Buildings burn down the same way they burned down since the 1700’s. . . . Any building has a one percent chance of burning down. I have no clue what the chance of cyber threats is to your keys. It’s just a different animal, and insurance has difficulty adapting to these new e-commerce kind of risks.
—Brent Elstrom1
Open any news source today, and there is a good chance that you will find an article on cryptocurrency. Bitcoin, which emerged over a decade ago, is now a household name. While the space is still relatively small, it continues to grow both in overall value and in user base. Importantly, insureds are beginning to claim Bitcoin losses on policies that predate cryptocurrency.2