InsurAce Protocol Updates Cover Wordings

September 16th, 2022 — Shortly after updating its RoadMap, leading DeFi risk protection protocol, InsurAce has announced the official release of new versions of its cover wordings for all existing cover products. Existing covers will remain valid.     

InsurAce has informed all members of its burgeoning ecosystem and global community of users that it is updating specific terms in some of the protocol’s cover wordings.   

The official statement reads:   

“We’re making these updates to clarify our terms and to ensure that they remain  transparent for users, as well as to accommodate the recent updates that we have  made to our products, services, and features.  

The blockchain industry is dynamic. Such a nascent space like the DeFi cover sector, technical architecture, and the needs of users change very rapidly. Hence, to remain relevant, it is important for InsurAce to make necessary changes to specific aspects of its product offerings from time to time. 

Users can read the new cover wordings here, and also learn more about the product updates on our blog post here, which details a comprehensive summary of the changes. The updated cover wordings shall take effect on 11th September 2022. 

Thank you for using InsurAce's products and services.”  

What is a Cover Wording?    

Cover wording refers to all the explicit terms, conditions, and provisions that govern the cover and claims process on InsurAce. The documents are updated regularly to match industry standards and to maintain product relevance.

Summary of Changes to InsurAce’s Cover Wordings:   

We have provided a summary of the changes to InsurAce’s cover wordings below. To see all of the changes, please read the full cover wordings dated 11th September 2022 for each cover wording category here:   

Smart Contract Vulnerability 

  • In the header, we’ve updated the effective date to 11th September 2022.   • In both the General and Definitions sections, we’ve added a clause that clarifies that only smart contracts of protocols on blockchains as specified during cover purchase is covered.   
  • In the Coverage and Definitions sections, and in respect of the Ethereum blockchain and the Merge, we’ve made changes to reflect that InsurAce is not covering any smart contract on forked versions of the Ethereum blockchain, including Proof-of-Work forks. 
  • In the Exclusions section, we’ve made changes to reflect InsurAce’s exclusion of smart contract malfunctions and losses caused by changes in the underlying blockchain, such as the Merge, from the cover.   

Stablecoin De-Peg Risk 

  • In the Amendments & Additions section, we’ve updated the effective date to 11th September 2022.  
  • In the Exclusions and Definitions sections, we’ve made changes to reflect InsurAce’s exclusion of events or losses directly or indirectly caused by changes in the underlying blockchain, such as the Merge.   

Bundled Cover 

  • In the Amendments & Additions section, we’ve updated the effective date to 11th September 2022.  
  • In the Coverage and Definitions sections, and in respect of the Ethereum blockchain and the Merge, we’ve made changes to reflect that InsurAce is not covering any smart contract on forked versions of the Ethereum blockchain,  including Proof-of-Work forks.   
  • In the Exclusions and Definitions section, we’ve made changes to reflect InsurAce’s exclusion of smart contract malfunctions and losses caused by changes in the underlying blockchain, such as the Merge, from the cover.   
  • Throughout the cover wordings, we’ve made changes to improve clarity and address grammar, typos, and other similar issues.  

Custodian Risk 

  • In the Amendments & Additions section, we’ve updated the effective date to 11th September 2022.  
  • In the Exclusions and Definitions section, we’ve made changes to reflect InsurAce’s exclusion of losses caused directly or indirectly by changes to the underlying blockchain, such as the Merge.

About InsurAce 

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.      

Links: 

Website: InsurAce.io

Twitter: Twitter.com/InsurAce_io

Whitepaper: Docs.InsurAce.io 

All links: Linktr.ee/InsurAce

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