Berkley Insurance Australia and Frontier Global Underwriting, a London-based financial lines Lloyd’s coverholder with an office in Sydney, have teamed up to offer blockchain insurance cover.

The blockchain offering covers professional liability, general liability and directors’ & officers’ liability.

“We consider that blockchain has the potential to offer true IT security and we want to assist the industry by providing well developed broad insurance coverage so the industry can continue to expand,” Berkley National Underwriting Manager Matthew McPhee said.

He says Berkley’s target market is any blockchain technology company, ideally any entity providing the digital offering excluding cryptocurrencies.

“We will offer insurance for information technology, including professional indemnity and public liability, plus directors’ & officers’ liability for established companies and start-ups,” Mr McPhee said.

Frontier MD Joel Pridmore says the blockhain offering represents a “collaborative” partnership that will benefit brokers and clients.

“Frontier is committed to providing solutions to not only protect our client’s businesses but allow them to thrive,” Mr Pridmore said.

“This blockchain industry partnership between Frontier and [Berkley] is a perfect example of this ethos in practice.”