Smart Contract Cover Terms and Conditions

With effect from 17th April 2024

1. General

The purpose of this document is to outline the terms and conditions of the Protocol Smart Contract Cover offered by UnoRe.

1.1. By purchasing the Cover, you unequivocally accept and agree to be bound by the terms and conditions herein (“Terms”).

1.2. The Cover is provided by the Protocol. In the Terms, “you” and “your” refer to you if you are a Cover Purchaser and/or Claimant and/or Covered (where applicable). “Will”, “must”, and “shall” indicate a mandatory requirement.

1.3. The Protocol may amend the Terms from time to time without prior notice to you. Notwithstanding anything in the Terms to the contrary, the Protocol will use commercially reasonable efforts to communicate any material amendments of the Terms through the Protocol’s social media accounts and/or channels as set out on the Platform but in any case, it is your responsibility to check for the latest version of the terms and conditions prior to purchasing the Cover or continuing with your use of the Cover. If you continue with the Cover after such amendments, you are deemed to have agreed to the amended terms and to be bound by them.

2. Coverage

UnoRe will provide coverage on Smart Contract exploitation risk for the designated protocol. Your financial loss, in the case of a proven de-peg, shall be compensated in the SSIP pool asset(s) according to the capital of the pool(s) in relation to the claim amount. The distribution shall happen immediately upon claim approval and usually within 10 working days of claim submission.

3. Claim shall be payable under the following conditions:

3.1 During the cover period, a Material Loss is incurred to the insured user’s crypto assets due to an unauthorized, malicious, or criminal act specifically aiming at exploiting

3.2 The insured user’s crypto assets are irrecoverable with the loss being permanently

irreversible with no means of repayment or recovery by any parties in the future, and

3.3 The loss is related to the wallet address used to purchase the cover, and

3.4 The loss occurred during the cover period, and

3.5 A claim is submitted during the cover period or within 7 days after the cover expires

3.6 A claim is submitted within 72 hours of the incident

4. Exclusions. A claim will not be paid:

4.1 If the cause of the loss of covered asset is due to

a. Phishing, or

b. Private key security breaches, or

c. Malware, or

d. Exchange transaction hacks, or

e. Any other activities where the designated smart contract continues to act as intended or any activities conducted by the covered because of personal carelessness or misunderstanding, or

4.2 Any claims due to an individual or group’s intentional actions that utilize the designated smart contract for the purpose of making claims on this cover, or

4.3 Any losses due to the devaluation of covered assets, regardless of whether such a devaluation is related to the attack or not, or

4.4 Any hacks or pre-defined events occurring during the cover period where:

4.4.1 The hack that occurred is known, or

4.4.2 The hack is due to a bug disclosed to the public prior to the cover period, or

4.4.3 The designated protocol is a fork of a parent protocol, a public bug disclosure or warnings related to the event were made for the parent protocol before the cover period began, or

4.5 Any events where any other external interoperable or interactive smart contracts are

hacked or manipulated in an unintended way, while the designated smart contract continues to operate as intended, or

4.6 Any events where inputs, that are external to the designated smart contract, behave or are manipulated in an unintended way, while the designated smart contract continues to operate as intended, where inputs include but are not limited to oracles, governance, systems, incentive structures, miner behavior, and network congestion, or

4.7 The Covered provides false information, hides, lies, or misleads claim assessment, or

4.8 Any claims out of an attack executed entirely or partly by the Covered, or

4.9 Any losses of rewards yet to be distributed to a user(s) wallet address, or

4.10 Any events or losses where the designated protocol continues to operate as intended including events or losses resulting from miner/validator behavior, or

4.11 Any events or losses resulting from the owners or controllers of the designated protocol confiscating or stealing funds from users in line with the permissions of the designated protocol irrespective of the individual or entity that has access to the private keys of the owner or controller accounts (“rug pull” exclusion)

4.12 Incidents/Claims that occur within 72 hours of policy purchase will not be covered

4.13 In case there is a reimbursement plan, or an intent to reimburse, in place by the exploited protocol’s team

5. Conditions

5.1 Price of Cryptocurrency

The last 7 days' TWAP (Time-weighted average price) of cryptocurrency at the time of the transaction when the loss occurs shall be used in the calculation of the actual loss. The Covered is allowed to provide supporting material for such price, which shall be considered by the claim adjuster if necessary. Otherwise, Claim Assessor shall get the cryptocurrency price at the time of transaction from CMC, CoinGecko, or any other reliable sources (e.g. price from the most liquid exchange, average of multiple public databases), especially in the circumstances that the cryptocurrency's price gets volatile due to the attack. Claim Assessor shall identify the price of cryptocurrency and its source in deriving the claim amount payable

5.2 Recovery after Claim Submission

Any recovery received by the Covered as compensation for his/her losses as a result of the hack/attack shall be excluded from the claim payments

5.3 Challenge of Claim Decision

All claims are paid as per the policy terms and conditions with UnoRe Claim DAO having the final say on claims payable

5.4 Cover Termination

5.4.1 The Cover for a particular protocol shall terminate once the Cover Period ends as stated in the policy schedule, or

5.4.2 A particular pool will be eliminated from future coverage from the main policy under the given conditions:

a. When a claim has been registered under that particular pool, or

b. The Cover Period ends as stated in the policy schedule, or

5.4.3 Coverage for pools as agreed and listed in the policy coverage and those not exploited will continue post-elimination of affected pool

5.5. Disclaimer

5.5.1 Please note that while the Protocol aims to maintain sufficient capital to meet its obligations, the purchase of any coverage does not guarantee a full payout of all losses on the protected assets, in particular, if there are insufficient staked assets in the capital pool.

5.5.2 The Protocol is not licensed or regulated by any regulator in any jurisdiction.

5.5.3 This Cover is not a contract of insurance. The Cover offers discretionary protection that is provided to Cover Purchasers. The DAO has full and final discretion on whether or not a claim is approved for a successful payout.

5.4.4 The DAO reserves the right to rescind coverage at its sole discretion within a timeframe of 72 hours subsequent to the procurement of the policy.

6. Definitions:

6.1. Cover Period means the period for which the cover has been bought and is valid for

6.2. Material Loss means a loss that goes beyond the gas-related costs involved in operating the contract

6.3. Designated Smart Contract means the smart contract specified in the cover, either it may be a single smart contract or a group of smart contracts running on the public blockchain network

Note: Any outside inputs to that system such as oracles, miners, and individuals or groups of individuals interacting with the system will not be included in the cover

6.4. Policy End Date means the date till which the Master Policy is valid, post that date the policy expires.

6.5. Policy Start Date means the date from which the policy cover starts and covers that particular user, i.e. the date on which the policy was bought by that particular individual

6.6. Protocol means the UnoRe protocol.

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