Bermuda-registered Relm Insurance has recently unveiled a groundbreaking policy tailored specifically for bitcoin miners, offering coverage for periods of business interruption.
With its Class Innovative Insurer General Business (IIGB) license from the Bermuda Monetary Authority, Relm is now able to provide indemnification to bitcoin miners in the same currency they are actively mining.
This new BTC Business Interruption Insurance policy sets itself apart by being denominated in bitcoin, marking a significant milestone as the first of its kind in the industry. The announcement was made via email on Thursday.
The primary objective of this policy is to provide financial protection to bitcoin miners in the event of operational interruptions stemming from physical damage to their equipment or facilities.
In recent months, bitcoin mining companies have encountered various challenges, including the halving of the block reward for producing new BTC, as well as price volatility influenced by selling pressure and geopolitical factors. These obstacles could be further exacerbated by the wear and tear of mining machines or power-related outages.
Thanks to its IIGB license, Relm is uniquely positioned to offer bitcoin miners indemnification in the very currency they are actively mining, a crucial advantage in ensuring comprehensive coverage.
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