InsurAce Protocol
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Bundled Cover

Cover Wordings

The summary and link to the full terms and conditions can be found here:
Cover Product
Cover Wordings
YFI+CRV Cover
YFI+BAL V2+Element Cover
ANC+UST De-Peg Cover
MIR+UST De-Peg Cover
ANC+MIR+UST De-Peg Cover
Orion Money+UST De-Peg Cover
SPELL+MIM De-Peg Cover
SPELL+(MIM+UST) De-Peg Cover
YAK+JOE+PNG Cover
CAKE+ALPACA Cover
CRV+CVX Cover

Claims Process

Claim assessments are conducted by the Advisory Board and the InsurAce protocol's community Claim Assessors through investigation and community voting. Instead of simply accepting or rejecting a claim which is the general practice in the space, InsurAce.io adopts a quantitative and more sensitive approach.

A. Group Claim Process

More than one (1) Cover Purchaser suffered Claimable Loss from a Claimable Risk Event.

Step 1: Claim Submission

Upon being notified of a potential Claimable Risk Event, the Advisory Board will investigate and verify the event for up to seven (7) days from such notification, after which the Advisory Board shall make an announcement on the InsurAce protocol’s public channels to confirm or disconfirm the occurrence of a Claimable Risk Event, or to extend the time to investigate and verify the event.
Claims must be submitted in respect of a Claimable Risk Event that occurred within the Cover Period with a fee payment of 0.5 % of the amount claimed by the Claimant to the InsurAce protocol before the expiration of the earlier of:
  • 21 days after the InsurAce protocol’s public confirmation of the Claimable Risk Event; or
  • 15 days after the Cover Period has expired,
failing which there shall be no Claim under the Cover.
Claims shall automatically be deemed invalid and rejected upon submission if the Claims were made on the same loss event which has already been rejected twice by the Advisory Board or Claim Assessors.
Claimants shall submit their Proof of Loss and Ownership within seven (7) days from the day of Claim submission, failing which the Claim shall automatically be deemed invalid and rejected.
More information on how to make a claim here. Please refer to the latest terms and conditions of your Cover for the evidence checklist on Proof of Loss and Ownership. For the Custodian Risk Cover evidence checklist, please click here.

Step 2: Investigation

The Advisory Board shall only make a Claim Investigation Report containing the Advisory Board’s investigation findings, draw a conclusion, and make a payout proposal on the Group Claim in respect of valid Claims (“Group Proposal”).

Step 3: Voting

The Group Proposal will then be subjected to voting by the Claim Assessors. The default voting window is 48 hours. If at least 15% of the total $INSUR tokens staked by the Claim Assessors is involved in the vote, these votes shall be deemed to be valid (“Valid Votes”). Otherwise, the vote is deemed invalid, in which case the Advisory Board shall determine the Group Claim and the InsurAce protocol shall proceed as such.
In the event that more than 50% of the Valid Votes reached consensus (“Majority Vote”) on the Group Proposal, the InsurAce protocol shall proceed as per the Majority Vote, otherwise the Advisory Board shall determine the Group Claim and the InsurAce protocol shall proceed as such.
Claims submitted after the Claim Assessors’ or Advisory Board’s determination of the Group Claim (“Claim Outcome”) shall have seven (7) days from the day of Claim submission for submitting Proof of Loss and Ownership, failing which such Claims shall automatically be deemed invalid and rejected. After the seven (7) days have lapsed, such Claims shall be solely and conclusively determined by the Advisory Board after five (5) days and based on the Claim Outcome.

Step 4: Individual Appeal

In the event the Claim is determined by the Claim Assessors, the Claimant shall have 72 hours to file an Appeal (“Appeal”) (if any) against the decision of the Claim Assessors and pay the Protocol a fee of 0.5 % of the amount claimed by the Claimant, failing which there shall be no Appeal. The Advisory Board shall have sole and absolute discretion to make a final and conclusive determination on the Appeal.

Step 5: Payout

If the Group Claim is approved, payments shall be made according to the criteria set out in the Group Proposal or Appeal decision to the successful Claimants and the InsurAce protocol shall not be responsible for any differences between the market value of the tokens used in making the Cover Payouts at the time of such Cover Payouts and the time the Claimants have received such Cover Payouts.

B. Individual Claim Process

Only one (1) Cover Purchaser suffered Claimable Loss from a Claimable Risk Event.

Step 1: Claim Submission

The Claim must be submitted in respect of a Claimable Risk Event that occurred within the Cover Period with a fee payment of 0.5 % of the amount claimed by the Claimant to the InsurAce protocol before the expiration of 15 days after the Cover Period has expired, failing which there shall be no Claim under the Cover.
The Claim shall automatically be deemed invalid and rejected upon submission if the Claim was made on the same loss event which has already been rejected twice by the Advisory Board or Claim Assessors.
The Claimant shall submit Proof of Loss and Ownership within seven (7) days from the day of Claim submission, failing which the Claim shall automatically be deemed invalid and rejected.
More information on how to make a claim here. Please refer to the latest terms and conditions of your Cover for the evidence checklist on Proof of Loss and Ownership. For the Custodian Risk Cover evidence checklist, please click here.

Step 2: Investigation

Upon receiving a valid Claim, the Advisory Board will investigate and verify the Claim based on the Proof of Loss and Ownership submitted by the Claimant along with any other relevant information.
The Advisory Board shall only make a Claim Investigation Report containing the Advisory Board’s investigation findings, draw a conclusion, and make a payout proposal for a valid Claim (“Proposal”).
The investigation may take 5-7 working days or more depending on the complexity of the Claimable Risk Event. Claimants will be updated through official community channels: Telegram, Discord, and Twitter.

Step 3: Voting

The Proposal shall then be subjected to voting by the Claim Assessors. The default voting window is 48 hours. If at least 15% of the total $INSUR tokens staked by the Claim Assessors is involved in the vote, these votes shall be deemed to be valid (“Valid Votes”). Otherwise, the vote is deemed invalid, in which case the Advisory Board shall determine the Claim and the InsurAce protocol shall proceed as such.
In the event that more than 50% of the Valid Votes reached consensus (“Majority Vote”) on the Proposal, the InsurAce protocol shall proceed as per the Majority Vote, otherwise the Advisory Board shall determine the Claim and the InsurAce protocol shall proceed as such.

Step 4: Appeal

In the event the Claim is determined by the Claim Assessors, the Claimant shall have 72 hours to file an Appeal (if any) against the decision of the Claim Assessors and pay the Protocol a fee of 0.5 % of the amount claimed by the Claimant, failing which there shall be no Appeal. The Advisory Board shall have sole and absolute discretion to make a final and conclusive determination on the Appeal.

Step 5: Payout

If the Claim is approved, payment shall be made according to the criteria set out in the Proposal or Appeal decision to the successful Claimant and the InsurAce protocol shall not be responsible for any differences between the market value of the tokens used in making the Cover Payout at the time of such Cover Payout and the time the Claimant has received such Cover Payout.

Retired Cover Wordings

Amendments

InsurAce.io will use commercially reasonable efforts to communicate any material amendments of the Terms through the InsurAce.io’s social media accounts and/or channels as set out on this platform but in anit is your responsibility to check for the latest version of the terms and conditions prior to purchasing the Cover or continuing with your use of the Cover. Please note that continued use of the Cover after such amendments is deemed as agreeing to the amended terms and to be bound by them.