Great American Launches Bitcoin Coverage for Commercial, Governmental Entities

Great American Insurance Group’s Fidelity/Crime Division has launched commercial coverage for bitcoins, a virtual online peer-to-peer medium of exchange.

Standard crime insurance policies, including Great American’s crime policy, currently do not automatically provide coverage for virtual peer-to-peer mediums of exchange.

Bitcoins are used as a method of exchange by which transactions are conducted to buy and sell merchandise without a go-between, and are becoming increasing popular in today’s changing world of technology.

Crime insurance coverage for bitcoins can now be granted by endorsement to an existing crime policy for mercantile and governmental customers who accept bitcoin in order to provide coverage for this increasingly popular method of payment, and to tailor coverage to fit the unique needs of insureds.

According to the company’s Fidelity and Crime Division, coverage for digital currency includes employee dishonesty, money and securities, forgery and computer fraud. Considering the insurance industry is notoriously conservative with new, volatile entities, Great American’s announcement seems to be evidence for the company’s strong belief in bitcoin’s long-term stability and success.

According to the company’s announcement today, coverage is available in most of the United States, though they are waiting on regulatory approval on some other, unnamed states. It’s an interesting development, particularly given the stature of Great American in the insurance industry. And speaking of industry, Great American claims to be the first of its kind in the insurance industry with such an offering.

Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. Based in Windsor, Connecticut, the operations of Great American Insurance Group are engaged primarily in property and casualty insurance, focusing on specialty commercial products for businesses. The Group is a part of the American Financial Group, a publicly-traded Fortune-500 holding company with revenues in excess of $4 billion annually.Great American Insurance Company has received an “A” (Excellent) or higher rating from the A.M. Best Company for over 100 years (most recent rating evaluation of “A+” (Superior) as of February 21, 2014).