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Group Claim
Claim on a reported hacking event
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.
Cover holders are advised to submit the claim 5 days after the hacking event or after the Advisory Board completed the investigation and made the official announcement.
The claim request
- without sufficient proof of loss submitted within 7 days after making the claim request; or
- claimed on the same hacking event which has been rejected by Advisory Board or Claim Assessor more than 2 times
will be considered as Invalid Claim and be rejected directly without eligibility for making a complaint.
For certain group claim, there may be a deadline for submitting the request, kindly follow the requirement stated in our official announcement about the respective group claim. Late submission will be rejected without appeal.
Step 2: Investigation
Upon receiving notification of a hacking event, the Advisory Board will investigate and verify the case.
After the investigation is completed, the InsurAce.io team will make an official announcement on the eligibility to file the claim regarding this hacking event. If there are claims submitted, the Advisory Board will then make a Claim Voting Proposal containing the investigation findings, draw a conclusion and make a payout proposal on this hacking event.
The investigation will take 5-7 working days or more depending on the complexity of the hacking event. We will keep everyone updated through our community channels: Telegram, Discord and Twitter.
Step 3: Voting
The proposal 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.
Once the voting is finished and a result is out, all individual claims (both submitted before the voting or after the voting) related to this group claim will be processed directly according to the voting result and the claim proposal. There will be no more voting on the individual claims.
Step 4: Individual Complaint
- For claims submitted before the voting, the claim applicant is eligible to file a complaint within 36 hours after the voting.
- For claims submitted after the voting, the claim applicant is eligible to file a complaint after 7 days of submitting the claim, giving the Advisory Board time to review the claim and decide the payout amount. The complaint window will be 36 hours. (The claim applicant is advised to contact us by email after submitting the claim, so the team can send the applicant the updates regarding the claim and inform the applicant when the complaint window opens.)
A fee that equals 1% of the claim amount will be charged. 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 accepted at the final stage, we will then make the payment according to the final payout amount to the claim applicant.
Claim Process Diagram
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