Protocol Cover

DegenInsure now offers cover for protocols! In this document, we will outline the three types of cover we offer, including smart contract risk cover, stablecoin depeg cover and special cover. Read on for more details!

Smart contract risk cover

DegenInsure offers insurance for the risk of smart contract exploitation on a designated protocol. If your crypto assets experience a substantial loss due to an unauthorized malicious act targeting vulnerabilities in the specified smart contract during the coverage period, we will compensate you in $ETH within 10-14 business days of filing a claim.

Claims are eligible under the following conditions:

A significant loss occurs during the coverage period due to a malicious act exploiting the smart contract's vulnerabilities.
The loss is permanent and cannot be recovered in the future.
The loss is linked to the wallet used for purchasing coverage.
The loss happens within the coverage period.
Claims must be submitted during the coverage period or within 7 days after it expires.

Exclusions:

Claims will not be honoured for losses resulting from phishing, private key breaches, malware, exchange transaction hacks, or activities due to personal carelessness or misunderstanding.
Intentional actions to exploit the smart contract for claims are not covered.
Losses due to asset devaluation, whether related to the attack or not, are not eligible.
Known hacks or events disclosed to the public before the coverage period, or warnings about the parent protocol, are excluded.
Losses due to the manipulation of external smart contracts or inputs, such as oracles or governance systems, are not covered.
False information provided by the insured will result in claim denial.
Attacks executed partly or entirely by the insured are not covered.
Losses of unrewarded assets are not eligible.
Events where the designated protocol continues to operate as intended, including miner behaviour, are not covered.
Losses due to the owners or controllers of the designated protocol confiscating or stealing funds are excluded.
Incidents within 72 hours of policy purchase are not covered.

Conditions:

The claim amount is based on the cryptocurrency's time-weighted average price in the 7 days leading to the loss. Supporting material can be provided by the insured, or the price is determined from reliable sources.
Any recovery received by the insured after submitting a claim is excluded from claim payments.
DegenInsure claim assessors have the final say on claim decisions.
The coverage terminates when the coverage period ends or when a claim is registered.

Stablecoin depegs

DegenInsure offers insurance for the risk of a designated stablecoin losing its peg to the US Dollar and trading below a specified threshold. If such a de-pegging occurs, your financial loss will be compensated in $ETH within 10-24 working days of filing a claim.

Eligibility for a claim is as follows:

A financial loss occurs due to the de-pegging of the stablecoin below the specified threshold from trusted sources like CMC or CoinGecko.
The loss on the designated stablecoin remains below the threshold for at least 10 consecutive days, based on data from trusted sources.
The loss is linked to the wallet address used for purchasing the coverage.
The loss takes place during the coverage period.
Claims must be submitted during the coverage period or within 7 days after it expires.

Exclusions:

Claims will not be paid for losses resulting from private key breaches, phishing, malware, exchange transaction hacks, or any hacks or malicious activities not exploiting the stablecoin smart contract.
Intentional actions by individuals or groups to make claims on this coverage are not eligible.
Losses related to a hacked smart contract network with a known hack or bug before the policy period are excluded.
Losses due to de-pegging resulting from false business logic in the code leading to arbitrage exploits are not covered.
Losses related to external inputs such as oracles, price-feed manipulation, miner behavior, or network congestion, with the stablecoin smart contract behaving as expected, are excluded.
Losses associated with an attack vector communicated in the stablecoin documentation are not covered.
Losses due to trust violations through decentralized governance or admin key abuse are not eligible.
Claims for smart contracts created solely for making claims and not for other users are not honored.
Policies purchased after the occurrence of exploitative events are not eligible for claims.
Incidents or claims within 72 hours of policy purchase are not covered.

Conditions:

Any recovery received by the insured after submitting a claim for de-pegging events will not be considered in claim payments.
DegenInsure claim assessors have the final authority in deciding which claims are payable based on the policy terms and conditions.
Coverage for a particular stablecoin terminates when the coverage period ends, when a claim is registered under that stablecoin, or when the coverage period as stated in the policy schedule expires.

Definitions:

Cover Period refers to the duration for which the coverage is active and valid.
Material Loss indicates a loss that exceeds gas-related costs in operating the smart contract.
Designated Stablecoin is the stablecoin specified in the coverage, whether a single smart contract or a group of smart contracts running on the public blockchain network.
Policy End Date is the date until which the Master Policy remains valid, after which the policy expires.
Policy Start Date marks the commencement of coverage for a particular user, i.e., the date when the policy was purchased by that individual.

