- These Conditions regulate the relations arising between the Insured and the Risk
carrier / Reinsurer when insuring the risk of loss of funds on the accounts of the
crypto-exchange as a result of the termination of the functioning (crash) of the
- “Crypto Insurance” means insurance product offered by the risk
under which insurance coverage guarantees are provided by the Risk carrier.
- “Insured” means the user of crypto-exchange services whose interests
are insured under the insurance contract.
- “Covered peril” means loss of funds of a crypto-trader from an
account on crypto-exchange as a result of bankruptcy / termination of the activity of
crypto-exchange as a result of:
- cyber-attacks on crypto-exchange software;
- theft, fraud, illegal actions of personnel, management or owners of a crypto-exchange.
In this case, cyber attack (hacker attack) means an attempt to damage or discredit the
functions of the computer system of a crypto-exchange, in order to disable computers (servers) out of
order or to steal funds of crypto-exchange’s clients.
Termination of the activity of crypto-exchange means the impossibility of the
crypto-exchange fulfillment of its financial obligations to clients due to the reasons indicated
- “Insured event” means detection by the Insured for the first time
during the insurance period of the loss of their funds or the impossibility of funds withdrawal
from the crypto-exchange as a result of the termination of the crypto-exchange
activity for the reasons specified in paragraph 2.c. of these Conditions.
The Risk carrier / Reinsurer shall in no case be liable for any Loss which is due to:
- War, invasion, act of foreign enemy, hostilities or war like operations (whether
war be declared or not), Civil war;
- Mutiny, civil commotion, popular rising, military rising, insurrection,
rebellion, revolution, or usurped power, martial law or state of siege or any of the events or
causes which determine the proclamation or maintenance of martial law or state of
siege or any acts of terrorism;
- Strikes, riots, difficulties from mobs;
- Earthquake, flood or other acts of God;
- Ionizing radiations from or contamination by radioactivity from any nuclear fuel
or from any nuclear waste or from the combustion of nuclear fuel;
- The radioactive, toxic, explosive or other hazardous or contaminating properties
of any nuclear installation, reactor or other nuclear assembly or nuclear component
- Any weapon or device employing atomic or nuclear fission and/or fusion or other
like reaction or radioactive force or matter;
- The radioactive, toxic, explosive or other hazardous or contaminating properties
of any radioactive matter. The exclusion in this sub-clause does not extend to radioactive
isotopes, other than nuclear fuel, when such isotopes are being prepared,
carried, stored, or used for commercial, agricultural, medical, scientific or other similar
- Any chemical, biological, bio-chemical, or electromagnetic weapon;
- Seizure, confiscation, requisition, seizure or destruction of the
crypto-exchange funds or closure of a crypto-exchange by the order of state
- Losses caused as the result of crypto currency trading, including but not
limited to securities, commodities, futures, options, cash;
- Any careless or negligent actions of the Insured;
- Insured’s negligence to execute Exchange circulars and recommendations;
- Appearance of any liability of the Insured person to third parties.
- Waiting period
The Insured will not be indemnified, if
- The Exchange has not stopped its activity during the waiting period;
- The Exchange has notified its clients about full or partial compensation of
losses of their funds.
- The Contract
Crypto Insurance allows any user to insure their possible losses in the event of
the crash of the crypto-exchange and the loss of all or part of its funds, and reimburse the
Insured funds within the limits established by the Insured.
- The aggregate indemnity shall never exceed 5 BTC throughout the Contract Period,
irrespective of the amount of account and/or policies purchased.
- Insurance protection shall commence on the 4th day following the purchase of the policy.
- Premium collection shall mean the policy purchase date.
- The insurance contract is expired on the last date of the Contract Period, or
the date of compensation payment.
- The contract can be terminated by either party by written consent of the parties.
In case of early termination the part of insurance premium proportional to the
unexpired period of insurance can be returned to the Insured less 30% deductions to cover
Risk carrier cost and expenses.
- Insurance Compensation
- Signs of a possible claim occurrence. The following events, either occurred
separately or jointly, may result in possible claim
Inability execute usual Exchange operations, including cases of terminal
“freeze-up”, or the information regarding the termination of the exchange
activity without proper information about technical works being carried out, or the
estimate period of outage;
- Mysterious disappearance of the managed funds from the Insured’s
- Inability access the Exchange’s technical support, misleading or false
statements regarding the technical condition of the Exchange.
