> ## Content Index > Fetch the complete content index at: https://stablecoininsider.org/llms.txt > Use this file to discover other available public pages before exploring further. # Best Insurance Options for a Stablecoin Business - URL: https://stablecoininsider.org/best-insurance-stablecoin-business/ - Published: 2026-11-05T12:20:13.000Z - Updated: 2026-11-05T12:20:13.000Z - Description: Six options compared on what is actually covered, who is legally obliged to pay and how you buy it. Carriers, brokers, a mutual that is not insurance, and the exclusions. - Author: Milos Djukanovic - Tags: Analysis, Stablecoins, crypto risk A stablecoin business that holds customer funds eventually gets asked whether those funds are insured, and the honest answer is more complicated than yes or no. The stablecoin itself is not insured. The GENIUS Act bans deposit insurance for payment stablecoins, so what a business can insure is its own operations, which means theft of keys, employee collusion, smart contract failure and director liability. So this compares six options on what is actually covered, who is legally obliged to pay, and the part nobody mentions, which is that most of this cannot be bought directly at all. > One provider here states in its own documentation that its cover is not a contract of insurance. Two others will not sell to you at all, only through a broker. Knowing which is which is most of the work. ### Key Takeaways - Nexus Mutual states plainly that its cover is not insurance. - Evertas and Relm sell only through brokers, never direct. - Marsh runs an 825 million dollar facility for custodians. - Relm can denominate policies and pay claims in stablecoins. - Price movement and platform insolvency are excluded, not covered. --- ## What Can Actually Be Insured Four distinct risks sit behind the question, and no single product covers all of them. The first is custody loss, meaning theft or loss of private keys, which is the cover most businesses mean when they ask. The second is smart contract failure, which is a separate product with separate carriers, and the third is management liability through directors and officers cover. The fourth is the one people most want and can least get, which is the value of the asset itself. Our article on [**stablecoins and FDIC insurance**](https://stablecoininsider.org/are-stablecoins-fdic-insured/) sets out the baseline, which is a first-priority claim on reserves rather than a guarantee. **What to note:** ask which of those four risks a quote covers, because a provider answering only one of them is answering a different question. [![Are Stablecoins FDIC Insured? (2026)](https://storage.ghost.io/c/73/6a/736af0e4-2274-4543-a329-2952b2b52abc/content/images/2026/11/Screenshot-2026-11-05-at-12.42.55.png)](https://stablecoininsider.org/are-stablecoins-fdic-insured/) --- ## Best Insurance Options for a Stablecoin Business ### 1\. [Marsh](https://amp.insurancejournal.com/news/international/2024/03/26/766497.htm) [](https://amp.insurancejournal.com/news/international/2024/03/26/766497.htm) **Does the job:** the access route, since most of this market is broker-only. Marsh is a broker rather than a carrier, which makes it the first call for most businesses here, because the specialist insurers will not quote you directly. The platform supports: - A global facility for digital asset custodians with up to 825 million dollars of capacity - Cover for assets in cold storage, plus certain risks under multi-party computation and other partly online setups - Protection against physical natural disasters, third-party physical theft and insider collusion by storage staff - Backing from Lloyd's syndicates and London-based international insurers - Availability to Marsh clients worldwide - Access to the wider specialist market through one relationship The facility is aimed at custodians holding assets for others, so a business holding only its own treasury is a different conversation. The capacity figure is also the facility's ceiling across the market rather than a limit available to any one client, and Marsh's own media page had already rotated the announcement off its listing when checked. Best for custodians and any business that needs several lines placed at once. ### 2\. [Relm Insurance](https://relminsurance.com/understanding-relms-class-iigb-license/) [](https://relminsurance.com/understanding-relms-class-iigb-license/) **Does the job:** the broadest line-up, and the only one that pays claims in stablecoins. Relm is a licensed carrier built for this sector rather than a traditional insurer with a crypto appetite, and its licence is the reason it can do things others cannot. The platform supports: - A Bermuda Monetary Authority Class IIGB licence, held since December 2020 - Policies denominated, and premiums or claims settled, in select cryptocurrencies and stablecoins as well as fiat - Directors and officers liability, professional indemnity and crime insurance - Bespoke cover for cybersecurity, smart contract failure and staking