FAQ’s

How much does the policy cost?

Option A – If purchased before the event (pre-Lost):

The basic policy costs 8,000 CAD + 12% IPT

Total premium payable 8,960 CAD

Option B – If purchased after the event:

25,000 CAD + Insurance Premium Tax (IPT) at 12% + Broker Fee 5,000 CAD + VAT = 34,000 CAD

You will be charged a success fee equal to 7.5% plus VAT of the crypto recovery, this fee is payable on completion of the recovery and payable to Recoverx (option A & B).

What is insured?

Our unique Crypto Assets recovery policy covers the Legal Fees and Disbursements that You incur in connection with recovering Crypto Assets that You have lost as a result of fraudulent misappropriation by a third party.

Reasonable Prospects of Success

Means a written certificate from Your Solicitor within the claim form which provides a professional assessment of prospects of successfully recovering the Crypto Assets which are the subject of the alleged fraud. The prospects assessment must be at least 60% for coverage to apply and any such legal assessment will be relied upon by the Insurer. It must show a percentage and not a range. The legal assessment must also provide the Insurer with prospects of successfully obtaining and recovering a costs order (and therefore securing a return of legal fees and disbursements.)

What is not insured?

Any Covered Loss where there is a related allegation against You involving:
- Dishonesty;
- Failure to include the claim on a tax declaration;
- Malicious falsehood;
- Offences under part 7 of the Proceeds of Crime Act 2002 (money laundering offences).
Any costs and disbursements ordered against You in the proceedings.
Any loss arising from or relating to the financial failure, liquidation, bankruptcy, insolvency, receivership or administration of any Exchange.
Any loss as a result of currency exchange rate fluctuation at the time of settlement.

Are there any restrictions?

This policy shall terminate immediately:
- Upon exhaustion of the Limit of Indemnity by payments made under this Policy.
- If Your Solicitor with good reason refuses to continue to act for You.
- You dismissed Your Solicitor without good reason, or You withdraw from the claim without Our agreement, cover will end immediately unless We approve the appointment of another Solicitor in substitution.
- Your Crypto Assets have been withdrawn / encashed or sold by You.
- One Covered Loss has been indemnified by Us.