|By Business Wire||
|June 2, 2014 02:00 PM EDT||
Great American Insurance Group’s Fidelity/Crime Division is pleased to be the first in the industry to offer commercial coverage for Bitcoins, a virtual online peer-to-peer medium of exchange, as part of its ongoing commitment to meet the evolving needs of its customers.
Bitcoins are used as a method of exchange by which transactions are conducted to buy and sell merchandise without a go-between, and are becoming increasing popular in today’s changing world of technology. Standard crime insurance policies, including Great American’s crime policy, currently do not automatically provide coverage for virtual peer-to-peer mediums of exchange. Crime insurance coverage for bitcoins can now be granted by endorsement to an existing crime policy for mercantile and governmental customers who accept bitcoin in order to provide coverage for this increasingly popular method of payment, and to tailor coverage to fit the unique needs of insureds.
Coverage is available in most states and is pending approval in others. Coverage description is summarized; please refer to the actual policy for a full description of terms, conditions, limits and exclusions.
Great American’s Fidelity and Crime Division, headquartered in Windsor, CT, underwrites fidelity and crime policies throughout the U.S. for mercantile businesses, financial institutions, and governmental entities. Great American is the fourth largest Fidelity writer in America according to 2013 results published by the Surety & Fidelity Association, and has $50 million in underwriting capacity.
Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. Based in Cincinnati, Ohio, the operations of Great American Insurance Group are engaged primarily in property and casualty insurance, focusing on specialty commercial products for businesses, and in the sale of traditional fixed and fixed-indexed annuities in the retail, financial institutions and education markets. Great American Insurance Company has received an “A” (Excellent) or higher rating from the A.M. Best Company for over 100 years (most recent rating evaluation of “A+” (Superior) as of February 21, 2014). The members of the Great American Insurance Group are subsidiaries of American Financial Group, Inc. (AFG), also based in Cincinnati, Ohio. AFG’s common stock is listed and traded on the New York Stock Exchange and NASDAQ Global Select Market under the symbol AFG.