Learn how Bitcoin insurance with Bitsurance works in the BitBoxApp Marketplace, what is covered, what data is shared, and who to contact for insurance support.
Eligible users can insure a specific Bitcoin account directly through the BitBoxApp Marketplace with Bitsurance. The insurance is designed for real-world risks that a hardware wallet cannot technically prevent, such as burglary, robbery, extortion, fire, water damage, storm, hail, and other covered events defined in the insurance conditions.
External insurance service
Bitsurance is an external insurance service. BitBox provides the hardware wallet and BitBoxApp integration, but BitBox does not issue the insurance policy, decide on coverage, process claims, or manage the insurance contract.
Availability
Bitsurance currently lists Germany, Austria, and Switzerland as selectable countries. This means the insurance is currently intended for the DACH region.
Supported countries are determined by Bitsurance and may change independently of BitBoxApp updates.
Availability, pricing, requirements, and contract conditions can change. Before starting, check the latest information directly on the Bitsurance BitBox page and the Bitsurance FAQ.
Who provides the insurance?
The Bitcoin insurance is offered by Bitsurance, an insurance broker focused on Bitcoin self-custody. According to the current Bitsurance FAQ, the insurer and risk carrier is Liberty Mutual Insurance Europe SE. The contract is handled via Liberty Specialty Markets Europe S.a r.l., Germany branch, as underwriting agency for the insurer.
For contract details, availability, pricing, coverage conditions, and claims, refer to Bitsurance directly.
What exactly is insured?
Each Bitcoin insurance contract covers one specific Bitcoin account. According to Bitsurance, one insured account or xPub corresponds to one insurance contract. The policy does not automatically insure your entire BitBox wallet, all accounts in the BitBoxApp, coins held outside the insured account, or coins belonging to another person.
If you want to insure more than one Bitcoin account, you need a separate insurance policy for each account.
Only the selected account is covered
Insurance coverage is linked to the insured Bitcoin account. Make sure you understand which account you selected before completing the insurance process.
According to the current Bitsurance offering, the standard insurance sums are 10,000 EUR, 50,000 EUR, and 100,000 EUR. If you need a higher sum insured, Bitsurance says an individual review can be requested during the application process.
If the bitcoin value later exceeds the insured amount, only the insured amount is covered. Any value above the insured amount is not insured.
If you would like to better understand why Bitcoin insurance can complement self-custody, read our blog article Beyond the $5 wrench: Bitcoin self-custody insurance, which explains the types of real-world risks this insurance is designed to address.
Account requirements
Bitsurance currently supports Bitcoin only. Insured BitBox accounts are limited to Bitcoin accounts that use Native SegWit addresses. Native SegWit addresses start with bc1q. Taproot addresses start with bc1p and are not currently insured in this integration.
The BitBoxApp checks whether the selected Bitcoin account fulfills this requirement. If your bitcoin are held on older Wrapped SegWit addresses or newer Taproot addresses, the BitBoxApp can show a warning. In that case, follow the separate guide: How can I move my bitcoin to Native SegWit?
For privacy and account clarity, Bitsurance recommends using a separate Bitcoin account for the insured coins. Ideally, use an account that only uses Native SegWit addresses and is not used for day-to-day activity.
What personal data is needed?
Bitcoin insurance is a regular insurance contract. It specifies who is insured, the place of insurance, and what is insured.
The application can require customer and contact details, the insured location, the selected insurance sum, the wallet type, payment and contract data, and wallet-related data.
Technically, Bitsurance needs the extended public key, also called xPub, of the Bitcoin account to be insured. The application process also uses a signature so you can prove control over the account.
The extended public key identifies the insured account and allows balances and transaction history for that account to be monitored. It cannot spend bitcoin or expose your private keys.
To learn more about extended public keys, xPubs, and what information they contain, see What is an extended public key (xPub)?
According to Bitsurance, xPub, signature, signature text, and derived information are used to check control over the account. For status and payment checks, Bitsurance says it uses hash values instead of the plain xPub where possible.
This data is submitted directly to Bitsurance and is not shared with BitBox. For details, see the Bitsurance FAQ and the Bitsurance privacy policy.
How can I check the insurance status?
Successfully insured accounts are marked with a green insured badge in the top-right corner of the Bitcoin account page.
In the Marketplace > Insurance section of the BitBoxApp, you can see an overview of insured Bitcoin accounts and their current insurance status.
Payment, renewal, and cancellation
Bitsurance currently lists Bitcoin/Lightning via BTCPay, PayPal/credit card, and SEPA bank transfer as available payment methods. Insurance coverage starts only once the initial premium has been received and assigned, and from the start date named in the insurance certificate.
For contracts with a term of at least one year, the insurance renews for another year unless it is cancelled in time. According to Bitsurance, cancellation is possible in text form, for example by email, for the first day of a month. Bitsurance must receive the cancellation at least one month before the requested cancellation date.
In the BitBoxApp, select Marketplace, open the Insurance section, and select Manage contract to open the Bitsurance customer portal. For cancellation, contract changes, invoices, or questions about your policy, contact Bitsurance directly through the Bitsurance service page.
Claims and support
BitBox Support cannot process insurance claims or manage insurance contracts. For claims, contract changes, cancellation, or policy questions, you must contact Bitsurance directly.
If an insured event occurs, contact Bitsurance directly. Bitsurance asks customers to report claims as soon as possible by email to schaden@bitsurance.eu.
For contract questions, changes, cancellation, or general support, Bitsurance prefers email contact through service@bitsurance.eu. Keep your insurance policy number ready whenever you contact Bitsurance.
For claims involving a crime, fire, or flood damage, Bitsurance may require reports or documentation from the police, fire department, or other relevant authority. Document the damage with photos and keep damaged items until Bitsurance releases them.
Never share recovery words or private keys
Do not send your recovery words, private keys, or passwords to Bitsurance, BitBox, or anyone else. Bitsurance states that it does not need this information and will not ask for it.
FAQ
Do I need Bitcoin insurance?
That is a personal decision. Bitsurance covers selected risks of self-custody that are outside the scope of even a secure hardware wallet, such as burglary, extortion, or destruction of the wallet.
Where is Bitsurance currently available?
Bitsurance currently lists Germany, Austria, and Switzerland as selectable countries. Check the Bitsurance website before starting, as availability can change.
Can I insure other coins?
No. Bitsurance currently supports Bitcoin only.
Is my whole BitBox wallet insured?
No. A policy covers the specific Bitcoin account selected for insurance. Other accounts, other wallets, and other coins are not automatically covered.
Can I insure more than one Bitcoin account?
Each insurance policy covers one Bitcoin account. Multiple accounts require separate insurance contracts.
Does BitBox receive my personal data?
No. The personal data required for the insurance contract is submitted directly to Bitsurance and is not shared with BitBox.
Can Bitsurance spend my bitcoin?
No. The extended public key can identify and track the insured account, but it cannot spend bitcoin. Your private keys remain protected by your BitBox.
Can I move bitcoin after insuring the account?
Bitsurance says bitcoin can generally be moved, but the insurance contract refers to the insured account. For a claim, only bitcoin or bitcoin parts on that insured account on the day of the insured event are relevant, provided they are not otherwise available or recoverable.
Is a hardware wallet defect insured?
A purely technical defect is not automatically insured. Bitsurance explains that damage, destruction, or loss of the hardware wallet is only covered if caused by an insured event. The hardware wallet itself is subject to a maximum compensation limit according to the insurance conditions.
What if my account is not Native SegWit?
Follow the separate Native SegWit guide linked above. This is a rare migration case and is intentionally kept outside this insurance overview article.