Crypto equipment company sues Markel units seeking theft coverage
- July 28, 2025
- Posted by: Web workers
- Category: Workers Comp
A computer infrastructure company sued Markel Group Inc. and three of its units in federal court in Denver Monday, seeking coverage for a July 2024 theft of $1.9 million of cryptocurrency mining equipment.
Denver-based Crusoe Energy Systems LLC says in its lawsuit, Crusoe Energy Systems LLC v. Evanston Insurance Company et al., that the insurers have failed to respond to the claim in a timely manner and have issued two reservation of rights letters that have neither accepted nor denied coverage for the loss.
Instead, Crusoe says the insurers have repeatedly changed adjusters and sought additional information about the theft, which occurred at a facility operated by Bitdeer Inc.
Crusoe obtained an inland marine policy that provided $30 million in coverage for accidental loss or damage to its cryptocurrency equipment as well as a transit policy that provided $2 million in coverage, court records show.
The policyholder informed Markel of the loss on July 23, 2024, and received reservation of rights letters in November 2024 and March 2025 that said nothing about coverage for the loss.
Crusoe seeks a court determination on the insurer’s coverage obligations and asserts claims for breach of contract, bad faith and violations of Colorado law.
A spokesperson from Crusoe declined comment.
Representatives for Markel did not respond to requests for comment.
