Hello Community, this is to announce that InsurAce is updating Cover wordings, which may apply to one or more cover products or services that you use. We’re making these changes to enhance the transparency and clarity of our service terms, as well as accommodating new product offerings, services, and updated features.
You can find the cover summary sheet and link to the entire cover wording here. You can also learn more about these updates on our blog post here, including a summary of the changes. These fresh updates to the cover wordings will take effect on 7th October 2022. Existing users who continue using our services by 7th September 2022 effectively agree to the updated cover wordings.
If you do not agree, you can choose to discontinue using the cover and cover wordings before these terms become effective.
Thank you for using InsurAce products and services.
Summary of Changes to InsurAce’s Cover Wordings:
We have provided a summary of the key changes to InsurAce’s Smart Contract Vulnerability Cover Summary Sheet, and Smart Contract Vulnerability Cover Terms and Conditions. To see all of the changes, please find the cover summary sheet and link to full cover wordings dated 7th October 2022 here:
Smart Contract Vulnerability Cover Summary Sheet
- In the header, we’ve updated the effective date to 7th October 2022.
- We have revamped, streamlined, and improved the wording of the summary to prevent confusion and help users better understand the Smart Contract Vulnerability Cover Terms and Conditions.
Smart Contract Vulnerability Cover Terms and Conditions
- In the header, we have updated the effective date to 7th October 2022.
- Under Clause 1.2, we have clarified the meaning of “will”, “must”, and “shall” as mandatory requirements.
- Under Clause 1.3 and 12.11(b), we have added some terms which identify the communication channels InsurAce uses to communicate material amendments or alterations of the terms and conditions to its users, namely InsurAce’s social media accounts and/or channels set out on the platform.
- Under Clause 1.4(d), we have replaced “take effect” with “commence” so that there is no conflict with the words “With effect from…” just beneath the cover wording’s title header.
- Under Clause 2.1(d), we simplified the wording of the coverage scope to provide better clarity for users.
- Under Clause 3.1(b), we clarified “public channels” to be InsurAce’s social media accounts and/or channels set out in our website.
- Under Clauses 3.1(c) and 3.1(i), we have defined “Claim Deadline” for ease of reference and also clarified that all claims must be submitted before the Claim Deadline.
- Under Clause 4.1, the words “are not” have been replaced with “shall not be” to better convey the need for evidence when submitting claims.
- Under Clause 5.1(n), we removed the redundant term “external” based on historical and existing practices by InsurAce.
- Under Clause 5.1(t), we have removed repetitive terms that were already set out in the definition of Designated Geographical Areas. Further clarification was provided on the definition of Designated Geographical Areas to ensure users are able to identify excluded jurisdictions.
- Under Clauses 11.6 and 11.7, we simplified the terms and removed unnecessary jargon for better understanding of the terms.
- “Actual Loss” is replaced with “Claimable Loss” to better align terminology with the nature of the loss covered. Under “Claimable Loss”, in order to ensure consistency throughout the cover wordings, we have also clarified the Designated Smart Contract to be the subject of the Cover. Terms regarding the deduction of compensation or losses recovered from other parties have been relocated from under “Claimable Loss” to Clause 2.1(b) to simplify the cover wording and provide further clarity on the claims process.
- “Price Information Source(s)” is clarified to place more emphasis on independent price data aggregators or any other entity InsurAce.io finds able to provide reliable and relevant asset information, such as Coingecko and Coinmarketcap.
InsurAce.io is a leading decentralized multi-chain protocol that provides reliable, robust and secure risk protection services to DeFi users, allowing them to protect their investment funds against various risks.
DeFi Coverage services have come into the global limelight following the devastating $40billion TerraUST crash where InsurAce’s $11.7m payouts played a major role in sustaining investor confidence and averting a systemic crash for the crypto industry.
With InsurAce.io, users can rely on:
- Unbeatable Low Cover Premiums
- Cross-chain Coverage
- Multi-chain Accessibility
- Sustainable Investment Returns (via our Investment Portal and Mining Program)
Since its debut in April 2021, InsurAce.io has built a full-spectrum cross-chain product line that covers 140+ protocols, 3 CEXs and 1 IDO platform running on Ethereum, as well as Solana, BNB Smart Chain, Polygon, Fantom, Gnosis, Arbitrum, Avalanche, Harmony, Celo, Cronos, Boba, ICON, Ontology, Moonriver, Moonbeam, Bifrost, Aurora, and Optimism. InsurAce.io currently has a live product deployed on Ethereum, BNB Smart Chain (BSC), Polygon, and Avalanche.
InsurAce is led by founders Oliver Xie, Sum Wu and Dan Thomson (@vagrantcrypto) with a globally distributed team of insurance and web3 experts.
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