Stablecoin De-Peg Cover
Last updated
Last updated
The summary and link to the full terms and conditions can be found here:
| Cover Product | Cover Wordings |
|---|---|
Claim assessments are conducted by the Advisory Board through investigation and voting. Instead of simply accepting or rejecting a claim which is the general practice in the space, Pramb adopts a quantitative and more sensitive approach.
Step 1: Claim Submission
Upon the occurrence of a Claimable Risk Event, the Advisory Board shall announce through Pramb's social media accounts and/or channels as set out on the Platform to confirm the occurrence of the Claimable Risk Event, or to extend the time to investigate and verify the event.
Claims must be submitted in respect of any Claimable Risk Event that occurred within the Cover Period with a fee payment of 0.5 % of the amount claimed by the Claimant to Pramb before the expiration of the earlier of:
21 days after Pramb’s public confirmation of the Claimable Risk Event; or
15 days after the Cover Period has expired,
failing which there shall be no Claim under the Cover.
(each as defined herein, and collectively, the “Claim Deadline”)
After the expiry of the Claim Deadline, no further or other stablecoin devaluations shall constitute a Claimable Risk Event until the conclusion of ongoing Claims.
Claims shall automatically be deemed invalid and rejected upon submission if the Claims were made on the same loss event which has already been rejected twice by the Advisory Board.
Claimants shall submit their Proof of Loss and Ownership within seven (7) days from the day of Claim submission, failing which the Claim shall automatically be deemed invalid and rejected.
Step 2: Investigation
The Advisory Board shall only make a Claim Investigation Report containing the Advisory Board’s investigation findings, draw a conclusion, and make a payout proposal on the Claim in respect of valid claims (“Proposal”).
Step 3: Individual Appeal
In the event the Claim is determined by the Claim Assessors, the Claimant shall have 72 hours to file an Appeal (“Appeal”) (if any) against the decision of the Claim Assessors and pay the Protocol a fee of 0.5% of the amount claimed by the Claimant, failing which there shall be no Appeal. The Advisory Board shall have sole and absolute discretion to make a final and conclusive determination on the Appeal.
Step 5: Payout
If the Claim is approved, payments shall be made according to the criteria set in the Proposal or Appeal decision to the successful Claimants and Pramb shall not be responsible for any differences between the market value of the tokens used in making the Cover Payouts at the time of such Cover Payouts and the time the Claimants have received such Cover Payouts.
Pramb will use commercially reasonable efforts to communicate any material amendments of the Terms through Pramb’s social media accounts and/or channels as set out on this platform but in any case, it is your responsibility to check for the latest version of the terms and conditions before purchasing the Cover or continuing with your use of the Cover. Please note that continued use of the Cover after such amendments is deemed as agreeing to the amended terms and to be bound by them.
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