Because Nexus Mutual is a discretionary mutual, the cover products members purchase are not the same as traditional insurance policies. When a member who holds cover suffers a material loss, they can submit their claim and go through the Claims Assessment process. Members who have staked NXM can participate as claim assessors. Claim assessors review submitted claims, discuss claims, and vote on whether or not to accept claims.
Ultimately, these votes are decided by members who stake NXM. There is usually a community discussion in the Nexus Mutual Discord server, where members share their expertise on an event and share information.
Claims paid to date
Members of the mutual have paid out more than $17.9m to cover holders who suffered a loss due to past exploits, technical failures, and halted withdrawals on centralized custodians.
|Year||Total Claims Paid (in USD)|
Auditing, reviewing past claims
You can review the mutual's claims history on the Nexus Mutual DAO website, where you will find the summary, outcome, and other information about each claim request that has been filed.
In the following sections, we outline past claims events and review the claim outcomes.