Public Disclosure of Insurance Coverage
BlockDev PLC is insured under professional liability insurance policy No. MNADKIUE001 issued by Liberty Mutual Insurance Europe SE. According to the policy schedule, the period initially stated runs from 24:00 on 28 May 2026 to 24:00 on 28 May 2027; the initial term is therefore one year.
The policy provides that both the insurer and the insured may cancel it by giving 90 days’ written notice.
The insurance coverage is provided by Liberty Mutual Insurance Europe SE, which is an entity separate from and independent of BlockDev PLC and therefore constitutes a third party in relation to the Company.
Liberty Mutual Insurance Europe SE is an insurance undertaking with its registered office in Luxembourg, supervised by the Luxembourg Commissariat aux Assurances, and is authorised by the competent authority in Luxembourg to carry on insurance business.
Key parameters of the coverage
The aggregate limit of liability under the policy is EUR 130,000 for all losses combined, and the insured’s deductible is EUR 25,000 per claim. The insurer pays only the portion of a covered loss that exceeds the applicable deductible.
The coverage is for professional liability in connection with the provision of crypto-asset services. Subject to the terms and conditions of the policy, it covers losses arising from claims in connection with wrongful acts in the provision of professional services. The wrongful acts expressly listed include loss of documents, misrepresentations or misleading statements, breaches of legal or regulatory obligations, breaches of the duty to act honestly, fairly and professionally towards clients and of confidentiality obligations, the absence of appropriate procedures to prevent conflicts of interest, losses arising from business disruption or system failures and, where applicable to the business model, gross negligence in safeguarding clients’ crypto-assets and funds.
Material limitations and exclusions
The insurance policy is not a guarantee against every loss of clients’ crypto-assets and does not provide general coverage against all cybersecurity risks.
The policy does not cover losses arising from certain cyber acts or cyber incidents, except in the case of an actual or alleged wrongful act by an employee of the insured involving access to, processing of, use of or operation of a computer system or data.
Losses arising from technical failure, errors in software code, ineffective implementation of patches, protocol vulnerabilities, or a “soft” or “hard” fork of a crypto-asset’s distributed ledger technology are not covered.
The policy also contains other material exclusions, including in respect of certain prior claims and circumstances, market fluctuations, money laundering, fraud and dishonest conduct, insolvency, contractually assumed liability in excess of the liability that would have existed in the absence of the relevant contractual provision, certain loans and transactions, the return of fees and commissions, initial offerings of crypto-assets and certain crypto-asset staking activities.
In determining whether a particular claim is covered, all the terms, conditions, definitions, limitations, exclusions, limits and deductibles contained in the insurance policy in force and its annexes apply.