Relm Insurance launches Bitcoin denominated insurance policy for miners, covering losses caused by business interruptions

According to CoinDesk, Relm Insurance, an insurance company registered in Bermuda, has launched a policy for Bitcoin miners to provide protection during business interruptions.

According to a statement released on Thursday, this Bitcoin business interruption insurance is the first policy priced in Bitcoin. The purpose of this policy is to provide financial protection for Bitcoin mining companies, avoiding losses caused by operational interruptions due to physical damage to equipment or facilities.

Bitcoin mining companies have faced multiple challenges in recent months, including halving of memory block rewards, price constraints due to selling pressure, and various geopolitical factors, which may be exacerbated by machine wear and tear or power related shutdowns resulting in loss of production capacity.

Relm holds an Innovation Insurer General Business (IIGB) license issued by the Bermuda Monetary Authority, which can provide Bitcoin miners with compensation equivalent to the value of their mining.