Special Cover

This includes specific cover on certain protocols that do not fit into either of the two categories outlined above. All terms and conditions will be made known as at when due to the user.

PreviousDegenComp

Last updated 1 year ago

Protocol Cover

Smart contract risk cover

Claims are eligible under the following conditions:

A significant loss occurs during the coverage period due to a malicious act exploiting the smart contract's vulnerabilities.
The loss is permanent and cannot be recovered in the future.
The loss is linked to the wallet used for purchasing coverage.
The loss happens within the coverage period.
Claims must be submitted during the coverage period or within 7 days after it expires.

Exclusions:

Claims will not be honoured for losses resulting from phishing, private key breaches, malware, exchange transaction hacks, or activities due to personal carelessness or misunderstanding.
Intentional actions to exploit the smart contract for claims are not covered.
Losses due to asset devaluation, whether related to the attack or not, are not eligible.
Known hacks or events disclosed to the public before the coverage period, or warnings about the parent protocol, are excluded.
Losses due to the manipulation of external smart contracts or inputs, such as oracles or governance systems, are not covered.
False information provided by the insured will result in claim denial.
Attacks executed partly or entirely by the insured are not covered.
Losses of unrewarded assets are not eligible.
Events where the designated protocol continues to operate as intended, including miner behaviour, are not covered.
Losses due to the owners or controllers of the designated protocol confiscating or stealing funds are excluded.
Incidents within 72 hours of policy purchase are not covered.

Conditions:

The claim amount is based on the cryptocurrency's time-weighted average price in the 7 days leading to the loss. Supporting material can be provided by the insured, or the price is determined from reliable sources.
Any recovery received by the insured after submitting a claim is excluded from claim payments.
DegenInsure claim assessors have the final say on claim decisions.
The coverage terminates when the coverage period ends or when a claim is registered.

Stablecoin depegs

Eligibility for a claim is as follows:

A financial loss occurs due to the de-pegging of the stablecoin below the specified threshold from trusted sources like CMC or CoinGecko.
The loss on the designated stablecoin remains below the threshold for at least 10 consecutive days, based on data from trusted sources.
The loss is linked to the wallet address used for purchasing the coverage.
The loss takes place during the coverage period.
Claims must be submitted during the coverage period or within 7 days after it expires.

Exclusions:

Claims will not be paid for losses resulting from private key breaches, phishing, malware, exchange transaction hacks, or any hacks or malicious activities not exploiting the stablecoin smart contract.
Intentional actions by individuals or groups to make claims on this coverage are not eligible.
Losses related to a hacked smart contract network with a known hack or bug before the policy period are excluded.
Losses due to de-pegging resulting from false business logic in the code leading to arbitrage exploits are not covered.
Losses related to external inputs such as oracles, price-feed manipulation, miner behavior, or network congestion, with the stablecoin smart contract behaving as expected, are excluded.
Losses associated with an attack vector communicated in the stablecoin documentation are not covered.
Losses due to trust violations through decentralized governance or admin key abuse are not eligible.
Claims for smart contracts created solely for making claims and not for other users are not honored.
Policies purchased after the occurrence of exploitative events are not eligible for claims.
Incidents or claims within 72 hours of policy purchase are not covered.

Conditions:

Any recovery received by the insured after submitting a claim for de-pegging events will not be considered in claim payments.
DegenInsure claim assessors have the final authority in deciding which claims are payable based on the policy terms and conditions.
Coverage for a particular stablecoin terminates when the coverage period ends, when a claim is registered under that stablecoin, or when the coverage period as stated in the policy schedule expires.

Definitions:

Cover Period refers to the duration for which the coverage is active and valid.
Material Loss indicates a loss that exceeds gas-related costs in operating the smart contract.
Designated Stablecoin is the stablecoin specified in the coverage, whether a single smart contract or a group of smart contracts running on the public blockchain network.
Policy End Date is the date until which the Master Policy remains valid, after which the policy expires.
Policy Start Date marks the commencement of coverage for a particular user, i.e., the date when the policy was purchased by that individual.

Special Cover

This includes specific cover on certain protocols that do not fit into either of the two categories outlined above. All terms and conditions will be made known as at when due to the user.

PreviousDegenComp

Last updated 1 year ago