or slashing events - Reserves held mainly in fiat, managed by third parties and invested largely in short-term Treasury bills - Relm II, a Bermuda reinsurer able to accept fiat or crypto as collateral The constraint is jurisdictional and absolute. Relm states it is not authorised or licensed outside Bermuda, writes internationally from there through appropriately licensed brokers only, and warns that coverage may not be available in all jurisdictions. Best for businesses needing several lines from one carrier, especially where settling in stablecoins matters. ### 3\. [Evertas](https://evertas.com/resources/frequently-asked-questions/) [](https://evertas.com/resources/frequently-asked-questions/) **Does the job:** custody cover for institutional holders, placed through brokers. Evertas is the crypto-specialist underwriter most often named in this market, and its published scope is narrower than its reputation suggests. The platform supports: - Custody cover for theft or loss of private keys held by institutional holders - Eligible holders described as qualified third-party custodians, exchanges and large family offices - Crypto-mining cover across crime and theft-loss, errors and omissions, technology errors and omissions, and property - Pricing quoted by brokers based on underwriting and the coverage requested - Introductions to brokers familiar with crypto risks - Broker appointments for intermediaries wanting to place this business Three limits are stated outright. Policy limits typically start around 500,000 dollars, Evertas does not offer insolvency protection for staking or lending platforms, and it does not cover large price movements. Its broker FAQ lists directors and officers cover while the policy section does not mention it, and the underwriter, Lloyd's status and claims process are not stated. Best for custodians and exchanges with a broker already engaged and a loss large enough to clear the minimum. ### 4\. [Chainproof](https://quantstamp.com/blog/chainproof) [](https://quantstamp.com/blog/chainproof) **Does the job:** regulated smart contract cover, underwritten by a global reinsurer. Chainproof exists to answer the question a discretionary mutual cannot, which is whether a real insurer will stand behind a smart contract failure. The platform supports: - Cover against hacks of non-custodial smart contracts on public blockchains - A Bermuda Monetary Authority sandbox licence - Munich Re underwriting the initial production policy, with letters of support for more capacity - Sompo as a backer and co-creator alongside parent company Quantstamp - The insured retaining control of their own assets - An audit-led heritage, through Quantstamp's smart contract review business Eligibility is the obstacle. The initial phase targeted asset managers above 1 billion dollars under management, publicly traded corporations, market makers and venture funds above 100 million dollars, starting with selected Ethereum protocols. That launch was in 2022, so confirm what the current phase and capacity actually are. Best for large institutions needing contractual recourse on smart contract risk rather than a mutual's discretion. ### 5\. [OneDegree](https://onedegree.hk/en-us/news/onedegree-becomes-the-first-asia-headquartered-insurer-to-bring-protection-for-digital-assets) [](https://onedegree.hk/en-us/news/onedegree-becomes-the-first-asia-headquartered-insurer-to-bring-protection-for-digital-assets) **Does the job:** the Asia carrier, reaching businesses through custody platforms. OneDegree is the first Asia-headquartered insurer to write this class, and its distribution model is the interesting part, since cover arrives bundled with a custody platform. The platform supports: - Licensing by Hong Kong's Insurance Authority - Cover for loss of private keys and misappropriation of digital assets - Named causes including physical damage to wallets from natural events, external hacking and malware, and employee theft - A policy protecting 100 million dollars of assets under management for one exchange's custody platform - Partnerships or memoranda through OneInfinity with METACO, Blockdaemon and ChainUp Custody - A Munich Re partnership for digital asset insurance The cover reached that business because its custody provider arranged it, which is convenient and also means the terms are set by someone else's negotiation. The announcement names no reinsurance partners and carries no date, and the coverage sits with the platform rather than with you. Best for businesses in Asia whose custodian already offers insured storage as part of the service. ### 6\. [Nexus Mutual](https://docs.nexusmutual.io/resources/faq) [](https://docs.nexusmutual.io/resources/faq) **Does the job:** buyable today, and not insurance, by its own account. Nexus Mutual is the only option here a business can actually buy without a broker, and its documentation is admirably direct about what that gets you. The platform supports: - Cover purchasable by any member, after an application and KYC - Listings on