No insurance for crypto mining hardware - Old Mutual

[Bradley Prior]

No insurance for crypto mining hardware - Old Mutual

Old Mutual Insure has issued a statement regarding the insurance of PC hardware, stating that it will not insure any computer equipment used to mine cryptocurrency.

The company said that mining digital currencies usually requires expensive hardware, and said it has opted out of insuring this equipment due to the unregulated nature of the industry and its association with cybercrime.

 

[The_Ogre]

And they will know this how exactly?>

 

[supersunbird]

And they will know this how exactly?>

Because 8 graphics cards in 1 rig is normal, amirite?

 

[Fulcrum29]

Because 8 graphics cards in 1 rig is normal, amirite?

What if it is used for precision computing?

 

[The_Ogre]

Because 8 graphics cards in 1 rig is normal, amirite?

Cryptography requires lots of floating point operations, in fact it's the same computations that are being done when one "mines"

 

[Pitbull]

I know Alexander Forbes does, however under commercial insurance. As it's used to generate an income.

 

[supersunbird]

What if it is used for precision computing?

Cryptography requires lots of floating point operations, in fact it's the same computations that are being done when one "mines"

Well, the in-depth review will take care of those:

Old Mutual said it is currently conducting an in-depth review of all clients to ensure that they are not involved in cryptocurrency mining.

 

[ThatGuy_ZA]

Old Mutual Insure also cited the 24/7 workloads and intense strain placed on this hardware as reason it would no longer insure mining equipment.

This is BS.

 

[supersunbird]

This is BS.

It's their BS prerogative.

 

[SaiyanZ]

I work for another insurer and they are laughing at the woman that said this. Seems like she is doing it for media attention.

If equipment fails due to an insured peril (lighting damage, theft, flooding, etc.) then it should be covered as normal. It's declared as part of your insured items and sum insured which you pay for. Wear and tear is not covered as per normal.

Cybercrime is also a whole separate issue which you get special insurance for.