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Insurer Begins Accepting Cryptocurrency for Premium Payments

June 23, 2021


Michigan-based Universal Fire & Casualty Insurance Co. has started accepting cryptocurrency for premium payments.

The company, which insures small businesses and offers surety bonds products, says the move is to increase its competitive market position as part of a broader innovation plan.

UFCIC said it is accepting a variety of cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, for premium payments for direct online license and permit bonds and other surety bond products. The company claims its payment process is seamless through its portal with the monetary exchange handled by UFCIC’s payment processor.

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