Account manager says tough 2022 made it more evident that there is a ’need for comprehensive insurance’

Lloyd’s of London broker Superscript has organised a new line slip in a bid to make property insurance more accessible for crypto miners.

A line slip is an agreement where a managing agent delegates its authority to enter into various contracts of insurance to be underwritten – by the members of a syndicate managed by it – to another managing agent or authorised insurance firm.

In a statement last week (4 April 2023), Superscript said the property line slip will be available to crypto miners requiring insurance for operations in North America.

It will also combine capacities from a panel of Lloyd’s insurers willing to provide insurance to crypto mining businesses.

George Frith, account manager of digital assets at Superscript, said: “Last year was a tough year for crypto miners, with the need for comprehensive insurance made more evident than ever before.

“This line slip is a huge step forward in addressing the capacity crisis among insurers for web3 businesses.”

Huge opportunity

This comes after Superscript’s team of crypto, blockchain and web3 brokers launched digital assets product Daylight in 2022 – this provides businesses in the space with technology liability and cyber insurance.

Superscript said that through the new line slip, protection would extend to physical property assets as well as digital.

Frith, who led on the development line of the line slip, added: “Superscript’s digital assets team is the gateway between the on-chain crypto community and off-chain insurance industry.

“The agreement of some of the most forward thinking property underwriters in the Lloyd’s market to be part of the line slip is evidence that our efforts to bring the two together are cutting through and that insurers are sensing the huge opportunity in underwriting crypto, blockchain and web3 businesses.”