Crypto and digital assets exclusion in admitted P&C products

Section IV., Exclusion I., is deleted in its entirety and replaced with the following:

I. (1) any loss, transfer or theft of monies (including, but not limited to, "cryptocurrency"), securities or tangible property of the Insured or others in the care, custody or control of an Insured; or
(2) any direct loss of "cryptocurrency" resulting from the loss, deletion, theft, damage or corruption of a computer password, electronic data, intellectual property, "cryptocurrency" or cryptographic key;
but paragraph (1) of this exclusion will not apply to any loss, transfer or theft of monies (but not including "cryptocurrency"), securities or tangible property under Coverage D., eCrime Loss.

As used in this endorsement, "cryptocurrency" means any digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority.

Selected excerpt from this form.

1. 01Separates cryptocurrency from other money, securities, and tangible property.
2. 02Targets direct loss of cryptocurrency tied to passwords, electronic data, intellectual property, or cryptographic keys.
3. 03Defines cryptocurrency by decentralized cryptographic verification rather than centralized authority.