What protections are included in the Mutual's cover products?
Nexus Mutual currently underwrites cover for 12 cover products. Each cover product has a cover wording document associated with it that details the terms and conditions. Certain products also include annex or schedule documents, which are available under the terms and conditions overview for each listing.
For a high-level overview of the covered risks, cover wording, proof of loss requirements, and claim filing process for each of the Mutual's cover products, see the Cover Products section of the Nexus Mutual documentation.
To review each individual cover listing, see the Nexus Mutual user interface.
How do I know my claim will get paid?
The Mutual's Claim Assessment process is designed to prevent anyone from submitting fraudulent votes. The claims process is battled-tested and has been used to review and approve $18M+ in claims to date.
Because members have to stake NXM to participate in the Claim Assessment process, they risk having their stake burned if they vote fraudulently. See the Claim Assessment section of the Nexus Mutual documentation for more details on the security of the claims process.
Has Nexus Mutual paid any claims?
Nexus Mutual is the only onchain insurance alternative to pay out $18M+ to people who have suffered a loss due to past exploits, technical failures, and halted withdrawals on centralized custodians.
For more information, you can review Nexus Mutual's claim history in detail:
- Review the Claims History section of the Nexus Mutual documentation
- Analyse past claim decisions on the Nexus Mutual Claims Dune dashboard, which pulls information from the onchain contracts
- Read a summary of each claim decision in the Claims History Database on the DAO website
- Go through past claims in the Nexus Mutual user interface
Who owns the Capital Pool?
Nexus Mutual's Capital Pool holds a variety of crypto assets that back the NXM token. As such, Nexus Mutual members and NXM token holders own the Capital Pool since every NXM can be redeemed for an underlying amount of the Capital Pool in ETH terms. As new and existing members contribute ETH to the Capital Pool and mint additional NXM, the Capital Pool and the NXM supply grow.
To learn more about the NXM token and the Capital Pool, see the Nexus Mutual documentation.
Any decisions regarding the use of Capital Pool assets require approval from Nexus Mutual members. All Nexus Mutual members can vote in governance to determine how the Capital Pool assets are managed and utilized, as all Nexus Mutual members have at least 1 NXM worth of voting power plus the voting power of their NXM holdings.
How can I become a staking pool manager?
By creating your own staking pool, you can accept staked NXM delegations from other members, allocate staked NXM to different listings and earn management fees whenever cover is purchased from your pool.
Anyone can become a staking pool manager. To create your own staking pool, you can head to the Stake section of the Nexus Mutual user interface and select "Create a Staking Pool".
Once you select this option, you will go through the process to create your own staking pool.
If you have questions about becoming a staking pool manager, reach out to us through the Nexus Mutual contact form.
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