Smart Contract
Failure Coverage

What is it?
What is it?
A type of insurance that provides financial protection against losses resulting from failures or vulnerabilities in smart contracts. Smart contracts are self-executing contracts with the terms of the agreement directly written into code. They are often used in blockchain-based applications and cryptocurrency transactions.
Why do you need Smart Contract Failure Coverage?
Financial Protection
01
Mitigating Operational Risks
02
Enhancing Investor Confidence
‍
03
Compliance and Regulatory Requirements
04

Who would benefit?

businesses and individuals operating in the blockchain, cryptocurrency, or decentralized finance (DeFi) space.

  • Blockchain and Cryptocurrency Startups
  • Decentralized Finance (DeFi) Projects
  • Cryptocurrency Exchanges
  • Token Issuers and Initial Coin Offerings (ICOs)
  • Blockchain Developers and Auditors
  • Institutional Investors and Funds
  • Crypto Asset Custodians
What is Covered?
  • Loss of Digital Assets
  • Coding Errors and Bugs
  • Security Breaches
  • Contract Performance Issues
  • Business Interruption
  • Legal and Regulatory Expenses
Who is covered?
The specific parties covered in smart contract failure coverage can vary depending on the insurance provider and policy. However, the coverage typically extends to the following entities or individuals: Businesses and Organizations, Smart Contract Developers and Auditors, Token Holders and Investors and Crypto Asset Custodians
What is Excluded?
(examples of exclusions – not meant to be exhaustive)
  • Known Vulnerabilities
  • Intentional or Malicious Acts
  • Illegal Activities
  • Contractual Obligations
  • Market Volatility or Investment Risks
  • Operational Errors
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© Relm Insurance Ltd. All rights reserved. Authorized and regulated by the Bermuda Monetary Authority and registered under the Segregated Accounts Companies Act 2000. Relm Insurance is not authorized or licensed outside of Bermuda and deals only through appropriately licensed insurance brokers. To ensure compliance regarding our insurance support of companies domiciled in jurisdictions outside of Bermuda, any request for coverage must go through the appropriate broking channels. The publication and delivery of the information contained within our website is not intended as a direct solicitation for the purchase of insurance coverage.