At InsurAce.io, our valued community members are welcome to submit any questions or queries at any time.
March was our record month with regards to premium sales. During this month, we faced some extraordinary questions.
Below is our pick of the best, feel free to reference these whenever you so feel:
Q: I have an existing insurance on Anchor Can I add more? When ANC + UST De-Peg comes back available?
A: Unfortunately, all capacity is full at the moment. However, it is useful to follow closely. We will make an announcement when capacity is increased. We do that in two ways:
1. Increase in insurance sales in other protocols (pools) that fill their capacity and reduce the risk of concentration
2. Increased stakes and further financial support to increase available capital in the event of a payout.
Q: Once a cover expires, is the previous cover amount usually available for purchase again?
A: If it expires now and before you make a purchase again another user has bought it, it might not be available.
Q: I purchased insurance from the company a few months ago. I need to do my taxes. Does the website have way to export the transactions? Does the website have a way to export the transactions to the CSV format?
A: All transaction on our website is on the blockchain, you can get all information via the transaction ID. Nevertheless, we do not have taxes on transactions.
Q: Why is an insurance company managing their own cross chain bridge?
A: We looked into various bridging solutions and deemed that the best option was to build our own internal bridge.
As an insurance protocol we have to take extra caution and integrating third party options added unnecessary risk.
Our bridge is coded specifically for our protocol it makes it safer than a wider bridging solution that can be used by multiple protocols.
Q: I want to deposit USDC at 15% APY on orion.money. I want to cover myself in case of a problem on the smartcontract with InsurAce. However I notice that it is also proposed an insurance “smart contract + UST depeg”.
In my case it is not useful to be covered on the depeg of the ust since I want to put USDC (and I do not wish to be covered for the depeg of the USDC). Am I right? In fact, I want to know if the insurance covers me if I only take Smart Contract Insurance by depositing USDC, even in case of depeg of UST.
A: Unfortunately, UST de-peg protection will not be useful in the situation you mention. Because UST and USDC are two different stablecoins. However, I would like to point out that the payment options are for your convenience when purchasing Cover. In this case, it does not matter which coin you pay with.
Q: Any new use cases for the token?
A: Yes, this is something we are aiming to address with the new V2 whitepaper coming out in the next few days.
In the long term we do want to use it for insurance purchases and investment arm.
In the short-mid term, we will begin to add extra value through the buyback and redistribution / burn. Plus a new way to borrow against the token, and improved benefits for token holders and stakers.
Q: Does the team have any plans for rewards or programs when NFT is announced for NFT holders? I’m thinking about NFT dedicated to the Insur community.
A: We are looking into NFTs for both token holders, and insurance customers. We are developing our own style of NFT to show proof of cover. These NFTs may be used down the line as part of cancellable, modifiable or tradeable covers.
Q: The team has increased a min threshold for bundled cover from 200k$ to 500k$ 😕
A: After doing our bundled covers for 6 months, we have realized that there was only a tiny % difference at lower insurance levels from a custom bundle to just using our app. so we increased the limit.
Q: The development releases have been slow over the last few months, what is happening?. Before there were so many more updates.
A: This is understandable.
Yes our first 7/8 months were a fast rollercoaster, and the perception may be that things have slowed down. I can assure you this is not the case. None of our core team have left, we have almost doubled the size of the team since then. And we are all working harder than usual.
Following our first few months, we learned a lot and started to work on our V2.
Now we have significant improvements to make that will solve many of the existing issues, these are complex and revolutionary for this industry, so we have been heads down building since then.
As these developments come out over the next two months or so, everyone will be able to see why we have been working so hard. Our V1 took 8 months to build, V2 is less than 4, with some really big changes. So, we are building. And there are so many things I would love to tell you about what’s coming up, but it’s not the right time yet. All will be revealed soon
Q: what do you see as the biggest challenge/risk for insurace in this upcoming year?
A: Capacity is our biggest problem. We need to encourage more staking to build our TVL and increase capacity. We have products that are very popular and are often sold out, which we would like to sell more of.
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