Bitcoin insurance from Elliptic Vault and Lloyd's

Bitcoin insurance for the secure storage of bitcoins is now a reality. Unfortunately, it didn't come soon enough to avoid some pretty terrible nightmares. A common one I heard involved ghostly little hands, unmanicured and greasy too, reaching out from cyberspace to snatch away newly minted bitcoins. If you suffered from similar night terrors you weren't alone. Many cryptocurrency enthusiasts have been suffering long, sleepless, (uninsured) nights. 

What with stories of miscreant hackers making off with millions of dollars worth in stolen bitcoins. Or even worse, people themselves losing or misplacing their own bitcoin fortunes. One in particular has left a Wales man rummaging on all fours through his local landfill in search of some eight million dollars worth of bitcoins. He had stored them on a hard drive which he mistakenly dispatched to the rubbish heap. Oh well, it's not like there isn't plenty more where that came from, right? 

But if you're one of those ultra conservatives types, a person who clings to, such things as money, food or medicine, then insuring your bitcoins against thievery, mayhem or digital debauchery must have already crossed your mind. Finally - there's a way to insure your bitcoins storage. A UK company is offering an insured deep cold storage scheme (encryption coupled with multiple offline vaults and locations) and honest to goodness insurance against theft or loss. 

Tom Robinson one of three co-founders of Elliptic Vault (formerly BitPrice) holds a doctorate of physics from the University of Cambridge. Dr. Robinson is confident he can secure bitcoins and Lloyd's of London believes him because they're underwritting the insurance,.. no really! I know, I too was under the impression they only insured the likes of Gene Simmons tongue or David Beckham's legs. Who knows, maybe bitcoiner's present a logical niche for upselling tongue and leg riders? Anyways, it's been a long time coming for some sort of coverage and now that Lloyd's is 1st out of the gate, I'm sure it won't be long before other insurers decide it's time to burn off some oats. From what I gather cost will be 2% annually (charged monthly) and the insured value of the bitcoins will be fixed upon placement with Elliptic bitcoin storage. A minimum deposit of bitcoins is required. For more details on Bitcoin Insurance