any EVM-compatible chain by default, plus Solana and other non-EVM networks in the app - Cover tied to specific wallets you list, with other wallets usable as upfront proof of loss - Claims reviewed by a three-person Claims Committee, or a Designated Claim Assessor on some products - Voting of up to 72 hours, a 24-hour cooldown and a 30-day window to withdraw an accepted payout - A published claims history The documentation states that cover is not a contract of insurance, that the mutual has discretion rather than a legal obligation to pay, and that members have the final say on claims. That discretion is not theoretical, as our explainer on [**depeg insurance**](https://stablecoininsider.org/stablecoin-depeg-insurance/) records that Nexus excluded TerraUSD depeg cover while a parametric competitor paid out. Best for protocol-level risk a business wants covered now, priced as a hedge rather than relied on as a guarantee. --- ## Compared | Provider | What it is | Main cover | Legally obliged to pay | How you buy it | | -------------- | ------------------------------ | ----------------------------------------------- | ---------------------------- | ---------------------------------------- | | Marsh | Broker | Custody, cold storage and MPC | The placed carriers are | Become a Marsh client | | Relm Insurance | Licensed carrier, Bermuda | D&O, PI, crime, cyber, smart contract, slashing | Yes, under the policy | Licensed brokers only | | Evertas | Specialist underwriter | Custody key theft or loss, mining | Yes, under the policy | Brokers only, from about 500,000 dollars | | Chainproof | Regulated insurer, BMA sandbox | Smart contract hacks, non-custodial | Yes, Munich Re underwritten | Institutions above stated thresholds | | OneDegree | Licensed carrier, Hong Kong | Key loss and misappropriation | Yes, under the policy | Usually via your custody platform | | Nexus Mutual | Discretionary mutual | Protocol and listed smart contract risk | No, by its own documentation | Direct, after membership and KYC | The fourth column is the one that matters when something goes wrong, and the fifth is the one that matters today. The only option you can buy without an intermediary is the one with no legal obligation to pay. **What to note:** engage a broker before you need one, because placement takes weeks and the specialist carriers will not speak to you directly. --- ## What Is Not Covered Three exclusions recur across this market and they cover most of what a stablecoin business actually worries about. Price movement is excluded, stated outright by Evertas, which means a depeg is not a custody loss and needs a separate parametric product if it is available at all. Platform insolvency is excluded too, so a lending or staking venue failing is not a covered event. Regulatory action and user error are the third pair, both named as common depeg exclusions, which matters because a frozen or blocked payment is a regulatory event rather than a theft. On top of that, the underlying stablecoin carries no deposit insurance, only a first-priority claim on reserves. **What to note:** write your top five loss scenarios down first, then ask each provider which of them the policy would pay on. --- ## How to Choose ### 1\. Decide whose assets you are insuring Holding customer funds and holding your own treasury are different risks with different products. Marsh's custodian facility and Evertas's custody cover both assume the former. ### 2\. Separate insurance from a mutual A policy from a licensed carrier creates a legal obligation, and a discretionary mutual does not. Both can be reasonable purchases, but only one survives a hostile claim. ### 3\. Appoint a broker early Relm and Evertas both deal only through brokers, so the broker relationship is a prerequisite rather than an optimisation. Ask specifically for one that has placed digital asset risk before. ### 4\. Check the minimum, not just the maximum Headline capacity figures are market ceilings. Evertas's policy limits typically start around 500,000 dollars, and Chainproof's initial phase set institutional thresholds that exclude most businesses. ### 5\. Rehearse the claim A claim needs evidence gathered in the hours after a loss, which is the subject of our guide to [**the first hour**](https://stablecoininsider.org/stablecoin-theft-first-hour/) after a stablecoin theft. Insurance without an incident process is a slower way to lose the money. **What to note:** ask what proof of loss the policy requires, then confirm your systems would produce it. --- ## How This List Was Built Inclusion required three things, so that the comparison means something. - Public documentation of what is covered and under which regulatory status, rather than a landing page - Availability to a business operating with stablecoins, whether directly, through brokers or through a platform - Enough published detail to state what the provider does not disclose Several providers in this market are not here. Coincover sells an embedded protection guarantee through