Smart Contract Cover Terms and Conditions

With effect from 20th June 2024

UNORE SMART CONTRACT COVER TERMS AND CONDITIONS

1. Introduction

At UnoRe ("we", "us","UnoRe"), we understand the unique challenges and risks associated with holding and managing crypto assets. We are pleased to present this protocol cover to [Client's Name] ("you", "your"), aimed at providing comprehensive protection for your investments (“Protocol Cover”) on the below terms.

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2. Definitions

As used in this Protocol Cover:

• Cover Particulars means the details of this Protocol Cover as set out in Annexure A.
• Cover Period means the period for which the Protocol Cover has been bought and is valid for as outlined in the Cover Particulars;
• Designated Protocol means open source smart contract code marketed under one brand, running on one or more public blockchain networks including any directly linked layer two components but excluding the underlying blockchain network or networks and the related mining or consensus activities. Designated Protocol specifically excludes any user interfaces, including websites or any other interface that is used to interact with the Designated Protocol;
• Designated Smart Contract means the smart contract specified in the Protocol Cover, either it may be a single smart contract or a group of smart contracts running on the public blockchain network and excludes any outside inputs to that system such as oracles, miners, and individuals or groups of individuals interacting with the smart contract, which will not be included in the Protocol Cover;
• Material Loss means a loss that goes beyond the gas-related costs involved in operating the Designated Smart Contract;
• Policy End Date means the date till which the master policy is valid, post that date the policy expires as outlined in the Cover Particulars;
• Policy Start Date means the date from which the policy cover starts and covers that particular user, as outlined in the Cover Particulars;
• Protocol means the UnoRe protocol.

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3. Protocol Coverage

1. UnoRe will provide coverage on Smart Contract exploitation risk for the Designated Protocol.
2. Your financial loss, in the case of a proven exploit, shall be compensated in the SSIP pool asset(s) according to the capital of the pool(s) in relation to the claim amount.
3. Where a claim is approved, the distribution shall happen immediately upon claim approval and usually within 10 working days of claim.

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4. Claim

Subject to clause 6 (Exclusions) and 9 (Challenge of Claim Decision), UnoRe may approve a claim made under this Protocol Cover if:

a. During the Cover Period, a Material Loss is incurred to the insured user’s crypto assets due to an unauthorized, malicious, or criminal act specifically aiming at exploiting; b. The insured user’s crypto assets are irrecoverable with the loss being permanently irreversible with no means of repayment or recovery by any parties in the future, c. The loss is related to the wallet address used to purchase the cover, d. The loss occurred during the Cover Period, e. A claim is submitted during the Cover Period or within 7 days after the cover expires; and f. A claim is submitted within 72 hours of the incident.

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5. Evidence

UnoRe may, at its sole discretion, request you to provide any or all of the following evidence to support your claim:

• Information and posts directly from the Designated Protocol’s team members via official social media accounts or channels of communication (Twitter, Discord, Telegram, LinkedIn, etc.);
• News stories and articles from credible news sources;
• Transaction IDs, wallet addresses, and other on-chain data;
• Certified screenshots of information or data that pertain to the claim;
• Cryptographically signed evidence that ties the loss to the claimant;
• Other potentially relevant evidence.

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6. Exclusions

You will not be able to submit a claim for any of the following, and the following loss or events are specifically excluded from the Protocol Cover:

1. If the cause of the loss of covered asset is due to:

• Phishing
• Private key security breaches
• Malware
• Exchange transaction hacks
• Any other activities where the Designated Smart Contract continues to act as intended or any activities conducted by you because of personal carelessness or misunderstanding.

2. Any claims due to an individual or group’s intentional actions that utilize the Designated Smart Contract for the purpose of making claims on this Protocol Cover.
3. Any losses due to the devaluation of covered assets, regardless of whether such a devaluation is related to the attack or not.
4. Any hacks or pre-defined events occurring during the Cover Period where:

• The hack that occurred is known,
• The hack is due to a bug disclosed to the public prior to the Cover Period,
• The Designated Protocol is a fork of a parent protocol, a public bug disclosure or warnings related to the event were made for the parent protocol before the Cover Period began.

