UFCIC will expand the menu of cryptocurrency options. Credit: WorldSpectrum from Pixabay.

Universal Fire & Casualty Insurance Company (UFCIC) has announced that it will accept cryptocurrency for premium payments, claimed to be the first in the US.

UFCIC said it accepts a variety of cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

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Customers can pay for premium payments for direct online license and permit bonds and other surety bond products using cryptocurrencies.

Detroit-based UFCIC writes traditional property and casualty lines of business.

Its portfolio includes commercial property, general liability, inland marine, business owners’ policies (BOP), and commercial surety.

UFCIC also provides insurance solutions to small business owners across the US.

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UFCIC chief strategy and analytics officer John Lucker said: “Early in the development of UFCIC’s innovation plan it became evident that the use of crypto for mainstream customer insurance transactions was not a matter of if, but when.

“When we implemented our new direct online surety bond portal, cryptocurrency was a way to provide our customers with a broader and flexible array of convenient payment options that the marketplace is demanding.”

UFCIC said the payment transaction process is done through the portal and the monetary exchange facilitated by its payment processor.

UFCIC surety bond business president, COO and GM Rick Klimaszewski said: “The rollout of our new web-based direct surety platform, ufcbonds.com, enables customers to pay for surety bonds via ACH, credit card, and cryptocurrency.”

UFCIC said it will expand the menu of cryptocurrency options available for premium payment and customer convenience.