Refused from more than 20 insurance companies in Quebec for home crypto mining!

[Didz]

Usually home insurance never covers anything if its related to a business activity. If you run some shop, and you get robbed then the insurance won't cover it. Same with people who are driving for Uber. Since their car is used for commercial purposes they need special insurance. If you ever tried buying auto insurance in the last 2-3 years, you get constantely asked whether this vehicle will be used for Uber, taxi for hire, delivering packages from Amazon, delivering Uber Eats, etc.

If you are in some accident while you were delivering some Uber Eats and you had regular insurance they won't cover you. So mining activites also won't be covered. I've been mining for years and never had any issues. I haven't heard of any home miner burn down their house. I heard of maybe 2-3 actual large mining farms in China burn down but they had like 1000 ASICs.

Exactly! Nevertheless I was willing to pay a prime to have a coverage against theft and fire.

And you will not be insured against theft or fire until your premises meet all the required standards of the data center.
The insurance company will then sue the fire system installer or security company if something happens to your equipment. It usually works like this.

Probably but I am a small fish (mining in my garage), not sure the same rules apply to me. For big warehouse miners sure.

In my situation they didn't study my case.... next!

No. There are many small miners and several big miners. With the big warehouse you have money to be insured from everything, and to fulfill the conditions of insurance. And with small miners it`s easy to sent them off. They have no big opportunities to protect themselves.

Do you know a small miner who got insurances?
If yes, please let me know what insurance company he/she is using.

[mak013]

No. There are many small miners and several big miners. With the big warehouse you have money to be insured from everything, and to fulfill the conditions of insurance. And with small miners it`s easy to sent them off. They have no big opportunities to protect themselves.

Do you know a small miner who got insurances?
If yes, please let me know what insurance company he/she is using.

I have 7 locations and i think that i am small miner. I`m not insured and cant say how to do it. In my situation i cant win anything against insurance company.

[Didz]

No. There are many small miners and several big miners. With the big warehouse you have money to be insured from everything, and to fulfill the conditions of insurance. And with small miners it`s easy to sent them off. They have no big opportunities to protect themselves.

Do you know a small miner who got insurances?
If yes, please let me know what insurance company he/she is using.

I have 7 locations and i think that i am small miner. I`m not insured and cant say how to do it. In my situation i cant win anything against insurance company.

Thank you for the information but the point of this topic is to find out a company insurance who offers coverage for crypto mining.

Is somebody can name me just one insurance company? I don't care if it's in Europe or Asia or elsewhere.

[arielbit]

No. There are many small miners and several big miners. With the big warehouse you have money to be insured from everything, and to fulfill the conditions of insurance. And with small miners it`s easy to sent them off. They have no big opportunities to protect themselves.

Do you know a small miner who got insurances?
If yes, please let me know what insurance company he/she is using.

I have 7 locations and i think that i am small miner. I`m not insured and cant say how to do it. In my situation i cant win anything against insurance company.

if your country goes crypto mining rogue like china...THIS! hehe

[FP91G]

No. There are many small miners and several big miners. With the big warehouse you have money to be insured from everything, and to fulfill the conditions of insurance. And with small miners it`s easy to sent them off. They have no big opportunities to protect themselves.

Do you know a small miner who got insurances?
If yes, please let me know what insurance company he/she is using.

I have 7 locations and i think that i am small miner. I`m not insured and cant say how to do it. In my situation i cant win anything against insurance company.

if your country goes crypto mining rogue like china...THIS! hehe

mak013 from Russia
Nothing has been banned in Russia yet, and it is impossible to do this. If you are a small miner with a consumption of 5-20 kilowatts in various locations, then you cannot be found.
I'm not sure if the small miners in China have stopped mining because they are also hard to find.

[arielbit]

No. There are many small miners and several big miners. With the big warehouse you have money to be insured from everything, and to fulfill the conditions of insurance. And with small miners it`s easy to sent them off. They have no big opportunities to protect themselves.

Do you know a small miner who got insurances?
If yes, please let me know what insurance company he/she is using.

I have 7 locations and i think that i am small miner. I`m not insured and cant say how to do it. In my situation i cant win anything against insurance company.

if your country goes crypto mining rogue like china...THIS! hehe

mak013 from Russia
Nothing has been banned in Russia yet, and it is impossible to do this. If you are a small miner with a consumption of 5-20 kilowatts in various locations, then you cannot be found.
I'm not sure if the small miners in China have stopped mining because they are also hard to find.

that's is why i don't care about insurance-more reason to be hidden..and even if i'm the insurer i wouldn't approve any mining farm for insurance. mining is a business of extracting as much electricity as possible to earn as much as possible, how would you know that these "farms" are not pushing the limits of the electrical lines that "may" cause fires? compare that to a normal pig farm where the risk of the users of a building are not capable of pushing the limits of the building (including electrical), and the risk is more about natural disasters(in which the insurers already did the math).

