Frequently Asked Questions

This is a requirement for the insurance tariff. You should also use a hardware wallet to protect your Bitcoin from hacking attacks.

To protect your Bitcoin against hacking attacks as well, you need a hardware wallet. To start, we offer our insurance for users of Ledger, Trezor and BitBox wallets. However, we would also like to offer insurance cover for additional manufacturers in the future.

We exclusively support Bitcoin.

There are three standard tariffs with insured sums of EUR 10,000, EUR 50,000 and EUR 100,000. If you need a higher insured sum, you can request an individual review during the sign-up process.

For the application, we need the usual customer and contact details as well as information about the insured location, insured sum, wallet type, payment data and contract data. Technically, we also need the xPub of the Bitcoin account to be insured and a signature so you can prove control over that account.

Before conclusion, the sign-up flow generates a signature message. You sign this message with the wallet account to be insured. Using the xPub, signature and signature text, we technically verify that you control the derived addresses of that account. For status and payment lookups, we use hashes wherever possible instead of the plain xPub.

The digital sign-up usually takes only a few minutes: select the wallet and account, choose the insured sum, confirm xPub and signature, check customer data and enter the email confirmation code. Insurance cover does not start merely when the data is entered; it starts at the time stated in the policy and after the first premium has been received on time.

The insured items are the hardware wallet named in the policy and the Bitcoin or Bitcoin fractions held on the account named in the policy, provided an insured event under the conditions has occurred. The 2026 policy wording includes in particular fire, lightning/overvoltage, explosion/implosion, burglary, vandalism after a burglary, robbery or violent extortion, mains water, storm/hail and further natural hazards such as flooding. Examples of items not insured include illegally acquired Bitcoin, Bitcoin outside the insured account, or losses without an insured peril. The full policy wording always applies.

In principle, you can move Bitcoin. For the insurance cover, however, the account named in the policy is decisive: only the Bitcoin or Bitcoin fractions held on that insured account on the day of the insured event and not otherwise available or recoverable to you are relevant for compensation. Technically, one account or one xPub corresponds to one insurance contract.

If your Bitcoin are worth more than the maximum insured value at the time of the loss, only the maximum insured value will be paid out. Amounts above the insured value are not considered insured.

At the moment, contract adjustments are not yet possible. We are working on this update.

A purely technical defect is not automatically insured. Destruction, damage or loss of the hardware wallet named in the policy is insured if caused by an insured peril. Under the policy wording, the hardware wallet itself is subject to a maximum compensation limit of EUR 200; Bitcoin are only affected if they are no longer available and cannot be accessed via seed, another wallet or recovery.

Yes. The current sign-up flow offers Bitcoin/Lightning via BTCPay, PayPal/credit card and SEPA bank transfer. Payment is only possible if the contract has an invoice and an open payable amount. Insurance cover is activated only after the first premium has been received and allocated.

The community discount reduces the total premium for you. To make this possible, we have waived part of our commission.

The deductible is the amount by which compensation calculated under the policy wording is reduced in the event of a claim. The deductible shown in the policy is decisive; for Bitcoin losses, the current calculation is 10%, capped at EUR 1,000. Under the policy wording, the deductible does not apply to compensation for the hardware wallet itself.

The contract runs for the period stated in the policy. If the term is at least one year, it renews for another year unless it is cancelled in time. You can cancel the contract in text form effective on the first day of any month; we must receive the cancellation at least one month before the desired cancellation date.

After conclusion of the contract, your contract documents are provided by email. These include in particular the policy, invoice and additional insurance documents. For follow-up invoices or renewals, a new premium invoice is created and sent to you where a premium is due.

You can send your cancellation in text form, for example by email to service@bitsurance.eu. Please note the notice period: for cancellation effective on the first day of a month, we must receive the cancellation at least one month in advance.

No, your insurance is personal and cannot be shared with others. If Bitcoin belonging to another person are held on your wallet, they are not co-insured.

If you become the victim of a crime or suffer fire/flood damage, you need the police and/or fire department report. This must be submitted as part of the claims process.

Report the claim to us without delay by email to schaden@bitsurance.eu. Document the damage with photos and, where possible, keep damaged items until they have been released. In the case of criminal acts, you must also notify the police without delay and submit the relevant reports or evidence to us.

The market value at the time of the insured event is decisive. The policy wording uses the daily average price of one Bitcoin in euros from bitcoin.de (BTC/EUR) on the day of the insured event, multiplied by the insured Bitcoin or Bitcoin fractions on the insured account that are no longer available. If bitcoin.de is unavailable for technical or other reasons, a comparable marketplace or exchange may be used.

If missing Bitcoin, the hardware wallet or other insured items reappear, you and we must notify the other party of their whereabouts without delay in text form. Depending on whether compensation has already been paid, compensation may have to be repaid or you may have to transfer the recovered item or the relevant rights to us. The recovered-items provisions in the policy wording are decisive.

Yes. Within your possibilities, you must store the hardware wallet so that it is protected as well as possible against insured perils and is not visible to third parties. This also applies to the recovery words or seed. The insured location is generally the home named in the policy; breaching these obligations may affect the insurance cover.

Additional physical protection measures such as a safe, locked compartment or safe deposit box can be useful. For insurance cover, however, you must always observe the insured location stated in the policy and the contractual storage obligations. If you want to store the wallet or seed permanently outside the insured location, you should clarify this with us first.

A hardware wallet already provides good protection against many digital risks such as hacks and malware. For every transaction, check the address on the hardware wallet display and verify the recipient. Store wallet and seed separately, out of sight and as protected as possible against fire, water and unauthorised access. Also regularly test whether your backup is legible and correct, for example with your wallet manufacturer's recovery-check function.

We process data required for the website, application, wallet proof, contract, payment processing, customer support and claims handling. This may include identity and contact data, risk data, payment data, contract data and wallet-related data such as xPub, signature, derived addresses, verification results and hashes. According to the current setup, no external AML provider is used in the regular application process; additional manual checks may be required in the event of a claim. Details are available in our privacy policy.

An XPub, or extended public key, is a public derivation key for a Bitcoin account. It allows addresses of that account to be derived and balances or transactions to be checked, but it cannot spend Bitcoin and does not contain a private key. Because an XPub can still reveal information about your wallet history, we treat it as particularly sensitive. If you do not want to share all addresses of your existing account, we recommend creating a separate Bitcoin account for the coins you want to insure.

The risk carrier and insurer is Liberty Mutual Insurance Europe SE. The contract is concluded through Liberty Specialty Markets Europe S.à r.l., German Branch, acting as underwriting agency with authority to conclude contracts on behalf of the insurer. The German address is Im Klapperhof 7-23, 50670 Cologne, Germany.

For BitBox, the current rule is: one insured account corresponds to one xPub and one insurance contract. The currently supported account type is Bitcoin Native SegWit. Native SegWit addresses start with bc1q; Taproot addresses start with bc1p and are currently not insured in this integration. If different address types have already been used in a BitBox account, sending Bitcoin may also automatically shift funds between address types. We therefore recommend using a separate BitBox Bitcoin account for the insurance on which only Native SegWit addresses have been and will continue to be used.