Plain English Overview of Protocol Cover "Claims should be paid when users of the protocol suffer material financial losses due to failures in either the protocol code, economic design, governance set-up or oracles."
Where "material" is defined as: • Far exceeds gas related costs involved in operating the contract. • If the mutual has the capability of paying partial claim payments then 10% of the cover amount, otherwise at least 20% of the cover amount.
At this time, the mutual does not have the capability to pay partial claims. When members buy cover, they should take into account that a loss of value below the 20% threshold of a cover policy will significantly reduce the chance Claims Assessors will approve a claim.
You are still able to submit a claim for a material loss of funds that occurred within the cover period. Cover holders can submit a claim up to 35 days after expiry. After that time has ended, claims cannot be filed.
Note: a loss that occurs after cover expiry is not covered. You can only file a claim for a loss that occurred while the cover policy was active.
No, Nexus Mutual does not offer the ability for cover holders to transfer or sell their cover policies.