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Claims & Assessments

1. Submit Claim Flow​

2. Assessments & Redemption Flow​

Actions​

Quick Summary:​

  1. Cover buyers can submit claims and redeem payouts
  2. Claim assessors vote on claim validity
  3. Approved claims receive payouts in cover asset

1. Cover Buyer Actions​

  1. Submit Claim

    • Call submitClaim on Claims to request a payout
    • Provide:
      • Cover ID
      • Claim amount
      • Incident date
      • Proof of loss
    • Pay claim assessment deposit in ETH

  2. Redeem Approved Claim

    • Wait for assessment period to complete
    • If claim is approved, call redeemClaimPayout on Claims
    • Receive:
      • Claim amount in cover asset
      • Assessment deposit returned in ETH

2. Claim Assessor Actions​

  1. Vote on Claims
    • Call castVote on Assessments contract
    • Specify:
      • Claim ID
      • Vote (Accept/Reject)
      • Stake amount
    • NXM stake is locked during voting period

Claim Submission & Processing​

  1. Submit Claim (1a) Cover Buyer calls submitClaim on Claims (1b) Claims validates cover ownership via CoverNFT (1c) Claims validates claim amount via Cover (1d) Claims starts assessment process

  2. Assessment Process (2a) Assessors call castVote on Assessments (2b) Assessments records each ballot with the rationale for the decision

  3. Claim Payout (3a) Cover Buyer calls redeemClaimPayout on Claims (3b) Claims validates with Assessments:

    • Assessment period has ended
    • More accept votes than deny votes
    • Cooldown period has passed

    (3c) Claims calls Cover to burn stake from affected pools (3d) Claims sends payout via Pool (3e) Pool transfers:

    • Claim amount in cover asset
    • Returns assessment deposit in ETH

Notes​

  • Claims can be submitted before the grace period ends (cover expiry + grace period days)
  • Assessment period has a fixed duration for voting
  • Claimant deposits ETH when submitting a claim:
    • Deposit is returned to claimant if claim is approved
    • Deposit is distributed to assessors if claim is rejected
  • Approved claims burn staked NXM from affected staking pools