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Author Topic: Insurance  (Read 2125 times)
justinjja
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December 12, 2017, 07:24:49 PM
 #1

Anyone have a property insurance policy for their home mining operation?

I have over $10,000 worth of mining equipment, with more on the way.

Trying to keep my costs down, every insurance company I have talk to say I need to get general liability insurance with property insurance, and that gets expensive.

Just trying to protect my self from theft/fire.
It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
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mayo2u
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December 12, 2017, 09:38:18 PM
 #2

Anyone have a property insurance policy for their home mining operation?

I have over $10,000 worth of mining equipment, with more on the way.

Trying to keep my costs down, every insurance company I have talk to say I need to get general liability insurance with property insurance, and that gets expensive.

Just trying to protect my self from theft/fire.

Most insurance companies are concerned about general liability. This is where they - and you - get burnt. If you own your home I'm surprised that your bank didn't stipulate that you needed general liability insurance. If you're a renter all you need is renter's insurance. It's relatively inexpensive.


lucianus_luciferus
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December 14, 2017, 04:14:49 PM
 #3

if you only need to insure the hardware and other physical objects in the house and not the house itself then get a contents insurance which is very cheap

Dlikrot
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December 14, 2017, 09:28:50 PM
 #4

And be sure to put up the all the electrical stuff according to regulations in your country. Insurance company may not pay you in full or at all if anything happens if it's not done by book.

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rcticoin
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December 17, 2017, 03:35:25 AM
 #5

3 Property Insurance Options
Fire
Provides assurance on the property at the risk of fire, lightning strikes, explosions, aircraft fall and smoke.

PAR
Provide assurance on the property at risk of FLEXAS, with extension of warranties such as flood or water damage, riots, riots, and other guarantees. This guarantee is also called Property All Risk.

Earthquake
Provides additional assurance on the property at risk due to earthquakes, volcanic eruptions until the tsunami.
brontosaurus
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December 17, 2017, 05:14:24 AM
 #6

3 Property Insurance Options
Fire
Provides assurance on the property at the risk of fire, lightning strikes, explosions, aircraft fall and smoke.

PAR
Provide assurance on the property at risk of FLEXAS, with extension of warranties such as flood or water damage, riots, riots, and other guarantees. This guarantee is also called Property All Risk.

Earthquake
Provides additional assurance on the property at risk due to earthquakes, volcanic eruptions until the tsunami.

Property insurance won't provide you with the recovery of loss related to your profits all it would do is to idemnify you for historical costs of your physical equippments.
I think better would be getting a business insurance. They idemnify your profits which you were expected to earn in some future months. All companies might not be ready to give such insurance to miners but you can try for some private companies. You may find this article quite interesting https://www.coindesk.com/great-american-insurance-bitcoin-coverage-businesses/ it says how an insurance company is providing risk-coverage to business. But until now insurance companies have been providing such insurances for merely theft and lost of private key.
The Demon Slick
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December 18, 2017, 04:25:26 AM
 #7

Anyone have a property insurance policy for their home mining operation?

I have over $10,000 worth of mining equipment, with more on the way.

Trying to keep my costs down, every insurance company I have talk to say I need to get general liability insurance with property insurance, and that gets expensive.

Just trying to protect my self from theft/fire.

My insurance company has copies of receipts for my most valuable things. These things are covered, no doubt.  My miners I have not submitted receipts for.  They wouldn't be covered. I could,  but I choose not to.
gulliblehive
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December 18, 2017, 05:56:54 AM
 #8

Regular 'home insurance' should at least cover part of the damages. If any equipment you have at home is destroyed or stolen, your plan should cover at least up to a few k$ most likely at a cost of say 20-30$ a month I'm guessing.

I know that's not perfect, but yeah.

Product Liability Insurance, I'm not sure how that applies to this since you're not selling physical products. Then again, I'm not too well-versed in insurnace.
BigBossUSA
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December 21, 2017, 11:49:45 PM
 #9

Anyone have a property insurance policy for their home mining operation?

I have over $10,000 worth of mining equipment, with more on the way.

Trying to keep my costs down, every insurance company I have talk to say I need to get general liability insurance with property insurance, and that gets expensive.

Just trying to protect my self from theft/fire.

