This policy covers the Swap loss occurred on NativeX protocol
The policy's duration is expressed in weeks and begins at 0:00 UTC on the chosen start date (Sunday) and ends at 0:00 UTC on the chosen end date (Sunday).
Policyholders will get compensation up to the maximum coverage amount in the event that assets are lost during the swap hosted by NativeX Protocol as a result of a smart contract exploit, depending on the actual loss caused by the vulnerability.
If the exploit damage is equal to or greater than 100% of the insured amount, 100% of the covered amount will be paid out. A lesser amount should be used when the exploit damage is less than 100% of the covered amount.
In the unusual but nonetheless probable event of a collateral shortfall (insufficient collateral to compensate policyholders), policyholders will receive collateral in proportion to their shares of the overall coverage amount.
A collateral shortage event may occur when multiple policies are activated at the same time and there is insufficient collateral to pay out the harmed policyholders from both protocols. It is a low-probability event, but it is difficult to eliminate such a risk in all insurance scenarios.
Additionally, policyholders are eligible for a return if the required collateral amount is less than the outstanding insurance amount. Such a scenario could be triggered by a large payout, for example. The unprotected amount will be automatically repaid to policyholders' wallets every week until adequate collateral deposits are made to cover the outstanding policies.
Claims can be submitted on-chain, and pool managers will be notified to conduct a payout.