Post-Audit Cover
Summary
The Post-Audit Cover is a B2B product tailored for freshly audited DeFi protocols. It applies to loss of funds due to a malfunction or programming flaw; or an unauthorized, malicious, or criminal attack, hack or exploit of a malfunction or programming flaw that was previously undiscovered in the DeFi protocol's smart contract during the security audit process. For project teams interested in having their smart contracts audited and covered, kindly refer to our list of audit partners for more information:
Danish Blockchain Lab
Entersoft
Halborn
Numen
Omniscia
PeckShield
Sayfer
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.
Step 1: Claim Submission
The Claimant shall first inform the Auditor of a potential Claimable Risk Event, after which the Auditor investigates the loss event.
In the event the Auditor deems the loss event as non-claimable according to the Terms of the Cover, the Auditor shall immediately reject the Claim.
If the Auditor instead deems the loss event to be a Claimable Risk Event, the Auditor shall submit:
a Claim;
an incident report explaining the root cause of the Claimable Risk Event; and
the Claimant’s payment for the Claim fee as calculated on the amount of Claim,
on behalf of the Claimant to the Company 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.
Please refer here and the latest terms and conditions of your Cover for the evidence checklist on Proof of Loss and Ownership.
Step 2: Proposal
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”).
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 Company shall proceed as such.
In the event that more than 50% of the Valid Votes reached consensus (“Majority Vote”) on the Proposal, the Company shall proceed as per the Majority Vote, otherwise the Advisory Board shall determine the Claim and the Company shall proceed as such (“Decision”).
Step 4: 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 Company a fee on 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 in the Decision or Appeal decision to the successful Claimant and the Company 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.
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 any case, it 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.
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