Liberty Specialty Markets (LSM) has launched a new insurance product for European financial institutions in the cryptocurrency sector, compliant with EU regulations. Coverage includes professional liability, management errors, theft, and fraud, with limits up to €3m. LSM responds to industry demand amid economic, regulatory, and technological changes. The product aims to address risks in the evolving crypto market.

Head of financial institutions at LSM Europe, Jorge Chao, highlights the opportunities and risks of the crypto revolution. The new product fills knowledge gaps to enable safe participation in the growing crypto market. It complements LSM’s existing products, such as bankers’ blanket bonds and directors and officers liability coverage. The move follows the appointment of Benjamin Faerestrand as the UK high net worth household underwriter.

LSM’s new insurance product for EU cryptocurrency entities aims to support financial institutions navigating the complexities of the evolving market. The product addresses risks associated with the crypto revolution, providing coverage against professional liability, management errors, theft, and fraud. With limits up to €3m, the product targets service providers in the crypto space, including banks, asset managers, and blockchain startups.

Read more at Yahoo Finance: LSM launches insurance for EU cryptocurrency entities