5. Any events where other external interoperable or interactive smart contracts are hacked or manipulated in an unintended way, while the Designated Smart Contract continues to operate as intended.
6. Any events where external inputs behave or are manipulated in an unintended way, while the Designated Smart Contract continues to operate as intended (inputs include oracles, governance, systems, incentive structures, miner behavior, and network congestion).
7. If you provide false information, hide, lie, or mislead claim assessment.
8. Any claims out of an attack executed entirely or partly by you.
9. Any losses of rewards yet to be distributed to a user(s) wallet address.
10. Any events or losses occurring in upgraded versions of your original smart contracts that haven’t been acknowledged by us prior to the event.
11. Any events or losses where the Designated Protocol continues to operate as intended, including those resulting from miner/validator behavior.
12. Any events or losses resulting from the owners or controllers of the Designated Protocol confiscating or stealing funds from users in line with the permissions of the Designated Protocol irrespective of who has access to private keys (“rug pull” exclusion).
13. Incidents/claims that occur within 72 hours of policy purchase.
14. If there is a reimbursement plan, or an intent to reimburse, in place by the exploited protocol’s team.

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7. Cryptocurrency Valuation Method for Claims

1. The calculation of loss shall be determined with reference to the last 7 days’ TWAP (Time-weighted average price) of the said cryptocurrency at the time of the transaction when the loss occurs.
2. You are allowed to provide supporting material for such price, which shall be considered by the claim adjuster if necessary.
3. Otherwise, our claim assessor shall get the cryptocurrency price at the time of transaction from CMC, CoinGecko, or any other reliable sources (e.g., price from the most liquid exchange, average of multiple public databases), especially if the cryptocurrency price gets volatile due to the attack.
4. The claim assessor shall identify the price of cryptocurrency and its source in deriving the claim amount payable.

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8. Recovery after Claim Submission

In the event that you receive any recovery or compensation for losses incurred as a result of a hack or attack, such recovery shall be deducted from the claim payments under this policy.

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9. Challenge of Claim Decision

All claims shall be settled in accordance with the terms and conditions of the policy. The final decision regarding the claims payable shall rest with the UnoRe claim decentralized autonomous organization (DAO).

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10. Cover Termination

1. The Protocol Cover for a Designated Protocol shall terminate once the Cover Period ends as stated in the policy schedule, or
2. A particular pool will be eliminated from future coverage from the main policy under the given conditions:

• When a claim has been registered under that particular pool, or
• The cover ends as stated in the policy schedule.

3. Coverage for pools as agreed and listed in the policy coverage and those not exploited will continue post-elimination of affected pool.

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11. Disclaimer

• The Protocol is not licensed or regulated by any regulator in any jurisdiction.
• This Protocol Cover is not a contract of insurance. The Protocol Cover offers discretionary protection that is provided to purchasers. The DAO has full and final discretion on whether or not a claim is approved for a successful payout.
• The DAO reserves the right to rescind coverage at its sole discretion within a timeframe of 72 hours subsequent to the procurement of the policy. In such a scenario, any insurance premium paid upfront will be reimbursed.

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12. Updates to the Terms

The terms and conditions of this Protocol Cover are subject to updates. You are advised to visit: 👉 UnoRe Smart Contract Cover Terms and Conditions

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13. Severability

If any term, clause or provision of this Protocol Cover is held unlawful, void or unenforceable, then that term, clause or provision will be severable from this Protocol Cover and will not affect the validity or enforceability of any remaining part of that term, clause or provision, or any other term, clause or provision of this Protocol Cover.

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14. Governing Law; Dispute Resolution

This Protocol Cover is governed by, and shall be construed in accordance with, the laws of Queensland, Australia without giving effect to any principles of conflicts of law. Both Parties consent to the exclusive jurisdiction of the courts of Queensland, Australia.