- Notice of loss
In case of possible claim occurrence signs, the Insured shall as soon as practically
possible notify Crypto insurance, supplied with all available information.
- The Insured should acknowledge the estimated amount of loss resulted from the event.
- The Waiting period shall commence on the next day after Crypto insurance has
received the notice.
After the waiting period, the Risk carrier shall calculate the amount of compensation for the
- in case of positive decision, release the compensation within 10 working days thereafter,
- in case of negative decision, release the formal statement of refusal in writing.
The Insured has to provide all supporting documents regarding the loss event in his possession,
as well as sufficient documents for the Risk carrier’s recourse action against those
responsible for the loss.
- Limit of liability:
The compensation is limited to a Limit of liability as specified in the Sec.6.b. In case of
actual loss exceed the limit of liability, the Insured shall never be entitled for the
compensation beyond the limit of liability.
If the actual loss does not exceed the Limit of liability, the Insured shall
never be entitled for the compensation beyond the actual loss.
The Risk carrier shall be entitled for his right of legal recourse against those
responsible for the
loss, and this is a duty of the Insured, precedent to the compensation, to accommodate the Risk
carrier's right for such recourse.
- Excess payment
- The Insured must refund the excessively received compensation in the event that
the Reinsurer and/or the Risk carrier become aware that the Insured actual loss was less than
the compensation collected.
- In event the Exchange reimburse the Insured the loss incurred after the
compensation paid, the Insured shall reimburse the compensation to the Risk carrier / Reinsurer
up to the amount collected from the Exchange.
- Anti Money Laundering and Combating Terrorism Financing compliance
- The Insured shall comply with Anti-Money Laundering Regulations, 2011 as most
- The Insured undertakes that Enhanced Due Diligence and Compliance procedures
will be performed
to the parties in this contract.
- If the Compliance and Due Diligence information requested by the Risk carrier /
Reinsurer has not been so provided to the Risk carrier / Reinsurer, the Risk carrier / Reinsurer
shall have the right to cancel this policy by notifying the Insured in
writing without premium refund.
In case of the Insured does not have the right to use the Crypto Insurance service by any
reason, including but not limited to the prohibition on the use of this service on the territory of his
country, the insurance contract is considered nil and void
and the premium is subject to return proportionally to unexpired period.
- Confidentiality and Non-disclosure
- The Insured shall not, without the Risk carrier / Reinsurer prior written
consent, at any time disclose any terms or conditions of this Contract, or any information made
available by the Risk carrier / Reinsurer to the Insured with respect thereto
and designated as confidential, to any third party.
- Disclosure of this Contract to government regulators of the Business Country,
will require the Risk carrier / Reinsurer's prior written consent.
- The Insured shall take all practicable measures to comply with any reasonable
request of the Risk carrier / Reinsurer to safeguard the confidentiality of all documents, data
and other information received by the Insured, except information that is
or becomes a matter of public knowledge or is obtained by the Insured from any source other than
the Risk carrier / Reinsurer or any of the Risk carrier / Reinsurer's respective agents or
representatives, including employees, attorneys, and financial
- Law and Jurisdiction
- Any dispute between the Insured and the Risk carrier / Reinsurer, arising out of
or in connection with this Contract shall be settled by final and binding arbitration in
accordance with the laws as the Risk carrier / Reinsurer will think fit at his
- Nothing in this clause shall, or shall be construed so as to, limit the right of
the Risk carrier / Reinsurer to take Proceedings against the Insured in the courts of any
country in which the Risk carrier / Reinsurer has assets or in any other court
of competent jurisdiction nor shall the taking of Proceedings in any one or more jurisdictions
preclude the taking of Proceedings in any other jurisdiction (whether concurrently or not) if
and to the extent permitted by applicable law. The Insured,
the Risk carrier shall irrevocably accept the jurisdiction chosen by the
- If any provision of this Contract is found by any court or administrative body
of competent jurisdiction to be invalid or unenforceable, such invalidity or unenforceability
will not affect the other provisions of this Contract which will remain in
full force and effect.