Custody Insurance
Prevention by design. Backstopped at Lloyd's of London.
Onramp maintains digital asset custody insurance through Canopius, a Lloyd's of London syndicate: a $100M facility with a $50M active limit covering Onramp's custody operations at no cost to clients, with individually named client coverage available on request through our regulated broker.
The Architecture
No single institution can move client bitcoin
Every Onramp vault is segregated and client-titled, with keys distributed across three independent institutions. Moving bitcoin requires a 2-of-3 quorum with client-initiated video verification, and every vault is verifiable on-chain.
No single institution, including Onramp, can move client bitcoin. That constraint is enforced by the Bitcoin protocol itself, not by policy. Insurance sits behind that design as the tail-risk backstop, which is precisely why it can be included rather than sold.
The Backstop, Quantified
The backstop, quantified
$100M
Lloyd's facility
$50M
Active limit · annual aggregate
$0
Deductible
Included
With every vault, at no cost to clients
Why bitcoin insurance has been hard to buy
For long-term holders, insuring bitcoin in custody has historically meant shopping the specialty insurance market alone. Standalone policies typically price at 0.4% to 0.8% of asset value every year, carry deductibles of 10% to 25%, and impose minimum premiums that make smaller allocations uneconomic.
So most holders face a bad choice: overpay for a bolt-on policy, manage renewals themselves, or go without coverage entirely. And the policies on offer are usually priced against promises, not against architecture.
We think insurance should work the other way: engineer the risk down first, then place coverage against what remains, and include it with custody rather than selling it back to you.
The Economics
Why included beats bolted on
Purpose-built
The coverage is underwritten to Onramp's architecture and declared security controls. It is not a generic policy applied to us.
Priced as a backstop
The Lloyd's policy is re-underwritten every year against those controls, which keeps the program economical to maintain across every vault we operate.
Included, not itemized
No separate premium, no percentage of assets, no deductible. The active limit is an annual aggregate within the combined facility, and coverage comes with the vault at no cost to clients.
What the Policy Covers
The insured event, in plain terms
In plain terms, the insured event is specific. The policy covers dishonest or fraudulent actions at one authorised custodian in combination with negligence by one of the other authorised custodians, collusion between two authorised custodians where Onramp is one of the two, and a targeted cyber attack directed solely at Onramp.
Specificity is what makes the coverage credible, and it is what makes it economical. Coverage is conditioned on Onramp’s declared security controls, so a claim examines our controls and our operations, never the client’s key hygiene.
Covered
- Dishonest or fraudulent actions at one authorised custodian, in combination with negligence by one of the other authorised custodians
- Collusion between two authorised custodians, where Onramp is one of the two
- A targeted cyber attack directed solely at Onramp
Not covered
- Fraud by a single custodian acting alone
- Standalone negligence, without a dishonest or fraudulent act
- General cyber events not directed solely at Onramp
- Fraud by any owner holding more than 5% of an insured entity
Summary only; policy terms govern.
Defense in Depth
Insurance is the quietest layer
Architecture
Prevention. 2-of-3 multi-institution quorum, segregated client-titled vaults, verifiable on-chain. No unilateral control, enforced by the Bitcoin protocol itself.
Operational controls
SOC 2 Type I examination completed, Type II observation period underway, performed by an independent auditing firm. Full BSA/AML compliance program. Onramp is a FinCEN-registered Money Services Business (registration no. 31000262776236); registration does not constitute endorsement.
Insurance program
Distinct policies, each with its own scope: digital asset custody through Canopius, a Lloyd's of London syndicate ($100M facility, $50M active annual aggregate, no deductible); crime written for digital assets; cyber and technology E&O; professional liability with a digital-asset endorsement.
Who Examines Us
Examined on a recurring cycle
Lloyd's of London
Annual re-underwriting
Canopius reviews Onramp's security controls, key ceremonies, and operational procedures every year as a condition of renewal.
Independent attestation
SOC 2 examination
Onramp has completed a SOC 2 Type I examination, with the Type II observation period underway, performed by an independent auditing firm.
Verify it yourself. The Onramp Trust Center maintains current security and compliance documentation, and our FinCEN registration is searchable in the public MSB registry.
Individually Named Coverage
Want your name on the policy?
The included policy insures Onramp's custody operations. Clients who want to be individually named, with loss-payee status and a dedicated, ring-fenced limit of their own, can arrange that at additional cost through Native, the regulated broker on the custody policy, at pre-agreed rates.
Request
Tell your Onramp team you want to be individually named. We coordinate directly with Native.
Underwrite
Native places the coverage at pre-agreed rates, sized to your vault and your requirements, with the premium paid by the client.
Named
You hold loss-payee status with a dedicated, ring-fenced limit, documented in writing. Named coverage carries no deductible; standalone placements typically require 10% to 25%.
FAQ
Custody insurance doesn't need to be complicated
The coverage is specific by design, and here are some common questions.
Every vault includes it. Every client benefits from it.
Open an Onramp account or schedule a consultation with our team.
Download The Onramp Custody Insurance Fact Sheet (PDF)
This page is an informational summary only. It does not amend or replace any insurance policy, and policy terms govern in all cases. Coverage descriptions are summaries; refer to the policy documents for complete terms, conditions, and exclusions. Onramp is registered with the Financial Crimes Enforcement Network (FinCEN) as a Money Services Business, registration no. 31000262776236. MSB registration does not constitute a license or an endorsement by FinCEN or any government agency. Nothing on this page constitutes investment, legal, or tax advice.