Great American Insurance Group's fidelity/crime division will be offering commercial coverage for bitcoins.

Bitcoins are used as a method of exchange by which transactions are conducted to buy and sell merchandise without a go-between. Standard crime insurance policies, including Great American's crime policy, currently do not automatically provide coverage for virtual peer-to-peer mediums of exchange. Great American said that crime insurance coverage for bitcoins now can be granted by endorsement to an existing crime policy for mercantile and governmental customers who accept bitcoin in order to provide coverage for this method of payment, and to tailor coverage to fit the needs of insureds.

Coverage is available in most states and is pending approval in others.