Claims Module

UnoRe is pleased to announce its partnership with UMA for the policy claims process, signifying a significant step in UnoRe's progress toward decentralized insurance solutions. This collaboration aims to ensure fairness and impartiality in the claims process, addressing the fundamental question of how to achieve the utmost fairness in decentralized claims resolution.

Through a strategic partnership with UMA, UnoRe has established a robust framework for impartial claims adjudication. Leveraging UMA's innovative protocols and expertise, UnoRe is at the forefront of pioneering a claims process that upholds the principles of transparency, fairness, and neutrality.

Claim Payout Process

The claim payout process involves the following steps:

• Claim Submission: Users submit a claim request with details of the exploit/incident.

• UMA Protocol Evaluation: If there are any issues with the UMA protocol, the UnoRe ClaimsDAO committee will analyze the exploit's cause and magnitude to determine if the claim is covered by UnoRe.

• UMA Optimistic Oracle: In the general case where the user initiates the request, it is initiated in the UMA optimistic Oracle. The final escalation of UMA’s Optimistic Oracle is the UMA DVM (Data Verification Mechanism).

Calculations Used in the Claims Process

Some calculations and terms used in the claims process include:

• burnedBondPercentage: Percentage of the bond that is paid to the UMA store if the assertion is disputed.

oraclefee = burnedBondPercentage * UnoRe Bond Amount

bondRecepientAmount= 2* UnoRe bond amount - oracleFee

Expected Scenarios:

1. DVM Rejects the Dispute and Accepts the Claim:

   • The bond recipient amount goes to the user who initiated the claim.

   • The claim amount is added to the bond recipient amount and goes to the initiator of the payout request.

2. DVM Accepts the Dispute and Rejects the Claim:

   • The bond recipient amount goes to the user who raised the dispute.

   • Claim is not paid.

How to Raise Policy claim?

The UnoRe Cover Portal App is finally live on Ethereum Sepolia testnet! This page will guide users on how to How to Create a New Claim Request.

1. Access the Uno Re Testnet decentralized application (dApp) by visiting the following link .

2. Upon accessing the Uno Re Testnet dApp, you will find a list of policies purchased by you. Identify the specific protocol for which you intend to raise a claim. Click on "File a Claim" associated with the chosen protocol.

3. Fill in all the necessary details pertaining to the incident for which you are filing the claim. Ensure that you provide accurate and comprehensive information to expedite the claims processing procedure.

4. After completing the details, proceed to click on "File a Claim." Upon doing so, you will be prompted to sign the transaction. By signing the transaction, the claim request will be initiated successfully.

5. Following the submission of your claim request, you can monitor its status by visiting Uno Re Testnet Claims. This allows you to stay informed about the progress of your claim and any subsequent updates.