This is to announce that InsurAce is updating its Smart Contract Vulnerability, BUSD De-Peg, USDT De-Peg, and USDC De-Peg cover wordings. We’re making these changes to enhance the transparency and clarity of our terms and services, as well as accommodate new product offerings, services, and updated features.
The updates will take effect on 21st October 2022. Current holders of the Smart Contract Vulnerability, BUSD De-Peg, USDT De-Peg, and/or USDC De-Peg Covers will continue with their current terms and conditions until 3rd November 2022 after which the new terms and conditions will apply. Please note that in continuing with your Smart Contract Vulnerability, BUSD De-Peg, USDT De-Peg, and/or USDC De-Peg Covers after 3rd November 2022, you are agreeing to the new terms and conditions. If you do not agree, you can choose to discontinue using the covers and cover wordings before 4th November 2022.
Summary of Changes to InsurAce’s Cover Wordings
We have provided a summary of the key changes to InsurAce’s Smart Contract Vulnerability, BUSD De-Peg, USDT De-Peg, and USDC De-Peg cover wordings referred to above:
Smart Contract Vulnerability Cover Summary Sheet
- Under the coverage scope, we have added a summary of the recovery clause for any recovery or compensation made to the Cover Purchaser apart from the cover payout in respect of a Claimable Risk Event.
Smart Contract Vulnerability Cover Terms and Conditions
- Under Clause 2.1(b) & 6.1, we have added a recovery clause for any recovery or compensation made to the Cover Purchaser apart from the cover payout in respect of a Claimable Risk Event.
- Under Clause 2.1(c), we have clarified that for the purpose of calculating claimable loss and cover amount in relation to payouts, InsurAce shall apply the exchange rate between the tokens used for payouts, the tokens used for cover purchase, and the Cover Purchaser’s assets at the start of the Claimable Risk Event based on the daily average market price of the tokens.
- Under Clause 3.1(j) & 3.2(g), we have amended the terms to only allow appeals against decisions made by the Claim Assessors to better align with the processes encoded in our smart contracts.
BUSD De-Peg, USDT De-Peg, and USDC De-Peg Cover Summary Sheet
- Under the coverage scope, we have added a summary of the recovery clause for any recovery or compensation made to the Cover Purchaser apart from the cover payout in respect of a Claimable Risk Event.
BUSD De-Peg, USDT De-Peg, and USDC De-Peg Cover Terms and Conditions
- Under Clause 2.3 & 6.1, we have added a recovery clause for any recovery or compensation made to the Cover Purchaser apart from the cover payout in respect of a Claimable Risk Event.
- Under Clause 2.5, we have clarified that for the purpose of calculating claimable loss and cover amount in relation to payouts, InsurAce shall apply the exchange rate between the tokens used for payouts, the tokens used for cover purchase, and the Cover Purchaser’s assets at the start of the Claimable Risk Event based on the daily average market price of the tokens.
- Under Clause 3.1(j), we have amended the terms to only allow appeals against decisions made by the Claim Assessors to better align with the processes encoded in our smart contracts.
Thank you for using InsurAce’s products and services.
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:
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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Website: InsurAce.io
Twitter: Twitter.com/InsurAce_io
Whitepaper: docs.insurace.io
