General Conditions of Insurance.

  1. Whereas
    1. 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-exchange.
  1. Definitions
    1. “Crypto Insurance” means insurance product offered by the risk providing online platform www.cryptoins.io, under which insurance coverage guarantees are provided by the Risk carrier.
    2. “Insured” means the user of crypto-exchange services whose interests are insured under the insurance contract.
    3. “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:
        1. cyber-attacks on crypto-exchange software;
        2. 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 above.

    1. “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.
  1. Exclusions

The Risk carrier / Reinsurer shall in no case be liable for any Loss which is due to:

    1. War, invasion, act of foreign enemy, hostilities or war like operations (whether war be declared or not), Civil war;
    2. 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;
    3. Strikes, riots, difficulties from mobs;
    4. Earthquake, flood or other acts of God;
    5. Ionizing radiations from or contamination by radioactivity from any nuclear fuel or from any nuclear waste or from the combustion of nuclear fuel;
    6. The radioactive, toxic, explosive or other hazardous or contaminating properties of any nuclear installation, reactor or other nuclear assembly or nuclear component thereof;
    7. Any weapon or device employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter;
    8. 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 peaceful purposes;
    9. Any chemical, biological, bio-chemical, or electromagnetic weapon;
    10. Seizure, confiscation, requisition, seizure or destruction of the crypto-exchange funds or closure of a crypto-exchange by the order of state bodies;
    11. Losses caused as the result of crypto currency trading, including but not limited to securities, commodities, futures, options, cash;
    12. Any careless or negligent actions of the Insured;
    13. Insured’s negligence to execute Exchange circulars and recommendations;
    14. Appearance of any liability of the Insured person to third parties.
  1. Waiting period

The Insured will not be indemnified, if

    1. The Exchange has not stopped its activity during the waiting period;
    2. The Exchange has notified its clients about full or partial compensation of losses of their funds.
  1. The Contract
    1. 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.
    2. The aggregate indemnity shall never exceed 5 BTC throughout the Contract Period, irrespective of the amount of account and/or policies purchased.
    3. Insurance protection shall commence on the 4th day following the purchase of the policy.
    4. Premium collection shall mean the policy purchase date.
    5. The insurance contract is expired on the last date of the Contract Period, or the date of compensation payment.
    6. The contract can be terminated by either party by written consent of the parties.
    7. 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.
  1. Insurance Compensation
    1. Signs of a possible claim occurrence. The following events, either occurred separately or jointly, may result in possible claim
      1. 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;
      2. Mysterious disappearance of the managed funds from the Insured’s account;
      3. Inability access the Exchange’s technical support, misleading or false statements regarding the technical condition of the Exchange.
    2. Notice of loss
      1. In case of possible claim occurrence signs, the Insured shall as soon as practically possible notify Crypto insurance, supplied with all available information.
      2. The Insured should acknowledge the estimated amount of loss resulted from the event.
      3. The Waiting period shall commence on the next day after Crypto insurance has received the notice.
    3. After the waiting period, the Risk carrier shall calculate the amount of compensation for the Loss and
      1. in case of positive decision, release the compensation within 10 working days thereafter,
      2. in case of negative decision, release the formal statement of refusal in writing.
    4. 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.
    5. Limit of liability:
      1. 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.
      2. If the actual loss does not exceed the Limit of liability, the Insured shall never be entitled for the compensation beyond the actual loss.
  1. Recourse

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.

  1. Excess payment
    1. 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.
    2. 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.
  1. Anti Money Laundering and Combating Terrorism Financing compliance
    1. The Insured shall comply with Anti-Money Laundering Regulations, 2011 as most recently updated.
    2. The Insured undertakes that Enhanced Due Diligence and Compliance procedures will be performed to the parties in this contract.
    3. 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.
  1. Disclaimers

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.

  1. Excluded territories

The USA, Canada, Saint Kitts and Nevis

  1. Confidentiality and Non-disclosure
    1. 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.
    2. Disclosure of this Contract to government regulators of the Business Country, will require the Risk carrier / Reinsurer's prior written consent.
    3. 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 advisors.
  1. Law and Jurisdiction
    1. 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 sole discretion.
    2. 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 Reinsurer.
    3. 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.

Keep in touch

No spam, only must know stuff