CNA Insurance excludes NFTs from coverage of $20M trust policy
The insurer attached an exclusion saying that any losses, damage, claim, occurrence or lawsuit related to NFTs are not covered by the policy. CNA Financial, the seventh-largest commercial insurer in the United States, has excluded nonfungible tokens (NFTs) coverage from Schwab Strategic Trust’s policy worth $20 million. In a filing submitted to the US Securities and Exchange Commission (SEC), the insurer attached an exclusion to the document, mentioning that the bond does not cover any "loss, damage, claim, occurrence, or suit related to NFTs. The filing defined NFTs as: “Any unique digital identifier connected to any digital ledger technology which may be used to certify authenticity or ownership of anything, including but not limited to any digital, tangible, or intangible item, but cannot be substituted or exchanged for any similar item.” With the section attached to the policy , any losses related to NFTs will not be cover ed by the insurer. However, while NFTs are exclud...