Berkley Insurance Australia Partners with Frontier Global Underwriting to Offer Blockchain Insurance Cover

Berkley Insurance Australia (“BIA”) is pleased to announce a recent partnership with Frontier Global Underwriting (“Frontier”) to provide Professional Liability, General Liability, and Directors’ & Officers’ Liability insurance to the Blockchain industry.  Currently, insurance for Blockchain companies is very limited, if offered at all, due to the minimal understanding of how this emerging technology operates. Frontier and BIA are among the first insurance providers and underwriting agencies to offer a tailored insurance solution specifically for Blockchain.

BIA National Underwriting Manager, Matthew McPhee stated, “We consider that Blockchain has the potential to offer true IT security and we want to assist the industry by providing well-developed broad insurance coverage so the industry can continue to expand.”

Blockchain isn’t just about cryptocurrencies – it is changing the way regular businesses control their data, enabling users to transact transparently with trackable, secure data that is less susceptible to hacking. 

“Blockchain technology can provide all of the factors that most people seek but don’t receive from current technologies. Those factors include security, transparency, efficiency, and immutability. Blockchain can provide IT security with each block on the network carrying a unique hash that prevents data from being maliciously changed by hackers. We see Blockchain as the future of secure, dependable IT systems and we want to support the industry,” said McPhee.

Industries already taking advantage of this emerging technology include supply chain management, insurance, and automotive by way of car electronic wallets (parking fees/tolls/e-charging, etc.).  Berkley Insurance Australia, in partnership with Frontier, is looking to support similar business models that do not offer cryptocurrencies or related activities.

McPhee said, “BIA’s target market is any Blockchain technology company – ideally any entity offering Blockchain technology, excluding cryptocurrencies. We will offer insurance for Information Technology (IT), including Professional Indemnity and Public Liability, plus Directors’ & Officers’ Liability for established companies and start-ups.”

Commenting on this new offering, Joel Pridmore, Managing Director of Frontier said, “Frontier is committed to providing solutions to not only protect our client’s businesses but allow them to thrive. This Blockchain industry partnership between Frontier and BIA is a perfect example of this ethos in practice.”

“Frontier is proud to partner with such a highly respected and market-leading insurance provider as Berkley Insurance Australia. This is a truly collaborative partnership between our two organisations and will benefit brokers and clients alike,” added Pridmore.

For more information on this exciting new insurance offering, contact Frontier Global Underwriting here.

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