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 The insurer attached an exclusion saying that any losses, damage, claim, occurrence or lawsuit related to NFTs are not covered by the policy. 
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 CNA Financial, the seventh-largest commercial insurer in the United States, has excluded nonfungible tokens (NFTs) <a rel="noopener noreferrer nofollow" title="coverage" href="https://thebittimes.com/tag/coverage.html">coverage</a> from Schwab Strategic Trust’s <a rel="noopener noreferrer nofollow" title="policy" href="https://thebittimes.com/tag/policy.html">policy</a> worth $20 million. 
 In a filing submitted to the US Securities and Exchange Commission (SEC), the insurer attached an exclusion to the document, mentioning that the bond does not <a rel="noopener noreferrer nofollow" title="cover" href="https://thebittimes.com/tag/cover.html">cover</a> any "loss, damage, claim, occurrence, or suit related to NFTs. The filing defined NFTs as: 
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 “Any unique digital identifier connected to any digital ledger technology which may be used to certify authenticity or ownership of anything, including but not limited to any digital, tangible, or intangible item, but cannot be substituted or exchanged for any similar item.” 
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 With the section attached to the <a rel="noopener noreferrer nofollow" title="policy" href="https://thebittimes.com/tag/policy.html">policy</a>, any losses related to NFTs will not be <a rel="noopener noreferrer nofollow" title="cover" href="https://thebittimes.com/tag/cover.html">cover</a>ed by the insurer. However, while NFTs are excluded from the <a rel="noopener noreferrer nofollow" title="policy" href="https://thebittimes.com/tag/policy.html">policy</a>, the document also clarified that “cryptocurrency” is not included in its definition of NFTs. 
 NFTs gained popularity back in the bull market of 2021, with various celebrities and companies jumping into the trend. However, a few years later, NFTs showed a steep decline in terms of their prices and trading volume. On Aug. 3, NFTs showed a drop in terms of gas usage, signaling a shift in the landscape. 
 Related: NFT-styled debit cards the future of Web3 — Animoca founder on $30M Hi investment 
 Despite the drop in interest in NFTs, some celebrities and businesses continue to dive in. On Sept. 4, soccer star Cristiano Ronaldo said that he plans to release more NFTs in the future while being put into a lie detector test. The lie detector test was done to celebrate the launch of his second NFT collection with crypto exchange Binance. 
 Apart from Ronaldo, an airline has also recently implemented NFTs into its loyalty program. On Aug. 31, Lufthansa launched an NFT app that allows users to scan their boarding passes to redeem NFTs. Once collected, the NFTs can make passengers eligible for rewards such as flight upgrades or lounge access. 
 Magazine: NFT collapse and monster egos feature in new Murakami exhibition 
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/cna-insurance-excludes-nfts-from-coverage-of-20m-trust-policy-tbt62383.html">https://thebittimes.com/cna-insurance-excludes-nfts-from-coverage-of-20m-trust-policy-tbt62383.html</a>

CNA Insurance excludes NFTs from coverage of $20M trust policy

TheBitTimes

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