Protocol risk, treasury risk and the people who build.

Protocol teams carry two kinds of exposure: funds that sit in their contracts, and liability for the code that holds them. DAOs add a third — a treasury governed by token holders who may not understand what insurance does and does not do.

Underwriters look for audits, timelocks, bug bounties and a credible incident-response plan. Governance structure matters too: who can upgrade, who can pause, and how quickly.

Insurance for decentralised organisations raises genuine legal questions about who the insured is. We work through entity structure, wrappers and signing authority before approaching markets.