Mainnet Launch: Stage 3, Purchasing Policies now live!

Example: Compound Insurance product including Capacity, Cost estimation & risk rating, linked with access to obtain quote for purchase.

Overview

Policies can be purchased in the marketplace with $ETH, by requesting a quote for the desired product.
Enter the amount to be covered and the desired time period for the coverage, and a quote will be issued according to current pricing in the marketplace.

Policy Structure:

All policies sold in the marketplace are intended to protect agains exploitability in regards to smart contracts that users may be exposed to. This includes events such as bugs, hacks, flash loan attacks, or any attack directly resulting in an unintended usage of the Designated Smart Contracts insured.

Policy Pricing:

Policy pricing is determined via Dynamic Pricing Model for each product. The cost of insurance varies across products in the marketplace depending on supply and demand in real-time. A risk parameter is included into the equation to price in adjusted risk for each protocol.

Dynamic Pricing Formula

Claim Process

With the successful purchase of an insurance policy, every user has the right to execute a claim proposal in the event of an exploit to trigger a payout.
Once submitted, a distributed claim assessor committee will participate in the claim resolution process, incentivised by premiums and vetted by staking tokens to participate in the assessment.

  • Prove ownership of affected address
  • Evidence of loss in the exploit
Model for claim processing, resolution and public-vote challenge (if needed)

User Guide

Step 1: Go to the Purchase section and select the target protocol by clicking Quote.

Type in desired time period and amount to be covered to obtain your quote
under Purchase section, click My Policies and go to the policy dashboard

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Nsure.Network

Nsure.Network

Open Insurance Platform for Open Finance