insurance is also a business of "numbers" like, if they get 1000 clients that are low risk of getting "insured" then it is pure profit.

for me i do the electrical, everything is calculated, measured, double checked, and has allowance. i am the the insurer, i insured the lowest risk for my mining operation hehe.

yes there are people who needs to rely/delegate some task to others(things they don't know, can't do, don't understand)...they would really feel the need for insurance.

stay small, decentralized and hidden. that is always been the way i mine 

[Didz]

No. There are many small miners and several big miners. With the big warehouse you have money to be insured from everything, and to fulfill the conditions of insurance. And with small miners it`s easy to sent them off. They have no big opportunities to protect themselves.

Do you know a small miner who got insurances?
If yes, please let me know what insurance company he/she is using.

I have 7 locations and i think that i am small miner. I`m not insured and cant say how to do it. In my situation i cant win anything against insurance company.

if your country goes crypto mining rogue like china...THIS! hehe

mak013 from Russia
Nothing has been banned in Russia yet, and it is impossible to do this. If you are a small miner with a consumption of 5-20 kilowatts in various locations, then you cannot be found.
I'm not sure if the small miners in China have stopped mining because they are also hard to find.

If there's small miners in the Chinese regions with now prohibition law against crypto mining and are still mining, in their place I would be scared.

[FP91G]

No. There are many small miners and several big miners. With the big warehouse you have money to be insured from everything, and to fulfill the conditions of insurance. And with small miners it`s easy to sent them off. They have no big opportunities to protect themselves.

Do you know a small miner who got insurances?
If yes, please let me know what insurance company he/she is using.

I have 7 locations and i think that i am small miner. I`m not insured and cant say how to do it. In my situation i cant win anything against insurance company.

if your country goes crypto mining rogue like china...THIS! hehe

mak013 from Russia
Nothing has been banned in Russia yet, and it is impossible to do this. If you are a small miner with a consumption of 5-20 kilowatts in various locations, then you cannot be found.
I'm not sure if the small miners in China have stopped mining because they are also hard to find.

that's is why i don't care about insurance-more reason to be hidden..and even if i'm the insurer i wouldn't approve any mining farm for insurance. mining is a business of extracting as much electricity as possible to earn as much as possible, how would you know that these "farms" are not pushing the limits of the electrical lines that "may" cause fires? compare that to a normal pig farm where the risk of the users of a building are not capable of pushing the limits of the building (including electrical), and the risk is more about natural disasters(in which the insurers already did the math).

insurance is also a business of "numbers" like, if they get 1000 clients that are low risk of getting "insured" then it is pure profit.

The insurance company will not compensate for losses if the mining farm catches fire due to improper hardware settings or increased load on the wires, and so on. To pay, you need the equipment to be stolen by thieves or other people to damage the equipment.
If I insure the house against fire, and then forget to turn off the iron, then the insurance company will not pay for the burned down house.

[Didz]

No. There are many small miners and several big miners. With the big warehouse you have money to be insured from everything, and to fulfill the conditions of insurance. And with small miners it`s easy to sent them off. They have no big opportunities to protect themselves.

Do you know a small miner who got insurances?
If yes, please let me know what insurance company he/she is using.

I have 7 locations and i think that i am small miner. I`m not insured and cant say how to do it. In my situation i cant win anything against insurance company.

if your country goes crypto mining rogue like china...THIS! hehe

mak013 from Russia
Nothing has been banned in Russia yet, and it is impossible to do this. If you are a small miner with a consumption of 5-20 kilowatts in various locations, then you cannot be found.
I'm not sure if the small miners in China have stopped mining because they are also hard to find.

that's is why i don't care about insurance-more reason to be hidden..and even if i'm the insurer i wouldn't approve any mining farm for insurance. mining is a business of extracting as much electricity as possible to earn as much as possible, how would you know that these "farms" are not pushing the limits of the electrical lines that "may" cause fires? compare that to a normal pig farm where the risk of the users of a building are not capable of pushing the limits of the building (including electrical), and the risk is more about natural disasters(in which the insurers already did the math).

insurance is also a business of "numbers" like, if they get 1000 clients that are low risk of getting "insured" then it is pure profit.

The insurance company will not compensate for losses if the mining farm catches fire due to improper hardware settings or increased load on the wires, and so on. To pay, you need the equipment to be stolen by thieves or other people to damage the equipment.
If I insure the house against fire, and then forget to turn off the iron, then the insurance company will not pay for the burned down house.

I confirm that it's accurate. The insurance broker told me something similar yea unfortunately.

