What it does
The crime forms exclude loss involving virtual currency of any kind, including digital currency and cryptocurrency. CR 25 45 treats virtual currency as "money" so theft of it can be covered under the applicable insuring agreements. ISO files two versions: CR 25 45 for the crime coverage forms and policies and CR 25 46 for the fidelity and forgery policies.
Who needs it
Businesses that accept, hold or pay in cryptocurrency.
How it fits the policy
This endorsement changes the base crime or fidelity form it is attached to and is listed with the other endorsements on the declarations. Schedules in the endorsement (names, positions, amounts or dates) control how it applies, so confirm the schedule is complete before binding. ISO's forms index lists the current edition for 52 jurisdictions.
Quoting and selling notes
- Ask how virtual currency is stored (exchange, hot wallet, cold storage) and the amount held.
- Underwriters may sublimit or decline; digital asset specialists may be needed.
