Transaction Cover Terms & Conditions (“Transaction Cover”)
Last updated: 17th May 2024
What should You know at a glance?
Transaction Cover is provided by OpenCover UK Ltd (“OpenCover”), a company registered in the United Kingdom (company no. 13364577) whose registered office is at 71-75 Shelton Street, London, United Kingdom, WC2H 9JQ.
Transaction Cover protects You against financial losses caused by malicious actors (e.g. scams, phishing, oracle manipulation, governance attacks) and technical risk (e.g. smart contract exploits and compiler vulnerabilities) when using official Request Finance products. The Service is only provided on Covered Blockchains for Covered Assets (see up-to-date list here) on supported Request Finance smart contracts (see up-to-date list here). The full list of covered risks and exclusions is detailed in the Covered Risks and Exclusions section below.
Eligible Request Finance transactions protected by Transaction Cover (“Covered Transactions”) must be included in the target blockchain within 5 hours of transaction creation for transactions created using a Safe (multisignature) smart contract wallet and within 5 minutes for transactions created using an externally owned account (EOA) for the protection to be valid.
Claims on Covered Transactions where an unexpected monetary loss ("Loss") arises while the cover is active (i.e. before Cover Expiry) must be submitted within 72 hours of transaction creation. The initial aggregate cover limit in force at any one time shall be $1,000,000 per month with up to $100,000 covered per Covered Transaction. Claims can only be made by genuine Request Finance users for genuine transactions created as part of the natural use of an official Request Finance product. That is to say, claims made for transactions designed to exploit the Request Finance platform for whitehat or blackhat purposes, as part of seeking a bug bounty reward (for bounties see the Request Bug Bounty Program) or other uses of Request Finance outside of its intended scope are not eligible for payout under Transaction Cover.
As part of a claim, You will be asked to submit Loss information to OpenCover and provide individual or entity identification (KYC/KYB), as part of our regulatory obligations. At present, Transaction Cover cannot be provided to parties based, for example, in Afghanistan, Belarus, Burundi, Congo, Cuba, Eritrea, Guinea Bissau, Iraq, Iran, Liberia, Mali, Myanmar, North Korea, Russia, Somalia, South Sudan, Sudan, Syria, the following regions of Ukraine: Crimea, Donetsk and Luhansk Regions, Venezuela, Yemen or who are subject to sanctions by the United Kingdom Government, as published from time to time. If you are in such a country, and even if a transaction is supposed to be covered, OpenCover its underwriters, or Request will not be able to reimburse a potential loss.
Claim assessment and payout typically take 9–14 business days from the claim submission date as detailed in the Claims and Payouts section below.
Payouts are made in USDC and computed as the Loss at the time of transaction minus a 5% deductible for claims above $1,000.
Should You recover funds in connection with a claimed Loss, such as through voluntary protocol indemnification or an attacker returning funds, the relevant payout amount must be reimbursed as detailed in the Recovery section below.
You may request the set of Covered Blockchains, Covered Assets, Covered Smart Contracts, and Covered Smart Contract States to be expanded by contacting the Request support team.
Definitions
“Business Day”: a day other than a Saturday, Sunday or public holiday in England, when banks in London are open for business.
“Claim Submission Window”: the time window to submit a claim for losses in connection with a Covered Transaction: 72 hours after the transaction creation.
“Cover Exclusions”: the exclusions listed in the Covered Risks and Exclusions section below.
“Cover Expiry”: the date and time at which protection for a Covered Transaction elapses. Losses incurred after Cover Expiry are not eligible for claims.
“Covered Address”: the blockchain address used by You to make the payment for a Covered Transaction.
“Covered Assets”: the assets included in this list updated from time to time.
“Covered Blockchains”: the blockchains included in this list updated from time to time.
“Covered Risks”: the risks listed in the Covered Risks and Exclusions section below.
“Covered Smart Contracts”: the Request Finance smart contracts included in this list updated from time to time.
“Covered Transaction”: a blockchain transaction carried out on or via the Request product and services, meeting all the eligibility criteria set out in this contract. So a transaction made:
on Covered Blockchains for Covered Assets (see up-to-date list here),
on supported Request Finance smart contracts (see up-to-date list here),
included in the target blockchain within 5 hours of transaction creation for transactions created using a Safe (multisignature) smart contract wallet and within 5 minutes for transactions created using an externally owned account (EOA),
from a party not sanctioned or blacklisted by the United Kingdom Government or any other international regulatory institution.
Not designed to exploit Request Finance or make a claim under this agreement.
“Deductible”: an amount retained from a successful payout by underwriters to cover claim overheads.
“Loss”: unexpected direct monetary loss arising out of or in connection with a Covered Transaction.
“Maximum Cover Amount”: the immediate monetary value at risk in a Covered Transaction up to transaction-level and aggregate coverage limits ($100,000 covered per Covered Transaction).
“You” are the eligible customer of Request products and services, and of this Transaction Cover Service. “Your” shall be interpreted accordingly.
