Claim Assessment Process
How the claim request will be assessed

Step 1: Claim Request

Cover holders need to submit the claim together with sufficient proof of loss during the cover period which is stated in the cover or within 15 days after the cover expires. Find out how to make a claim.

Step 2: Investigation

When InsurAce.io receives a claim application, the Advisory Board will investigate and verify the case based on the materials the applicant submits as well as any other available information.
The claim request
  • without sufficient proof of loss; or
  • claimed on the same loss event which has been rejected by Advisory Board or Claim Assessor more than 3 times
will be considered as Invalid Claim. Invalid Claim will be rejected without proceeding to the community voting.
For valid claims, the Advisory Board will then make a Claim Investigation Report containing the investigation findings, draw a conclusion and make a reference opinion on the claim.
The investigation will take 5-7 working days or more depends on the complexity of the loss event. We will keep everyone updated through our community channels: Telegram, Discord and Twitter.

Step 3: Voting

The claim will then be subject to voting by the community Claim Assessor. The default voting window is 36 hours. If more than 75% of the Claim Assessor participate in the voting, this voting will be deemed as Valid Voting. Otherwise, we will consider this as Invalid Voting and the case will be assessed by the Advisory Board. The Advisory Board will have the sole discretion in making the final decision.
For proposals with Valid Voting,
  • if more than 50% of votes reach a consensus, being either "Accept" or "Reject", we will then move to Step 4.
  • otherwise we will extend the voting window to 72 hours. If a consensus is reached after the extended voting window, we will move to Step 4, otherwise the Advisory Board will have the sole discretion to handle the case.

Step 4: Complaint Period

Once the voting is finished and a result is out, there will be a 24-hour complaint window for this claim. Anyone may file a complaint with a fee that equals to 1% of the claim amount. The Advisory Board will have the sole discretion to handle the complaint and make the final decision.
If no complaint is made, we will proceed with the community voting result.

Step 5: Payout

If the claim is approved at the final stage, we will then make the payment to the claim applicant.

Refer to the diagram below for the claim process.

(If the above diagram is not clear enough, you can download the file below )
claim_assess_eng_v2.0.jpg
claim_assess_eng_v2.0.jpg
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Claim Assessment Process [PDF]
Last modified 8d ago