Links

Stablecoin De-Peg Cover

1. Overview
The purpose of this document is to illustrate the terms and conditions of the Stablecoin de-peg Cover offered by UnoRe
2. Coverage
UnoRe will provide insurance on the designated Stablecoin in case the USD pegged stablecoin de-pegs from its US Dollar reference and trades below peg. Your financial loss, in the case of a proven de-peg, shall be compensated in $UNO or $ETH within 10 working days of claim-filing.
3. Claim shall be payable under the following conditions:
3.1 There occurs a financial loss related to stablecoin dollar de-peg, where it trades below an indicated threshold (see table 1) on CMC, Coingecko or other trusted sources, and
3.2 The loss on the designated stablecoin results in a TWAP, based on market data extracted from trusted sources, below the threshold (see table 1), in at least a 10 days span, 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
4. Exclusions. Claim will not be paid:
4.1 If the cause of the loss of covered asset is due to:
a. private key security breach, phishing, malware, exchange transaction hacks, or
b. any type of hacks or malicious activity where the stablecoin smart contract is not exploited, or
4.2 Any claims due to individual or group’s intentional actions that use the stablecoin smart contract with the intent to make claims on this cover; or
4.3 Financial loss is related to a hacked smart contract network for which a hack or bug has been made public before the beginning of the policy period; or
4.4 Financial loss related to stablecoin de-peg related to false business logic in the code resulting in arbitrage exploit; or
4.5 Financial loss is related to external inputs as Oracles, price-feed manipulation, miner misbehavior or network congestion, but the stablecoin smart contract is behaving as expected; or
4.6 Loss is related to an attack vector which was communicated in the stablecoin documentation; or
4.7 Financial loss is related to a breaking of trust act, through decentralized governance or admin key abuse; or
4.8 It is related to a smart contract or set of smart contracts which was generated for the sole purpose of submitting a claim and getting cover, and not to be used by other users; or
4.9 Policy purchased after the occurrence of Exploitative events will not be considered as eligible to make a claim
4.10 Incident/Claims that occur within 72 hours of policy purchase will not be covered
5. Conditions
5.1 Recovery after claim submission
Any recovery received by the Insured as compensation for his/her losses as result of the de-peg event shall be excluded from the claim payments
5.2 Challenge of Claim Decision
All claims are paid as per the policy terms and conditions with UnoRe Claim Assessors having the final say on claims payable
5.3 Cover Termination
5.3.1 The Cover for a particular stablecoin shall terminate once the Cover Period ends as stated in the policy schedule, or
5.3.2. When a claim has been registered under that particular stablecoin, or
5.3.3 The Cover Period ends as stated in the policy schedule, or
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 Stablecoin means stablecoin 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