[FP91G]

I'm glad you think about improving the security of your mining farms instead of wasting time looking for insurance companies. The best security in russia is when no one knows that there is a mining farm in your house, garage, shed. If someone finds out about this, then security and signaling will not help. Until you or the security service arrive, everything will be stolen, and the thieves will run away.

[Guillaumeque]

Allo
Est-ce que tu as trouvé un assurance pour ta maison finalement?
Le post est pas récent mais encore d’actualité!
Il semble que depuis 2021 octobre les assureurs refuse du au risque.

J’ai quelques téléphone de fait et c’est tout juste s’il raccroche pas la ligne. Malade!!!
Un broker travaille à me chercher qqc.

Si je trouve rien , il faut que je sorte ça de là maison! Comme vous avez dit, si il y a feu du au minage de cryptomonnaie l’assureur ne payera pas!!
Guillaume

[cmyk-B]

Hi Bitcointalk community!

I was reading on this sub-forum that some people in the US got insurance for their computer hardwares.
Here in Québec, Canada, I had to call more than 10 insurance brokers before I got one interested to hear me out.

In Québec we cannot have professional insurance without public liability so it complicates things.
At first I was looking for an insurance to cover my mining gears against fire and theft.

Finally 2 weeks later, the broker insurance who accepted to look for insurances for my home mining activities wrote this to me:

Les assureurs réguliers n’ont pas d’appétit pour le minage tandis que  les grossistes n’ont pas de marché.

Translation: Regular insurers have no appetite for mining while wholesalers have no market.

He tried to contact all these insurance companies in Quebec:

https://i.imgur.com/FpYym0v.png

None of them were interested to offer me an insurance premium to cover my computer equipments.
This is crazy! In Québec we have few companies doing cryptocurrency mining in warehouses.

I am wondering if someone who lives in Québec know an insurance company who offers crypto mining protections?

Thank you

you said computer hardware so I am assuming it is GPU mining. for insurance you don't tell them it is for mining you tell them computer hardware. Most businesses in the financial sector will turn you away because of mining. They see the crypto space as a threat to there existence.

[Didz]

It's risky if you don't tell all the truth then the insurance could decide to not cover your lost in case of a sinister. I won't play that card.

[aesma]

If I insure the house against fire, and then forget to turn off the iron, then the insurance company will not pay for the burned down house.

Then that's a crap insurance and legislators in your country should look into it. Most fires are started by negligence, if insurances didn't cover that, then there would be no point in having an insurance !

What shouldn't be covered is arson by the insured person, or if you do something that is clearly not a regular use of a house, like what we're talking about here, having a mining farm in your house. Or let's say growing cannabis with tons of halogen lamps etc.

[JayDDee]

you said computer hardware so I am assuming it is GPU mining. for insurance you don't tell them it is for mining you tell them computer hardware. Most businesses in the financial sector will turn you away because of mining. They see the crypto space as a threat to there existence.

That's where insurance companies get you both ways. If you disclose too much you pay super high premiums if you can get
any coverage, but if you don't disclose they'll cover you based on your disclosure. There's almost an incentive for insurance
companies to play dumb so they can collect premiums knowing they can claim failure to disclose and deny any pay out.

What it comes down to is do you want real insurance or just a piece of paper that says you have insurance?

[FP91G]

If I insure the house against fire, and then forget to turn off the iron, then the insurance company will not pay for the burned down house.

Then that's a crap insurance and legislators in your country should look into it. Most fires are started by negligence, if insurances didn't cover that, then there would be no point in having an insurance !

Then this is a very good opportunity for scammers to make money. Even if such insurances exist, the presence of the insured's fault will greatly reduce insurance payments. In Russia, in order to receive an insurance payment, you need to prove the damage in court, otherwise the payments will be minimal.

[M@de]

(French below)
Mind blogging to me that a 2 page worth of chats for not a single answer....
Do we have an update, anybody?


FR: Ça me sidère de voir 2 page de tchats pour aucune réponse sérieuse à part celles qui ne fonctionnent pas....
On a une mise à jour quelqu'un?

[Didz]

(French below)
Mind blogging to me that a 2 page worth of chats for not a single answer....
Do we have an update, anybody?


FR: Ça me sidère de voir 2 page de tchats pour aucune réponse sérieuse à part celles qui ne fonctionnent pas....
On a une mise à jour quelqu'un?

Si je peux résumer, à moins d'avoir un entrepôt avec plusieurs centaines de milliers de dollars en équipements (plus souvent des ASIC pour miner du Bitcoin) et des revenus dans les millions de dollars par année, tu n'es pas un client intéressant pour les assurances.

Alors ce n'est pas possible pour un home miner au Québec de se faire assurer. À tout de moins, pour les compagnies d'assurance que j'ai contacté (une vingtaine) et j'ai même fait appel à un courtier d'assurance.