, premiums, conditions and exclusions, limits of liability, and the extent of its underwriting capacity.

Marsh’s coverage encompasses crime and fidelity, custody, and cyber and other business risks. Limits are contingent upon the capacity of Marsh’s surplus lines insurance company partners and may extend to hundreds of millions of dollars.

Marsh underwrites risks on an individual basis and retains risks that it deems acceptable. Marsh operates on a global scale and supports most major blockchains, especially Ethereum. As such, it is a more appropriate alternative to Coincover.

Marsh – Blockchain & Digital Asset Practice Features

• Specializes in insurance solutions for companies that warrant advice and tailored coverages for the exposures and risks associated with digital assets.
• Access to multiple insurers for crime, custody, cyber and other types of operational risk coverage.
• Custom risk management programs for exchanges, custody services and funds.
• International reach subject to contracting carriers.

6. Nexus Mutual

Nexus Mutual is a community-owned insurance company that offers coverage for smart contracts, as well as protection for users of Decentralized Finance (DeFi) applications. Nexus Mutual clarifies its offerings at mid-paragraph.

Information includes what it offers, who can purchase coverage, risks covered, terms, limits and pricing, claims, exclusions, and the location and blockchains supported. Nexus Mutual allows users to purchase coverage for individual DeFi applications.

Each DeFi client application covered by Nexus Mutual is subject to a community vote to review and adjudicate claims.

Exclusions to coverage may include user error or a DeFi application supported by Nexus Mutual. Nexus Mutual is geographically unrestricted, allowing it to support Ethereum based smart contracts and DeFi applications, making it a strong competitor to Coincover.

Nexus Mutual Features

• First decentralized insurance protocol providing coverage for risks associated with the use of smart contracts on the Ethereum blockchain and for cryptocurrency exchange risks.
• Insurance contracts are designed on blockchain technology and are covered through on-chain governance systems and Community-based claims voting.
• The coverage amount is proportional to the amount of funds available in the mutual insurance pool.
• Supports global insurance offerings (with the exception of restricted/sanctioned jurisdictions).

7. OpenCover

OpenCover provides users access to several decentralized insurance services. OpenCover’s website provides information on what it offers, who it serves, the kinds of risks it insures, coverage and applicable limits, prices, the claims process, exclusions, and the geographic/ blockchain limits of its coverage.

OpenCover focuses on blockchain failures, exploits, and stablecoin breaks. Coverage limits are determined by partner services. Price is determined by risk. Claims are processed through partner service governance.

Exclusions are primarily user errors and covered risks on other blockchains. OpenCover is a good alternative to Coincover, particularly for users interested in blockchain insurance services across multiple services.

OpenCover Features

• One-stop interface for multiple DeFi insurance protocols.
• Provides coverage against exploits and losses stemming from failures in DeFi contracts as well as stablecoin depegs.
• Covers are provided and priced by multiple partner insurance pools.

8. InsurAce

InsurAce is a decentralized insurance service for smart contract, bridge, and exchange risks. What it offers, who can use it, the kinds of risks it covers, coverage limits and prices,

The claims process, and exclusions, are described on its website. InsurAce focuses on protecting customers, investors and other services utilizing the Decentralized Finance (DeFi) ecosystem.

Coverage limits are determined by service liquidity. Price is determined by supply and demand. Claims are processed by the community through a voting mechanism.

Exclusions are primarily user errors and underserved assets. Like Coincover, InsurAce is a good insurance service for customers and investors utilizing the DeFi ecosystem.

InsurAce Features

• Decentralized insurance that covers risks associated with smart contracts and bridges on various EVM-compatible chains.
• Community-empowered pricing and claims processes.
• Coverage limits that are directly proportional to liquidity of related pools.
• Accessible on multiple networks including Ethereum, BNB Chain and Polygon.

9. Etherisc

Etherisc uses open-source frameworks to build insurance products. They provide insurance for DeFi, crop insurance, and flight delay insurance. Etherisc provides details on parametric insurance, specifically how their product works, who is eligible, the risks covered, the price, the process for filing a claim, and any exclusions.

They also provide details on geographic and blockchain availability. Etherisc covers risks worldwide, particularly in the cryptocurrency and DeFi space. Compared to Coincover, Etherisc is more broad-reaching and focuses on real-world risks as well.

Etherisc Features

• Building block framework for parametric insurance on Ethereum that allows users to create their own custom insurance products.
• Supports automation of claims processes for both crypto and non-crypto related insurance products.
• Versatile customizable insurance coverage for developers and enterprises.
• Primarily on Ethereum and compatible networks.

10. Bridge Mutual

Bridge Mutual offers insurance for stablecoins and other DeFi and crypto investments. It is governed by its community. It provides details on its product, specifically the risks covered, who is eligible, price, process for filing a claim, and any exclusions.

Investors can buy or sell coverage through Bridge Mutual. Liquidity pools determine coverage limits, and pricing is determined by supply and demand. Claims are evaluated by the community and voted on. Exclusions include user errors and unsupported assets. Bridge Mutual operates in all countries and supports multiple blockchains.

Bridge Mutual Features

• Community-driven insurance protocol for stablecoins, exchanges, and smart contracts.
• Variable pricing determined by liquidity of the pools and the associated risk.
• Token holders vote on claims.
• Global accessibility on many EVM-compatible chains.

Conclusion

Conclusion Depending on the nature of your assets, risk exposure, and preferences for insurance coverage, you may want to consider Evertas, Relm Insurance, Nexus Mutual, OpenCover, and InsurAce. Each of these companies offers a different way of protecting your digital assets.

To determine the company that best meets your requirements, consider the coverage amount, the assets covered, the cost of the insurance, the company’s eligibility requirements and underwriting criteria, the claims process, and the company’s geographic coverage.

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