user78: Trezor is one of the leading implementation of a hardware wallet. Its first generation won't support multisig ... because the Bitcoin network itself doesn't have strong multisig support.
What happens if a Trezor is lost or stolen? Where are the private keys it guards backed up? Is a password required to release funds stored on it?

user5908: As Julian has stated correctly the Trezor is  a heuristic deterministic (HD) wallet as most modern wallets are these days.That means that it generates a tree of pairs of secret keys/public keys(addresses) when its  initialised(to be more accurate it actually does this on the fly) from a 12, 18 or 24 word passphrase.
So if you have written down(on the card provided by trezor) this passphrase and have it locked away in a safe deposit box you can recover your entire wallet even if you have lost the trezor.
DANGER DANGER WILL ROBINSON......
If you have also used a password(not the pin) you will need this too... else all you will see on your recovered trezor is an empty wallet..
Its a great extra security feature if someone manages to steal your 24 word passphrase but can also be very dangerous.
YOU HAVE BEEN WARNED ;)

user3536: If I remember correctly, the Trezor uses deterministic wallets, as specified in BIP 0032.  That means that the device will give you a sentence that the wallet can be regenerated from, in case it's lost.

78: <p>Trezor is one of the leading implementation of a <a href="https://en.bitcoin.it/wiki/Hardware_wallet" rel="nofollow">hardware wallet</a>. Its first generation won't support multisig ... because the Bitcoin network itself doesn't have strong multisig support.</p>

<p>What happens if a Trezor is lost or stolen? Where are the private keys it guards backed up? Is a password required to release funds stored on it?</p>
 5908: <p>As Julian has stated correctly the Trezor is  a heuristic deterministic (HD) wallet as most modern wallets are these days.That means that it generates a tree of pairs of secret keys/public keys(addresses) when its  initialised(to be more accurate it actually does this on the fly) from a 12, 18 or 24 word passphrase.
So if you have written down(on the card provided by trezor) this passphrase and have it locked away in a safe deposit box you can recover your entire wallet even if you have lost the trezor.
DANGER DANGER WILL ROBINSON......
If you have also used a password(not the pin) you will need this too... else all you will see on your recovered trezor is an empty wallet..
Its a great extra security feature if someone manages to steal your 24 word passphrase but can also be very dangerous.
YOU HAVE BEEN WARNED ;)</p>
 3536: <p>If I remember correctly, the Trezor uses deterministic wallets, as specified in BIP 0032.  That means that the device will give you a sentence that the wallet can be regenerated from, in case it's lost.</p>
