How Is ASIC Insurance Different From the Protection Plan?
Learn what each program covers and how each is billed.
What does each program cover?
- Protection Plan: mechanical failures, including repair labor, fan replacements, and parts up to the $500 Annual Parts Allowance per miner.
- Insurance Program (ASIC insurance): physical loss or damage from outside events such as fire, lightning, windstorm, hail, theft with forced entry, and vandalism.
Can I enroll in ASIC insurance?
Not yet. The Insurance Program is not live, so enrollment is not open. If the insurance page sends you back to sign your agreement or shows as greyed out, that is because the program has not launched. We will let clients know when enrollment opens.
How is each program billed?
The Protection Plan is a flat monthly fee per miner on your hosting invoice. When the Insurance Program launches, it will be billed as a Premium Pass-Through, your share of the actual premium with no markup, plus an Administrative Fee based on your fleet's total coverage value.
Can I enroll in the Protection Plan now?
If you enroll in the premium protection plan, it will begin on the 1st of the following month. You can enroll in the Standard Protection Plan at any time at dashboard.simplemining.io/protection.