PriyaPatel
TLDR:
Key Points:
- M2 Recovery has unveiled an insurance product for legal expenses related to recovering stolen digital assets
- The policy covers up to £250,000 of legal expenses and is unique in the market
Article:
M2 Recovery, a prominent InsurTech firm, has recently unveiled a novel insurance product specifically designed to address the legal expenses associated with the recovery of stolen digital assets. The introduction of this policy by M2 Recovery is timely, with digital asset crime reaching a record $20.6bn in illicit blockchain transactions in 2023. The policy covers up to £250,000 of legal expenses and disbursements needed to recover assets lost due to theft or fraud, including a broad range of digital assets such as those invested through the metaverse and utility tokens like Freeway Tokens. The insurance policy is unique in the market, providing comprehensive coverage for legal costs without requiring policyholders to share any recovered amounts with litigation funders.
M2 Recovery’s partnership with McGill and Partners, a global boutique specialist (re)insurance broker, ensures a solid backing and reliable claims service for the policy underwritten by Lloyd’s of London. Neil Holloway, founder of M2 Recovery, emphasized the importance of reducing exposure to risk on large crypto investments and highlighted the coverage of legal expenses for various types of crypto assets. This innovative product is designed to support individuals and entities making substantial investments in cryptocurrencies, and aims to provide peace of mind in the face of rising digital asset crime rates.