Covered Risks and Exclusions
A Covered Transaction protects the Covered Address associated with the Covered Transaction against a Loss directly caused by one or more of the Covered Risks defined below.
Except for the Cover Exclusions and subject to the Maximum Cover Amount, You are eligible for repayment to the blockchain address of Your choice, less any applicable Deductible, of any potential Loss incurred before Cover Expiry.
Covered Risks. The Covered Risks are:
[P01] Protocol exploit: smart contract bug or implementation error in a legitimate protocol
[P02] Oracle exploit: oracle manipulation or oracle failure in a legitimate protocol.
[P03] Governance attack: malicious upgrade forced through in a legitimate protocol.
[B01] Bridge exploit: Funds stolen or permanently locked during a legitimate bridge transaction.
[M01] Malicious contract: Interaction with a fraudulent protocol or asset part of a scam/phishing campaign.
[D01] Stablecoin depeg: loss of peg to target fiat currency by 1% or more (rounding to 3 decimal places.)
[S01] Systemic failure: chain-level failure such as 51% attack or block reorganization.
Cover Exclusions. The Cover Exclusions are:
[H01] Non-malicious contract: interaction with unintended but non-malicious contract due to human error.
[H02] Wrong EOA: transfer to an unintended EOA as part of a legitimate transaction due to human error.
[H03] Internal fraud: theft from authorised internal party.
[M02] Malicious transfer to EOA: transfer to a fraudulent EOA part of a scam/phishing campaign.
[D02] Wrapped asset depeg: loss of peg to target free-floating cryptocurrency.
[C01] Compliance: loss due to non-compliant transaction.
In no event or circumstance, shall OpenCover, its underwriters, or Request be liable to You for more than the Maximum Cover Amount.
Claims and Payouts
Claims can only be made for Covered Transactions created and settled using an official Request Finance product, application or application programming interface (API). To be claimable, a Loss must:
i) occur on one of the Covered Blockchains; and
ii) be caused by one of the Covered Risks; and
iii) be caused by one or more of the Covered Smart Contracts in a Covered Smart Contract State in case the Loss arises from a failure or vulnerability in a smart contract; and
iv) be caused by one or more of the Covered Assets in case the Loss arises from asset failure; and
v) be irreversible and permanent; and
vi) not knowingly be caused for the sole purpose of submitting a claim under this Agreement; and
vii) not be caused by a security breach or negligence in Request Finance's offchain infrastructure (i.e. not deployed on a blockchain) or internal operations (such as private key management).
If a Loss arises for a Covered Transaction, You must submit a claim at https://opencover.com/transaction-cover/request/submit-user-claim within 72 hours of the transaction creation date (the Claim Submission Window).
Claims are processed by OpenCover typically within 9–14 Business Days from submission. As part of the claim, You will be asked to submit detailed Loss information and provide individual or entity identification (KYC/KYB) in order to comply with obligations under the United Kingdom’s Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 and associated guidance.
Claims are analysed using the transaction trail and flow of funds of the affected Covered Address. For the purpose of calculating realised Losses, CoinGecko is used as the provider of market data for free-floating cryptocurrency prices and Bloomberg is used as the provider of market data for foreign exchange rates.
Claims are made in USD and must represent an actual loss auditable on the blockchain. You cannot claim:
indirect or consequential loss or damage; or
special damages; or
loss of future profits, business opportunity, anticipated savings or other potential upside following the inclusion of the Covered Transaction on the blockchain; or
loss of goodwill; or
loss of or damage to data, suffered by You or a third party claiming through You irrespective of how such loss or damage may arise and no matter which theory of liability gives rise to any cause of action by You.
Approved claims are paid out in USDC at a 1:1 exchange rate with USD to a payout address provided by You up to the Maximum Cover Amount minus a 5% deductible in case the claim amount is above $1,000.
Recovery
After a claim is paid by OpenCover, You:
assign all rights and interest, with full title guarantee, in the Covered Transaction to OpenCover and they shall be entitled to pursue recovery of the Loss without further recourse to You. The exact recovery mechanism will be settled on a case-by-case basis and at the discretion of OpenCover; and
shall forward any recoveries received by You in relation to the Covered Transaction to OpenCover upon receipt.
If You are unable to assign such rights to OpenCover, then, instead of assigning such rights to OpenCover, You shall allow OpenCover to make a claim in Your name. In no circumstances, shall You waive any rights that could adversely affect any such assignment rights. Any amounts recovered by OpenCover in connection with the exercise of its assignment rights shall be applied first to reimburse OpenCover for any Claim paid by OpenCover pursuant to these Terms and for any costs or expenses incurred in connection with such recovery and then the remainder of such recovered amounts shall be paid to OpenCover.
You warrant that You shall:
preserve any indemnification or other rights against any other person or entity for the recovery of such losses and OpenCover’s rights with respect thereto; and
not do, allow done or knowingly omit to do any act which shall jeopardise OpenCover’s right to recover losses from any other person or entity.
Last updated