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Cover Buyer / Claims Flow

Buy Cover Flow​

Claims Flow​

Cover Buyer Actions​

  1. Buy Cover

    • Get quote from Cover Router API /quote for pricing and pool allocations
    • Call buyCover on Cover contract with the pool allocation result

  2. Submit and Process Claim

    • Call submitClaim on IndividualClaims to request a payout
    • Wait for assessment period where Assessors vote on the claim
    • If approved, call redeemClaimPayout on IndividualClaims to receive payout

Getting a Cover Quote and Purchase​

  1. Quote Process (1a) Cover Buyer calls Cover Router API /quote to fetch price and pool allocation (1b) Cover Router API responds with recommended pool allocation

  2. Cover Purchase (2a) Cover Buyer calls buyCover on Cover with pool allocation (2b) Cover checks if buyer is a member (2c) Cover gets product info from CoverProducts (2d) Cover mints NFT via CoverNFT if new cover (2e) CoverNFT issues NFT to buyer (2f) Cover requests allocations from StakingPool(s) (2g) Cover handles payment:

    • For NXM: Burns premium via TokenController
    • For ETH/ERC20: Transfers premium to Pool

Claim Submission & Processing​

  1. Submit Claim (1a) Cover Buyer calls submitClaim on IndividualClaims (1b) IndividualClaims validates:

    • Cover ownership via CoverNFT
    • Cover validity via Cover (1c) IndividualClaims starts assessment process

  2. Assessment Process (2a) Assessors call castVotes on Assessment (2b) Assessment locks staked NXM for voting period

  3. Claim Payout (3a) Cover Buyer calls redeemClaimPayout on IndividualClaims (3b) IndividualClaims calls Cover to burn stake from affected pools (3c) IndividualClaims sends payout via Pool which:

    • Transfers claim amount in cover asset
    • Returns claim deposit in ETH