Claim Process

I. Claim Flow

II. File a Claim

Fee: For each policy sold, there is one chance of claim filing for free. If the first submitted claim is rejected and the policyholder would like to file another claim on the same policy, a claim assessment fee of 10% of the policy premium is requested before any assessment starts.

Proof of loss: Policyholder is responsible to provide adequate and substantial evidences that he did suffer a genuine loss on the designated project within the period of insurance. The proof of loss must include below 2 perspectives.

  • Prove ownership of affected account

After identifying his affected account, policyholder may prove his ownership over the account by signature or making a 0 amount payment to a specified address.

  • Evidence of loss

The more evidence provided by policyholder over the loss, the higher chance such claim will be accepted by claim assessors, especially the below materials closely relevant to the loss–

  1. the snapshot of the affected address's balance at blocks before and after attack (to assist claim assessors quickly quantify the amount of loss)

  2. transaction of selling the damaged assets (loss is only recognised when it is realised)

  3. description of the attack from project team or security specialist

III. Assess a Claim

To protect the policyholder against fraudulent actions, a voting mechanism with below features is designed to disincentivize bad actors abuse the voting.

  1. To be registered as a claim assessor candidate, user must deposit a considerable amount of Nsure token. At launch, the deposit is set at () Nsure token.

  2. Claim assessors are randomly picked from registered candidate. For each claim, there will be 5 claim assessors.

  3. As claim assessors' reward is proportion to premium, users tend to register for larger size policy. To get each policy equal and fair tender, users do not know the premium of the policy at registration.

  4. The token will be slashed if the claim assessor's judgment is different from the majority.

IV. Challenge on Claim Decision

After claim assessors making decision on the filed claim, both policyholder and other Nsure token holders may challenge on the decision. A challenged case with sufficient staking will lead to a public vote, the result of which is the final conclusion for the claim and no further dispute allowed.

Challenger must stake Nsure tokens to a specified amount to initiate the challenge. Staked token will be locked until public vote closes.

Below is the reward/penalty for each party under 4 possible scenarios.

Claim assessors' decision

Public vote result

Challenger

Policyholder

Claim assessors

Decline

Accept

Get staking from claim assessors who voted decline

Get claims paid

Who voted decline loses staking to challenger

Decline

Decline

Lose staking (slashed)

No claims payable

N/A

Accept

Accept

Lose staking (slashed)

Get claims paid

N/A

Accept

Decline

Get staking from claim assessors who voted accept

No claims payable

Who voted accept loses staking to challenger