wallets and custodians rather than a policy you buy, and its current terms could not be verified from documentation at the time of writing. Brokers other than Marsh place the same risks, and Lloyd's syndicates appear behind several of these programmes without selling direct. Operators who believe they meet the three criteria above are welcome to send documentation for consideration in the next update. **What to note:** last reviewed against provider documentation in November 2026, and several of the underlying announcements date from 2022 to 2024, so confirm current terms. --- ## Risks and Limitations - Nexus Mutual states that its cover is not a contract of insurance and that payment is discretionary. - Evertas's own pages disagree on whether directors and officers cover is offered. - Chainproof's published eligibility and capacity come from a 2022 launch post and may have changed. - OneDegree's announcement carries no date and names no reinsurance partners. - Marsh's 825 million dollar figure is facility capacity, not a per-client limit, and its own release was no longer listed. - Relm is not authorised outside Bermuda and writes only through licensed brokers. - Price movement, platform insolvency, regulatory depegs and user error are commonly excluded. --- ## Conclusion The honest summary is that a stablecoin business can insure its operations but not its balance. Custody theft, insider collusion, smart contract failure and director liability are all placeable, while a depeg, a platform collapse or a regulatory freeze mostly are not. Marsh is where most businesses should start because the specialist market is broker-only. Relm has the widest line-up and can settle in stablecoins, Evertas covers institutional custody above a real minimum, Chainproof offers contractual recourse on smart contract risk to large institutions, OneDegree reaches Asian businesses through their custodians, and Nexus Mutual is the only one you can buy today, with no obligation to pay. Two habits matter more than the choice. Appoint a broker before you need one, and write down your five worst loss scenarios so every quote can be tested against the same list. ***Read Next:*** - [**Are Stablecoins FDIC Insured**](https://stablecoininsider.org/are-stablecoins-fdic-insured/) - [**Can You Insure Against a Depeg**](https://stablecoininsider.org/stablecoin-depeg-insurance/) - [**The First Hour After a Theft**](https://stablecoininsider.org/stablecoin-theft-first-hour/) --- ## FAQs: ### 1\. Can a business insure its stablecoin holdings? It can insure the ways those holdings might be lost, such as theft or loss of private keys, insider collusion and smart contract failure, but not the value of the asset itself. Evertas states outright that it does not cover large price movements. ### 2\. Is Nexus Mutual insurance? No, and it says so. Its documentation states that cover is not a contract of insurance, that the mutual has discretion rather than a legal obligation to pay after a loss, and that members have the final say on which claims are paid. ### 3\. Why can I not buy a policy directly? Because most specialist capacity in this market is distributed through brokers. Relm deals only through appropriately licensed brokers and Evertas insures through brokers and carriers rather than selling direct, so a broker relationship is the practical entry point. ### 4\. How much cover is available? More than most businesses need, but not in one policy. Marsh's custodian facility carries up to 825 million dollars of capacity backed by Lloyd's syndicates and London insurers, while individual policy limits at Evertas typically start around 500,000 dollars. ### 5\. Does any of this cover a depeg? Rarely, and not through the custody insurers here. Depeg cover is a separate parametric or discretionary product with triggers around a sustained drop below roughly 0.98 to 0.99 dollars, and regulatory depegs and user error are commonly excluded. --- ***Disclaimer:*** This content is provided for informational and educational purposes only and does not constitute financial, investment, legal, tax, or insurance advice, and it is not an offer, solicitation or recommendation to buy any insurance product or cover; readers should conduct their own independent research and consult a licensed broker and qualified counsel. Coverage lines, limits, exclusions, regulatory status, underwriting arrangements and eligibility are drawn from each provider's own documentation or announcements at the time of writing, are not independently verified here, and change frequently; several of the announcements cited date from 2022 to 2024 and one provider's own pages state its coverage lines two different ways, which is noted in the text. Only the policy wording issued to you determines what is covered. One option compared here states that it is not insurance and that payment is discretionary. Confirm current terms, limits and exclusions directly with each provider and with a licensed broker in your jurisdiction before relying on any cover.