4. Insurance purchase

Insurance purchase supports contract insurance, price insurance, NFT insurance, and financial insurance.

4/1 Purchase contract insurance

Navigate to the contract insurance purchase page under Contract Security Insurance. The purchase can be made by selecting according to the protocol, chain type and risk type supported.

Contract insurance

The product is based on an insurance pricing model, to price each protocol through metrics such as code quality, audit status, project operations, and project teams. Users can purchase insurance for themselves for a small amount of cost, and if there are problems such as security breaches in the protocol, users can get payout for your own losses within the guaranteed amount.

The system intelligently calculates the leverage multiple and the underwritten amount according to the insurance period (1-365 days) and premium entered by the user. Users just need to click to buy and wait for the success on the chain.

Check the gas fee and click Confirm,

Reminder of successful transaction.

4/2 My policy

Select [Contract Security Insurance]---->My Policy, users can view all the policy data purchased. When there is a contract risk within the coverage period, users can submit an application for claim. The outcome of whether to pass the claim application is determined after the committee's review and the votes of the public and professional claim adjusters.

To apply for a claim, please enter the amount of loss, the amount to be claimed, the time of the loss, and a description of the loss. If the situation cannot be fully explained in the text input area, you can send us an email.

4/2/1 Claim withdrawal and appeal

Users can withdraw the amount of claim approved by the Committee, and if users are not satisfy with the amount, users can choose to make an appeal.

By withdrawing, it is deemed that the user agrees to the outcome of this claim.

4/2/2 Claim withdrawal and appeal

The appeal can only be made once, and the outcome after this appeal will be the final deal of the claim application.

4/3. Claim

For users who have become claim adjusters, they can participate in voting through the claim section to decide the final payout of the policy. How to become a claim adjuster, please refer to Staking NED to Participate in Governance;

Select one and click Vote,

Vote for your opinion,

Wait for on the chain and the voting outcome.

For orders that have not been reviewed by the committee, voting is not allowed. It will pop-up a reminder on the top of the page.

4/4 Fund pool

Both price insurance and contract insurance have their own fund pools. The fund provider provides players with fund liquidity, bears certain risks and obtains corresponding incomes. The fund pool supports deposit in USDT and gives the certificate (CPST/PPST). The lock-up period is 30 days, and it will be reset to 30 days upon every new deposit. After the lock-up period, USDT can be redeemed by the certificate.

4/5, NICE insurance

NICE, where N for NFTs, I for Indices (stock index, exchange rate, etc), C for Cryptocurrencies (coins and tokens), E for Events (accidents and gambles).

Price Insurance. Currently the price insurance sector includes not only currency price insurance, but also financial insurance (foreign exchange, stock index, individual stocks), NFT insurance, and more insurance types will continue to be developed in the future.

The product is an analytical model of options based on the path dependence of the underlying data and theoretical methods of probability and statistics. The user spends a small amount of money to buy an insurance policy. This policy contains data such as: end time, guaranteed price, and payout amount (multiple). The policy payout conditions are: when the price of the guaranteed currency reaches the guaranteed price of the policy, the user will be paid according to the number of policies purchased by the user and the payout ratio.

NICE can purchase plunge insurance and short-term insurance. When the payout condition is triggered during the insurance period, payout will be made. The purchase method is as follows:

Select the insurance item, set the insurance trigger conditions, (other financial insurance and NFT insurance are operated in the same way) and submit it.

NICE insurance claims, when the guaranteed price is triggered, the system will automatically payout.