This news report raises several questions.
There is no mention of whether the whole of the customer's funds are covered or only a partial amount is covered.
It says Coincover provides "Anti-Theft Guarantee", when in fact what it means is that if a theft does occur, it is covered by insurance.
That raises the next question: Insurance policies are not guarantees. In other words, the insurance company can and do rejects claims based on any grounds available to it. For instance it could reject a claim on the ground that Coincover breached a policy condition. If that happens, are the customers' funds still covered?
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