What Are the Key Differences Between Beazley and Relm Insurance Crime Insurance?
Crypto and DeFi Companies vs Conventional Businesses
Relm lists three crime products, Commercial Crime, Digital Asset Crime and Smart Contract Crime, and says crime cover matters for any business holding fiat or digital assets. [4] Beazley's Commercial Crime is for ordinary commercial companies; banks and other financial institutions go to its separate Financial Fidelity Bonds. [1] Choose Relm if you hold crypto, run a DeFi protocol or depend on smart contracts; choose Beazley if you are a conventional business that needs employee-theft and wire-fraud cover with limits up to $25 million.
What Each Crime Policy Covers
Beazley lists employee theft of money and securities, forgery, on-premises and in-transit loss, counterfeit currency, computer fraud, client-property loss and credit-card fraud. Its wire-fraud cover requires out-of-band verification of payment instructions unless you pay extra and document your controls. [1] Relm names embezzlement, forgery and funds-transfer fraud, and says its underwriting also weighs flash-loan attacks that drain DeFi liquidity and oracle manipulation of smart contracts, risks Beazley's page does not address. [4]
Limits and How You Buy
Beazley advertises limits up to US $25,000,000 and publishes Crime and Social Engineering applications. [1] Relm sells through brokers and does not name the insurer that issues its crime policies. [4]
What Should You Confirm in Beazley and Relm Insurance Crime Insurance Quotes?
- Ask Relm whether you are quoting Commercial Crime, Digital Asset Crime or Smart Contract Crime, and what limit each carries. [4]
- If you hold digital assets, ask Beazley in writing whether its form would respond to a flash-loan or oracle-manipulation loss. [1]
- Ask Beazley whether your quote keeps the out-of-band authentication condition on wire-fraud cover. [1]
- Get the issuing insurer from Relm. [4]