11th May 2022
• The product, named Daylight, will help digital asset businesses secure insurance and manage risks more easily
• Technology liability and cyber covers will initially be available through Daylight; suite of covers to be expanded over the coming months
• Daylight uniquely combines machine-learning technology with expert digital asset insurance brokers
Superscript, the digital-first business insurance provider, today announced the launch of Daylight-the first product from a Lloyd’s broker which is dedicated to Distributed Ledger Technology(DLT), digital asset, and blockchain businesses.
Through Daylight, digital asset businesses such as: tokenisation platforms, miners, custodians, blockchain development and Non-Fungible-Tokens (NFT) platforms will have access to a suite of covers and will be able to manage their risks. The first Daylight covers to be made available will be technology liability and cyber insurance. These will protect businesses from a range of risks; from ransomware attacks and cyber business interruption, through to unintentional copyright infringement and professional negligence.
Superscript will expand Daylight’s product suite later in 2022 to include: Directors and Officers (D&O); custodianship, and mining covers. Daylight is available either directly through Superscript or on a wholesale basis.
Underpinning Daylight is a unique combination of cutting-edge technology and expertise. Underwriting insights powered by machine-learning will support Superscript’s specialist brokers, with deep DLT expertise, to secure businesses the right level of cover.
The size of the digital asset market is growing exponentially. According to CB Insights, Venture Capitalists invested more than $25bn in blockchain last year, representing a 700% year-on-year increase. Meanwhile, NFT funding soared by 12,800% to $4.8bn.
Ben Davis, Team leader-Digital Assets at Superscript, comments “Daylight is setting a new standard for crypto, digital asset and DLT insurance. It will be the gateway between the on-chain crypto community and the largely paper-based insurance market. We’ve built a team of dedicated expert brokers who are genuinely passionate, engaged, and determined to help the crypto community thrive by managing its risks. Our expertise will be supported by machine-learning and data-generated underwriting insights, enabling us to build specific insurance products which address the needs of the crypto community. All while simultaneously addressing the capacity crisis among insurers. This is a huge step towards truly legitimising the DLT community within the insurance industry.”
The launch of Daylight follows Superscript’s recent selection for Lloyd’s Lab seventh innovation cohort to help develop insurance products for digital asset businesses, and reinforces Superscript’s status as a global leader in crypto insurance- ith some of the biggest worldwide crypto exchanges and marketplaces among its clients.
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