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Claims & Assessment

1. Submit Claim Flow​

2. Assessment & 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 IndividualClaims 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 IndividualClaims
    • Receive:
      • Claim amount in cover asset
      • Assessment deposit returned in ETH

2. Claim Assessor Actions​

  1. Vote on Claims
    • Call castVotes on Assessment 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 IndividualClaims (1b) IndividualClaims validates cover ownership via CoverNFT (1c) IndividualClaims validates claim amount via Cover (1d) IndividualClaims starts assessment process

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

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

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

    (3c) IndividualClaims calls Cover to burn stake from affected pools (3d) IndividualClaims 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