Evertas, Coincover and Marsh solve different parts of digital-asset risk. Evertas operates as a specialist crypto insurer and underwriter. Coincover provides protection, governance and recovery technology but explicitly states that it does not itself provide insurance coverage. Marsh acts as a broker and risk adviser that can structure and place coverage, including facilities for digital-asset custodians. Buyers may need more than one of these roles.
Short Answer
Evertas, Coincover and Marsh should not be placed in one winner-takes-all feature grid.
Evertas is a specialist crypto insurer and underwriter. Coincover supplies protection, wallet-governance and recovery capabilities and clearly states that it does not itself insure a customer's assets or operations. Marsh is an insurance broker and risk adviser that helps clients assess, structure and place coverage; it has also announced a custody facility backed by insurance markets.
A mature digital-asset program may use prevention and recovery technology, an adviser or broker, and one or more insurers. The procurement task is to identify which party owns each control and which residual losses are actually transferred by contract.
Comparison at a Glance
| Decision area | Evertas | Coincover | Marsh |
|---|---|---|---|
| Role | Specialist insurer and underwriter | Protection, governance and recovery technology | Broker and risk adviser |
| Core buyer question | What risks can be underwritten and on what terms? | How are access failures, key risks and recovery controlled? | How should risks be assessed, marketed and placed? |
| Evidence to inspect | Policy wording, carrier, limit, exclusions and claims process | Technical architecture, governance, recovery tests and dependencies | Market submission, options, advice, fees and placement documentation |
| Critical caveat | A headline limit is not the same as coverage for every loss | Protection service is not itself an insurance policy | A broker arranges coverage; the insurer bears covered risk |
Evertas
Evertas specializes in crypto, blockchain, mining and related technology risks. Its public materials describe coverage areas including crime, theft, loss, platform failure, directors and officers and other commercial risks, with underwriting capacity supplied through insurance markets.
Strong fit: Custodians, exchanges, infrastructure companies, miners and digital-asset businesses seeking specialist underwriting knowledge and policy structures designed for crypto-specific operations.
Verify: The legal insurer, policyholder and insured entities; covered assets and wallets; hot, warm and cold storage treatment; internal and external theft; employee and vendor acts; smart-contract and protocol exclusions; valuation; sublimits; deductibles; security conditions; aggregation; territory; claims notification and evidence.
Coincover
Coincover positions its products around asset protection, governance, access and recovery. Its public site cites institutional usage and wallet protection, but it also expressly clarifies that Coincover itself does not provide insurance coverage. That statement should shape the comparison.
Strong fit: Institutions and wallet platforms that need operational controls and recovery mechanisms to reduce the likelihood or severity of key-access and transaction risks.
Verify: Supported wallet architecture, key and policy controls, recovery authority, segregation of duties, approval design, privileged access, incident response, independent audits, business continuity, subcontractors, liability caps and how the service coordinates with custody and insurance policies.
Marsh
Marsh provides insurance broking and risk-advisory services across financial and professional risks. Its digital-asset materials discuss coverages such as crime, cyber, errors and omissions and directors and officers insurance. Marsh has also announced a global custody facility with capacity for certain cold-storage and MPC-related risks, backed by Lloyd's and international insurers.
Strong fit: Institutions that need an adviser to map exposures, prepare a defensible insurance submission, approach multiple markets and compare or negotiate policy terms.
Verify: Scope of advice, markets approached, compensation and fees, insurer security, conflicts, coverage comparisons, claims support, local licensing, placement timeline and whether a facility's standard wording matches the operating model.
Build the Risk Map First
| Failure scenario | Preventive control | Recovery control | Possible risk-transfer question |
|---|---|---|---|
| External key theft | MPC, HSMs, allowlists and monitoring | Freeze, recovery and incident procedures | Is external theft covered and under which storage conditions? |
| Insider collusion | Segregation, approvals and surveillance | Investigation, revocation and evidence preservation | Are employee acts covered and is collusion excluded? |
| Lost access | Recovery policy and tested alternate access | Key or account restoration | Is pure loss of access covered without theft or damage? |
| Technology failure | Tested software, change control and resilience | Restore, rollback and continuity | Are software, network or provider failures covered? |
| Smart-contract loss | Audit, controls and exposure limits | Pause, upgrade or response plan | Are protocol exploits excluded or separately insured? |
| Custodian insolvency | Legal segregation and counterparty diligence | Portability and resolution planning | Is insolvency a covered event or a commercial credit risk? |
Policy Review Checklist
- Identify every insured legal entity and covered service.
- Reconcile policy limits and sublimits against peak asset exposure.
- Read the definition of asset, occurrence, theft and loss.
- Map exclusions to real failure scenarios from incident exercises.
- Document every security warranty and operational condition.
- Confirm how assets are valued at the time of loss.
- Test notification, evidence preservation and claims escalation.
- Check whether vendors, custodians and subcontractors create gaps.
Procurement Recommendation
Evaluate Evertas when specialist underwriting and crypto-specific policy coverage are needed. Evaluate Coincover when wallet protection, governance and recovery technology are the requirement. Engage Marsh or another qualified broker when the institution needs risk advice, market access and structured placement.
Do not describe a protection service as insurance, and do not treat an insurance limit as proof that every operational loss is covered. Compare institutional crypto custody providers, MPC wallet providers and cybersecurity companies as part of the same control environment.
Primary Sources
- Evertas digital-asset insurance
- Coincover institutional protection
- Marsh digital-asset risk management
- Marsh digital-asset custodian facility announcement
This article is independent procurement research, not insurance, legal or financial advice. Coverage depends on the final policy wording and facts of a claim.
FAQ
Which is better: Evertas, Coincover or Marsh?
They are not direct substitutes. Evertas is a specialist insurer and underwriter, Coincover provides protection and recovery technology, and Marsh is a broker and risk adviser.
Does Coincover provide insurance?
Coincover states that it does not itself provide insurance coverage for assets or operations. Buyers should distinguish its protection and recovery services from an insurance contract.
What can crypto insurance cover?
Potential coverages include crime, theft, custody, cyber, errors and omissions and directors and officers risks, but scope, exclusions, limits and conditions vary materially.
Does insurance cover all assets under custody?
Not necessarily. Limits can be lower than total assets, and coverage may depend on storage method, causes of loss, sublimits, deductibles and compliance with security conditions.
What is the role of an insurance broker?
A broker helps assess risk, prepare submissions, approach markets, compare terms, place coverage and support claims, subject to its engagement.
What should buyers inspect beyond the policy limit?
Inspect insured entities, covered assets, triggers, exclusions, sublimits, deductibles, valuation, territorial scope, security warranties, notification duties and claims evidence.
Can recovery technology replace insurance?
No. Recovery and governance controls can prevent or reduce losses, while insurance transfers specified residual risks under contractual terms.
Where can buyers compare custody and security providers?
FluidRWA directories cover crypto custody, MPC wallets, cybersecurity, smart-contract audits and compliance infrastructure.
Separate prevention, recovery and risk transfer
Build a digital-asset control map before comparing policies, brokers and protection technology.