Benzinga
Published Sep 16, 2022 14:20
Updated Sep 16, 2022 15:11
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
Stablecoin De-Peg Risk
Bundled Cover
Custodian Risk
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:
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 (NYSE:TWTR): Twitter.com/InsurAce_io
Whitepaper: Docs.InsurAce.io
All links: Linktr.ee/InsurAce
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read the original article on Benzinga
Written By: Benzinga
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.