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Author Topic: US based mining farms, who do you use to insure your farm?  (Read 379 times)
krisgt30
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February 15, 2018, 02:31:01 PM
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Title is self explanatory, trying to get insurance for all of my hardware purchases for my facility since it is growing rapidly. A ton of tech insurance companies are turning me down once I disclose what the purpose of the data center is. Are there any miner friendly insurance companies you recommend?

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February 15, 2018, 03:08:11 PM
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My German Shepherd helps a bit with insuring against theft Smiley

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February 16, 2018, 10:52:27 PM
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I use Liberty Mutual for mining operations in 3 different states.  I'm not sure which states they provide coverage for, so you would have to check depending on where your operation is located.
krisgt30
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February 19, 2018, 04:28:30 PM
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Of course, if any of these machines decide to spontaneously combust, I will not have my $ lost.

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February 19, 2018, 06:07:35 PM
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Of course, if any of these machines decide to spontaneously combust, I will not have my $ lost.

You wont get insurance that covers individual machines from damage like that....you get a policy that covers the facility itself then you decide case by case if its worth submitting to insurance.

Stop buying industrial miners, running them at home, and then complaining about the noise.
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February 19, 2018, 06:41:03 PM
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I've been having the insurance debate with myself for months now.

My current thoughts are that its not worth it:  Should my equipment get stolen, my guess is that it would be months before I got check, and MANY months before I could convert that check into equipment to start bringing the data center back up.  Bitmain's current limit of 10 miner per batch would be a killer issue.   Even if the authorities found my equipment, my guess is that it would be impounded as evidence until the trial, so again months of outage.

When down, at least I'm not incurring any cost (building is paid for on property I own, so my only cost is electricity), but I wouldn't be generating my paycheck either.

I highly doubt you could find "lost revenue" insurance that would be affordable.

All that said, I would love to hear opposing views.

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krisgt30
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February 19, 2018, 07:23:00 PM
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Of course, if any of these machines decide to spontaneously combust, I will not have my $ lost.

You wont get insurance that covers individual machines from damage like that....you get a policy that covers the facility itself then you decide case by case if its worth submitting to insurance.
There are companies that insure against damage 100%

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February 20, 2018, 02:30:13 AM
 #8

We use Lloyd's of London to insure our facilities. The do insure the individual devices, but only from total loss (theft, fire, etc.) Still, I think it's important to have some form of insurance and it's cheap at aleast.
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February 20, 2018, 05:38:54 PM
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There are companies that insure against damage 100%

There are, but that doesnt mean its a good idea. Insurance per piece like that would cost an insane amount of money. Copvering a facility against total loss makes sense, but trying to cover individual miners seems silly when the miners are not reliable in the first place.

Stop buying industrial miners, running them at home, and then complaining about the noise.
krisgt30
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February 20, 2018, 11:33:18 PM
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There are companies that insure against damage 100%

There are, but that doesnt mean its a good idea. Insurance per piece like that would cost an insane amount of money. Copvering a facility against total loss makes sense, but trying to cover individual miners seems silly when the miners are not reliable in the first place.

Just found coverage for $3k a year to cover $100k in s9s and t9s......I dont know where you are looking but there are insurance companies that do just that....just google high value commercial insurance.  Found companies specializing in hard to replace items and could factor in revenue lost into the policy as well.

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February 22, 2018, 12:27:38 AM
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Just found coverage for $3k a year to cover $100k in s9s and t9s......I dont know where you are looking but there are insurance companies that do just that....just google high value commercial insurance.  Found companies specializing in hard to replace items and could factor in revenue lost into the policy as well.

So 3%.  Been awhile since I checked out household goods, but thought riders for those were around 2%.

BTW - how did you value your S9s and T9s?  Purchase price?  Replacement price?  E-bay price?  If replacement, how did you figure in the lot limit that Bitmain has recently been imposing?

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krisgt30
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February 22, 2018, 12:43:31 AM
 #12

I just gave all of my receipts for purchase. All my power supplies, my firewall, my cabling, power chords, s9s and t9s and revenue lost per day in the event that these machines were to fail. Revenue lost would covered up until replacements arrive. Didnt want to play the resale game as it could either benefit or hurt me depending on the price of btc at that point in time.

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February 23, 2018, 05:12:05 PM
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Could you self-insure? As in placing a sum of money in a bank account monthly that you don't touch except if something happens to your rigs and you need to replace them?

If by the end of the mining operation you haven't needed to touch the money, then the bonus is that you get to keep it all.

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February 25, 2018, 05:11:39 AM
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As the mining industry is getting developed day by day with more and more mining farms around the world an insurance firm with bitcoin acceptance particularly for mining needs will gain popularity in a short. Or else a small percentage can be got as insurance premium from the regular amount generated through mining same as that we allocate for electricity consumption.

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April 19, 2018, 08:51:50 AM
 #15

According to my Experience with StateFarm, I have pretty good coverage and my monthly payment is around $88, My coverage exclude Earthquake so everything else is covered for 300K equipment and 3M liability for property damage.

I have multiple discount in my policy while i discuss with my Insurance agent he told me I have all those discount because of my facility, Key point of my discount :
1: 24/7 and special motion detecting cameras, My special motion detection while alarm is locked will be recorder in clips and sent to email address
2: Alarm System
3: Smoke Detector
4: Fully New electrical wiring for Mining Farm, Complete new service

You can check with Statefam or any other insurance company and let them know about what can prevent on theft and fire they are concern on that, after all the prevention if still anything happens they are happy to cover but if there are good security than they will love to give you cheapest rate possible. I currently got Mining Farm Coverage I started with 50K/500K Liability and added more Antminers and raised to 100K/1M and now i added some more and build good farm so 300K/3M, when i was covering 50K/500K my monthly payment was $14.77 Only

FYI: I am Statefarm Insured since 2003(Home/Auto/Life) That was another benefit and discount as well as having my Home Insurance/ Auto and our Life Insurance with them they gave us multiple discounts, so I believe price may vary for every individual.

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