Assurance Policy Wording

This Assurance Policy Wording sets out the terms of every Assurance Policy Contract (a Policy) between the person whose wallet takes out the Policy on the smart contract (the Holder) and Engagex Global LLC, 1309 Coffeen Avenue, Wyoming 82801, USA (ENGAGEX).

ENGAGEX is a third-party assurance provider for smart contract and wallet risk. A Policy is a promise by ENGAGEX to pay the Verified Loss, up to the Assured Amount, once ENGAGEX has verified that a Covered Event really happened and the terms of this wording are met.

ENGAGEX is not holding itself out as a licensed insurance carrier. A Policy is an assurance contract. It is not offered as a policy of insurance issued by a licensed insurance carrier. Words such as “Policy”, “Premium”, “Insured Wallet” and “claim” are used for clarity only and do not change that position.

Policies are not available everywhere. Availability may be limited where local law requires a licence, as described in the section on sanctions and restricted jurisdictions.

A Policy is a contract between the Holder and Engagex Global LLC. It is recorded on-chain by the ENGAGEX Assurance smart contract on BNB Smart Chain, as described in the section on formation of a Policy, and its legal terms are these published documents. The smart contract records Policies. It does not pay claims. Claims are reviewed and paid off-chain by Engagex Global LLC under the Claims Policy.

In this wording:

For the purposes of a Policy, one USDT is treated as equal to one US dollar when the Premium, the Assured Amount and the Benefit are calculated.

The Policy is made up of:

The version of this wording that applies to a Policy is the one in effect when the Holder submitted the takePolicy transaction, subject to the section on changes.

The Holder should also read the Risk Disclosure. Statements on marketing pages do not form part of the Policy and do not extend cover.

A wallet can buy a Policy before its KYC is approved, including while KYC is waiting for review. The Policy becomes active for claims only once the Holder’s KYC is approved under the KYC and AML Policy. No claim can be submitted or paid before KYC approval, and an Incident must occur after Activation to be covered. The Policy Period still ends 365 days after Purchase. The Holder must be 18 or older. A wallet can also buy directly from the Smart Contract without using the website. A Policy bought that way is still recorded on-chain and follows the same rules.

By ticking acceptance of the terms and submitting the takePolicy transaction, the Holder confirms that:

These confirmations are essential to the Policy. ENGAGEX relies on them in agreeing to provide it. If any of them was untrue when given, the section on fraud and misrepresentation may apply.

A Policy is created when the insured wallet calls takePolicy on the Smart Contract. In the Dashboard, this happens in the following order:

The transaction is the Holder’s record of acceptance. There is no separate wallet signature of a policy agreement. A wallet that calls the Smart Contract directly, without using the Dashboard, is treated as having accepted these terms by doing so.

No Policy exists until Purchase. A transaction that fails or is not confirmed does not create a Policy. The contract owner may cancel a Policy on-chain, as described in the section on cancellation and termination.

Each Policy covers one Insured Wallet. It does not cover any other wallet of the Holder.

The Holder enters the Assured Amount when creating the Policy, in whole US dollars from USD 100 to USD 100,000 per Policy. It cannot be changed after Activation.

The Assured Amount is the most ENGAGEX may pay under a Policy in total, for all claims during the Policy Period. It is a limit, not an agreed value. Any payout is limited to the Verified Loss, up to that limit, and is made only after verification.

The Holder should choose an Assured Amount that reflects the funds at risk. Choosing a higher Assured Amount than the funds in the Insured Wallet does not increase any Benefit, and the Premium is not reduced later if the balance of the wallet falls.

The Premium is 2.5% of the Assured Amount. For example, the Premium for an Assured Amount of USD 1,000 is USD 25. This rate is an introductory offer for every wallet.

ENGAGEX may change the Premium for future Policies on notice. ENGAGEX will never change the Premium for a Policy in force.

The Premium is paid once, in BEP-20 USDT on BNB Smart Chain (token contract 0x55d398326f99059fF775485246999027B3197955), from the Insured Wallet to the Smart Contract, in the same transaction that creates the Policy. The Holder pays network gas in BNB. There is no separate ENGAGEX address at checkout. A payment in a different asset, from a different wallet or by any other route is not a valid payment of the Premium.

Premiums stay in the Smart Contract until the contract owner or an authorised fund manager moves them. They are not held in trust and are not segregated from other funds. The owner key controls them.

The Premium is final and non-refundable once the Policy is active. See the section on no refunds.

A Policy is valid for 365 days (one year) from the block time of the takePolicy transaction. Cover is active for claims from Activation, which is when the Holder’s KYC is approved. The Policy Period does not extend if KYC is approved later. It ends at the end of that period, or sooner if the Policy is cancelled or terminated under this wording. The Smart Contract stores the start time and end time of each Policy, and they are the authoritative record of when a Policy is valid.

A Policy does not renew automatically. To stay covered after the Policy Period, the Holder must create a new Policy, on the terms and Premium in effect at that time.

A claim must be submitted within the 365 day Policy Period to be eligible, as set out in the section on the Holder’s duties. A claim submitted after the Policy Period ends is not eligible.

A Policy is final once the takePolicy transaction is confirmed on-chain. There is no cooling-off period, and the Holder cannot cancel a Policy or get any part of the Premium back. Network fees the Holder has paid are not refunded either.

The Holder should check the Assured Amount, the Insured Wallet and these terms before submitting the transaction.

Any right the Holder has to cancel under mandatory consumer law is not affected.

Each of the following is a Covered Event, subject to the rest of this wording:

A protocol is rugged when the people who operate or control it deliberately drain its liquidity or user funds, or abandon it after taking them, so that the Holder’s funds in that protocol are lost.

A contract is compromised when a person exploits a vulnerability in it, or gains unauthorised control of it or of its admin keys, so that funds are taken without authority.

For any Covered Event, all of the following must also be true:

An Interaction that took place only before Activation does not qualify, even if the resulting loss happens after Activation. The Incident itself must also occur after Activation.

The supported partner list is shown in the claim form in the Dashboard. It is the only source of truth for which partners are supported. The Holder should check it before each Interaction.

ENGAGEX may add or remove partners at any time. Removing a partner does not affect an Interaction made while the partner was listed. An Interaction made after removal does not qualify.

Listing is limited to the dapp, protocol or contract shown on the list. It does not extend to forks, imitations, other deployments or other products of the same operator, unless they are listed too.

Listing is not an audit, endorsement or statement of safety. ENGAGEX does not operate Supported Partners.

Every claim is verified before it is paid. ENGAGEX reviews each claim to verify that it is genuine. If ENGAGEX verifies that (a) the Incident really happened, (b) it involved a Supported Partner that was actually compromised, rugged or exploited, or the Insured Wallet was hacked after an Interaction with a Supported Partner, as set out in the section on Covered Events, and (c) the Holder actually lost funds as a result, then the Verified Loss, up to the Assured Amount, becomes eligible for payout to the Holder. Payment is made only after verification. Unverified, false or unsupported claims are not paid.

Within 30 days of a claim being submitted, the ENGAGEX team reviews it and tells the Holder the outcome or any issues found, for example missing evidence. This is a review window, not a promise that payment will be made within 30 days. