FAQs - InsurAce Protocol

About InsurAce.io
🚀  What is InsurAce.io?
InsurAce.io is a leading decentralized multi-chain insurance protocol, that provides reliable, robust and secure insurance services to DeFi users, allowing users to protect their investment funds against various risks.
We have a live product launched on the Ethereum, BNB Smart Chain (BSC), Polygon and Avalanche, and have built a full-spectrum cross-chain insurance product line, providing coverage for protocols, CEX and IDO platforms running on Ethereum, Solana, BNB Smart Chain, Polygon, Fantom, Terra, Gnosis, Arbitrum, Avalanche, Harmony, Celo, Cronos, Boba, ICON, Ontology, Moonriver, Moonbeam, Bifrost and Aurora.
As the first provider in the industry to offer cross-chain portfolio-based cover, InsurAce.io enables users to get unbeatable low premiums. Users can also get sustainable investment returns through the Investment Portal and gain rewards through the Mining Program.
🚀  What kind of risk does InsurAce.io cover?
We currently offer protections for:
Smart contract vulnerability risk: in the event that the smart contract of the covered protocol gets hacked;
Custodian risk:  in the event that the custodian gets hacked and the user loses more than 10% of their funds, and/or withdrawals from the custodian are halted for more than 90 days;
IDO event risk: in the event that the smart contract of the covered IDO platform gets hacked;
Stablecoin De-Peg risk: in the event that the stablecoin moves significantly below its pegged price
For more details on coverage and exclusions, please check the Terms and Conditions for each type of cover.
🚀  What are the comparative advantages of InsurAce.io?
Cross-chain coverage: We currently offer full-spectrum cross-chain cover for 100+ protocols running on Ethereum, Solana, BSC, Polygon, Fantom, Terra, xDai, Arbitrum, Avalanche, Harmony, Moonriver, Celo, Cronos, Boba, ICON, Ontology and plan to expand to more public blockchains in the near future.
Multi-chain deployment: Our product has launched on Ethereum, BSC, Polygon and Avalanche, and will support more chains in the near future. Users can access our services with more choices.
Portfolio-based cover: We allow users to select multiple protocols running on different chains with different risk types to include them into one single Portfolio Cover, which will result in a lower premium compared to products that are bought separately.
🚀  Do I need to register as a member or hold any INSUR tokens to use the service?
No, InsurAce.io does not require users to register as a member or hold any $INSUR tokens to use our services. Anyone with a wallet that supports Ethereum, BSC, Polygon or Avalanche network can access our services by simply connecting their wallet to our App. We support various currencies for buying covers, such as USDT, USDC, ETH and more.
For details, please check Launch APP & Connect Wallet​
🚀  Does InsurAce.io have the smart contracts audits?
Our smart contracts have been audited by Slowmist and PeckShield.
Check the audit report below:
Slowmist-Security Audit Report.pdf
2MB
PDF
PeckShield-Audit-Report-InsurAce-v1.0.pdf
389KB
PDF
Cover & Claim
🚀  How to buy cover?
InsurAce.io allows anyone with a wallet that supports Ethereum, BSC, Polygon or Avalanche network to purchase covers by simply connecting the wallet to our App.
1.Navigate to Buy Covers interface and connect wallet;
2.Select the protocols; (You can select one or multiple protocols to include in one portfolio to save on premiums and gas fees.)
3.Choose the currency (payment method);
4.Enter the cover amount and cover period;
5.Get your quote and confirm the payment;
For details, please check How to buy cover​
🚀  Does the wallet used to pay the premiums need to have the same address as the one that's connected to the covered smart contract?
No, you can use one wallet to buy cover for your other wallets. If the affected wallet address where the loss was incurred is different from the one you use to pay the premiums, at the time when you make a claim, you'll need to prove that you have ownership of the affected wallet address. Otherwise, your claim may be rejected. We will guide you on this at the time when you make a claim. Just simply make a micro transfer using the affected wallet address.
🚀  How to make a claim?
To make a claim, you need to submit a claim request during the Cover Period or within 15 days after the cover expires. Any claim request raised thereafter is invalid and will not be accepted. When making a claim request, you need to provide information regarding the loss amount and loss time as well as a detailed description of the incident with proof of loss. 
For details, please check How to make a claim​
🚀  How is the claim assessed?
On the InsurAce.io platform, the claim assessment will be jointly handled by our Advisory Board and community Claim Assessor through Investigation and Community Voting.
Upon receiving the claim request, the Advisory Board will conduct a comprehensive investigation, produce a reference report and propose the payout advice to the community.
The claim will then be subject to voting by the community Claim Assessor. The Claim Assessor on the winning side will get $INSUR token rewards.
After voting, there will be another 24-hour-window for users to challenge the voting result. If any complaints are received, the Advisory Board will have the sole discretion to handle the claim and make the final decision.
For details, please check Claim Assessment Process​
You can also read the post-mortems of claims here: Claim Records​
🚀  What are the benefits of being the Claim Assessor? How to become the Claim Assessor?
$INSUR token holders can stake the $INSUR tokens to become our community Claim Assessor. Claim Assessor will be entitled to the right to vote in each claim assessment and earn $INSUR tokens as rewards if their votes match with the voting result.
During each voting session, the more tokens the user stake, the more voting tickets they will get (* capped at 5% of the total votes), and the more rewards they will receive. 
For details, please check Become an Assessor.​
Mining (Stake & Unstake)
🚀  What are the risks of underwriting mining?
Assets staked in underwriting mining pools may be used for claim payouts. In scenarios where there’s an insurance claim and payout, we’ll use the premium pool as the 1st tranche for payout, In the event that the funds in that pool are not sufficient, we’ll need to use the capital in the underwriting mining pools as the 2nd tranche. 
For details, please check Risk of staking.
🚀  Is there a lock-up for staking?
Yes. Once you stake, you can unstake anytime, but the unstaked amount is subject to a 15-day lock-up period after which it will be fully withdrawable. If you initialize another unstaking action before the 1st lock-up period ends, the lock-up period will be recalculated and the unstaked amount will only be withdrawable after the final lock-up period ends. However, you are still entitled to rewards during the lock-up period.
This is a common practice for insurance protocol to avoid liquidity risk, and this 15-day period will be reduced once the liquidity is bootstrapped with more stakings and cover sales.
🚀  How will the mining reward be paid? And how to claim the reward?
The reward will be $INSUR tokens paid at per-block level, but subject to a 7-day per-block vesting before being fully withdrawable.
You can check your rewards at Dashboard -> My reward, click "Unlock" followed by "Harvest" to claim your rewards from there. Keep in mind, each time you initialize a new unlock action, the vesting time will be reset to 7 days.
INSUR Token
🚀  What are the use cases and incentive mechanisms for INSUR tokens?
The INSUR token is the governance token of InsurAce.io. It can be used in the below scenarios: 
Mining incentives for capital provisions to the insurance pool and investment products;
Representation of voting rights in community governance scenarios such as claim assessment, proposal voting and etc.; 
Eligibility for fees generated by InsurAce.io through governance participation; 
Community incentives;
Along with the InsurAce.io development, we will include more use scenarios for INSUR tokens via community governance.
🚀  What is the INSUR token distribution plan?
The supply and allocation plan for INSUR is designed as such:
1.Total supply: 100M $INSUR
2.The distribution plan for the tokens is as the table shown below.
Token Distribution
Token%
Token Amt
Vesting Terms
Seed Round
10.75%
10,750,000
15% unlock upon token generation event (TGE), linear vesting/block over 2 years for the rest starting from the 3rd month after TGE
Strategic Round
9.25%
9,250,000
25% unlock upon token generation event (TGE), linear vesting/block over 2 years for the rest starting from the 3rd month after TGE
Team & Advisors
15%
15,000,000
5% unlock upon TGE, linear vesting/block over 2 years for the rest starting from the 3rd month after TGE
DAO Reserves
18%
18,000,000
Reserved for liquidity provision on exchange listing, marketing initiatives, developer grants, bug bounty programs, strategic partnership, and long-term development of the platform
Initial Liquidity Bootstrap
2%
2,000,000
Public sale on Balancer LBP for liquidity bootstrapping and promoting community awareness
Mining Reserves
45%
45,000,000
In accordance with the mining schedules
🚀  What is the contract address for INSUR?
Network
Contract address
Ethereum
0x544c42fbb96b39b21df61cf322b5edc285ee7429
​
​https://etherscan.io/token/0x544c42fbb96b39b21df61cf322b5edc285ee7429​
BSC
0x3192ccddf1cdce4ff055ebc80f3f0231b86a7e30
​
​https://bscscan.com/token/0x3192ccddf1cdce4ff055ebc80f3f0231b86a7e30​
Polygon
0x8a0e8b4b0903929f47C3ea30973940D4a9702067
​
​https://polygonscan.com/token/0x8a0e8b4b0903929f47C3ea30973940D4a9702067​
Avalanche
0x544c42fBB96B39B21DF61cf322b5EDC285EE7429
​
​https://avascan.info/blockchain/c/token/0x544c42fBB96B39B21DF61cf322b5EDC285EE7429​
🚀  Where can I trade INSUR?
Centralized Exchange：Huobi, Bybit​
Decentralized Exchange：UniSwap, PancakeSwap, SuishiSwap Polygon and Pangolin​
🚀  Where to find market data for INSUR? (Price, circulating supply, etc.)
The market data and information of $INSUR token can be found on the following sites. 
​CoinGecko​
​CoinMarketCap​
​Messari​
​Etherscan​
​TokenInsight​
​DeBank​
​DeFi Llama​
​DappRadar​
​Math dApp​
For more information, please refer to this page. 
Technical Issues
🚀  When unlocking payment, how to customize the Spend Limit in the wallet?
Here we use MetaMask wallet as an example:
Once you click "unlock" button, before clicking to confirm the transaction in the wallet, click "Edit Permission".
Select "Custom Spend Limit" and enter the amount you wish to spend.  
Please ensure the amount you enter is larger than the amount you request to pay. (eg. spend limit should be larger than the premium + transaction fees)
Click "Save", then you're done!
🚀  How to solve the data display issue with the Polygon network?
If you encounter problems of not being unable to view the data after staking and/or cover purchasing, please find below a quick troubleshooting guide on this issue:
👉  How to troubleshoot and solve the data display issue with the Polygon network?​
Others
🚀  How to earn Rewards?
Users can earn Rewards on InsurAce platform in different ways:
Mining: Stake assets in underwriting mining or liquidity mining pool to earn rewards.
👉 Details: Underwriting Mining and Liquidity Mining​
Claim Assessment: Become the community claim assessor to earn claim assessment rewards
👉 Details: Claim assessor​
Referral & Earn Program: Join our referral program to earn referral rewards.
👉 Details: Referral Program​
Cover Purchase: Use a referral code when purchasing the cover to get 5% of the premium refund.
👉 Details: Referral Program​
​