Prevention by design. Insurance through Lloyd’s of London.
Onramp maintains custody insurance through Canopius, a Lloyd’s of London syndicate: up to $50M in aggregate coverage across our custody operations, with no deductible. Onramp pays the premium.
Underwritten Through Canopius
A Lloyd’s Of London Syndicate
The Architecture
No single institution can move client bitcoin
Every Onramp vault is segregated and client-titled, and three independent institutions protect it. Moving bitcoin requires two of the three institutions, 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. Separately, Onramp maintains custody insurance through Canopius, a Lloyd’s of London syndicate, with up to $50M in aggregate coverage across our custody operations.
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. Current as of October 5, 2026.
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.
Onramp starts from the other end: engineer the risk down through architecture first, then carry custody insurance on Onramp’s own operations, with the premium paid by Onramp.
The full argument — what pooled policies actually cover, what standalone premiums cost, and what the price of insurance reveals about the architecture underneath it — is in The True Cost of Bitcoin Custody and Insurance.
The Economics
How the policy is built
Purpose-built
The coverage is underwritten to Onramp's architecture and declared security controls. It is not a generic policy applied to us.
Re-underwritten every year
Canopius re-underwrites the policy annually against Onramp's declared security controls, which keeps the program economical to maintain.
Paid by Onramp
Onramp pays the premium, and the policy carries no deductible. The $50M limit is an annual aggregate across Onramp's custody operations, not a per-client or per-vault amount.
Defense in Depth
Three layers, each with its own job
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 (up to $50M in aggregate coverage across Onramp's custody operations, 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.
To compare what other firms disclose about their insurance, see our custody insurance disclosure table.
FAQ
Custody insurance doesn't need to be complicated
The coverage is specific by design, and here are some common questions.
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.
Secured by three. Controlled by you.
Open an Onramp account or schedule a consultation with our team.