I have regular insurance from Progressive for property where I insure the value of my miners.
Gerci
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December 22, 2017, 02:41:17 AM
 #10

The combination of CPM and MB policies can provide a more thorough scope of cover for the dangers that threaten equipment and mining machinery.
Marvell2
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December 22, 2017, 09:01:58 PM
 #11

Regular 'home insurance' should at least cover part of the damages. If any equipment you have at home is destroyed or stolen, your plan should cover at least up to a few k$ most likely at a cost of say 20-30$ a month I'm guessing.

I know that's not perfect, but yeah.

Product Liability Insurance, I'm not sure how that applies to this since you're not selling physical products. Then again, I'm not too well-versed in insurnace.

People who were mining in houston during the flood were not reinburned for thier mining equipment with home onweres insurance

one guy had over 100k in gear and isurance is refusing to cover it.  You are best off being direct and straightforward with your insurance to make sure they know

what they have to cover straight up

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BigBossUSA
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December 24, 2017, 12:39:12 PM
 #12

Regular 'home insurance' should at least cover part of the damages. If any equipment you have at home is destroyed or stolen, your plan should cover at least up to a few k$ most likely at a cost of say 20-30$ a month I'm guessing.

I know that's not perfect, but yeah.

Product Liability Insurance, I'm not sure how that applies to this since you're not selling physical products. Then again, I'm not too well-versed in insurnace.

People who were mining in houston during the flood were not reinburned for thier mining equipment with home onweres insurance

one guy had over 100k in gear and isurance is refusing to cover it.  You are best off being direct and straightforward with your insurance to make sure they know

what they have to cover straight up

House insurance shouldn't cover mining equipment. Why would he think that it would? It's not something personal that should be in your house.
trinitrate
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December 26, 2017, 03:38:24 AM
 #13

Home owners insurance will have limits on coverage that are designed around the needs of an average home owner.  i.e. they'll assume you might have 15k in electronics, 5k in jewelry, 25k in furniture etc.  As soon as you do something crazy like buying 100k in mining equipment you will need extra coverage purchased specifically to raise your limits to cover that asset class.

The type of peril (fire, storm, etc) has very little to do with this its just about the amount of coverage that you actually purchased.

Also keep in mind that home owners does NOT cover flooding even if that flood was caused by a storm.  If you live somewhere where you may get heavy storms, make sure to buy separate flood insurance to go with your homeowners.

Also a good idea that your property is wired properly, if your setup is clean / pretty even giving a picture to your agent wouldn't hurt.  It establishes that they knew what they were covering when they wrote the policy.
Georgejoshio
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December 31, 2017, 01:19:33 PM
 #14

one guy had over 100k in gear and isurance is refusing to cover it.  You are best off being direct and straightforward with your insurance to make sure they know

what they have to cover straight up

I agree with you, it’s better to call your insurance company up and let them know if you want insurance to cover your rigs.  If you think from the insurance company’s perspective, they are taking on more risk without being compensated if they aren’t told you have 100k in gear, but are expected to pay out of something bad happens.



(Moderator note: This post was edited by frodocooper to fix broken quote formatting.)
gbBit
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January 12, 2018, 03:22:13 AM
 #15

Are there any recommendations on insurance companies that support Bitcoin mining?  I had to start mining on my own since my hosting center ran out of space and when I purchase just general liability insurance for the space I'm renting Progressive told me they do not insure Bitcoin Mining operations.  So those of you who have insurance please let me know a good company to use or if you want to pass along your agent's contact that would be even better.
farreaching
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January 12, 2018, 11:46:49 PM
 #16

USAA covers my computer equipment so I assume that would cover mining equip as well.
vegascoinpool
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January 14, 2018, 06:37:13 AM
 #17

I own a chunk of units that are currently hosted at a relative's home out of state. I called State Farm (my current insurer) and was very upfront about what I had. They wrote a "Personal Articles" policy for them. As I've added new miners, I call in the make/model number/serial number and replacement cost. Twice, I've also updated the replacement cost of ALL of the units on my policy because of the increased pricing... so if something happens, I'm getting a check for the right dollar amount.

This is a separate policy from my homeowners policy.
exx1976
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January 17, 2018, 04:26:34 PM
 #18

USAA covers my computer equipment so I assume that would cover mining equip as well.


I don't doubt that you think they do.

A buddy tried to file a claim with USAA and was told that computer equipment is a separate rider.

Good luck.
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