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LI.FI Bridge Cover
Please note that the summary below only briefly outlines some key terms of the LI.FI Bridge Cover. Purchase of LI.FI Bridge Cover amounts to acceptance of the full terms and conditions in InsurAce's LI.FI Bridge Cover Wordings.
Protects against the following claimable risk events:
- Loss of tokens in transit to bridge malfunction, hack or vulnerability exploits
- Loss of tokens in transit to error in slippage reported by bridge and/or DEX for tokens received at bridge or DEX on destination chain
Tokens are in transit from the moment transaction is executed on the source chain, till the moment it is finalized on the destination chain.
Loss is determined by:
- On-chain data of actual amount received
- Daily average market price of lost tokens in $USDC at time of transaction signing
- Limit cap set by cover amount
- Cover only applies to transactions signed on source chain
- Starts when transaction is signed on source chain
- Ends when said transaction terminates or claimable risk event occurs
Exclusions that apply:
- any transaction signed on destination chain
- any assets of widely blacklisted wallets and marked by illegality
- any non-fungible token
- loss due to carelessness, misunderstanding, improper usage, omission or misuse by claimant
- loss due to movements in market price of asset
- loss due to rug pulls
- loss due to vulnerabilities, bugs or other issues made public prior to transaction execution
- loss due to changes or failures in safety or liveness properties of underlying blockchain
- loss due to collateral damage from claimable risk event
- loss due to administrative, gas, transaction fees or expenses incurred in executing the transaction
- Claims must be filed within 7 days from date of claimable risk event
- Proof of loss must be filed within 7 days from date of filing claim
- Duplicated claims or claims twice rejected will not be entertained
- Claims where the value of tokens received exceeds cover amount value at time of signing will not be entertained
Step 2: File proof of loss:
- the Cover Purchase Address;
- the Cover ID;
- the Source Chain Transaction ID;
- references to any relevant on-chain transactions; and
Step 3: The Advisory Board and LI.FI Protocol investigates the claimable risk event. The details and results of the investigation, including the cover payout decision, will be produced in a report.
Step 4: The report is released, followed by cover payout if any.
- This cover is not a contract of insurance. It offers discretionary protection with the Advisory Board having full and final discretion on claim and cover payout approval.
- InsurAce is not licensed or regulated by any regulator.
- Completion of any cover payout is determined by sufficiency of assets in the Bridge Cover Fund over the course of 14 consecutive days from initial partial cover payout of a claimable risk event.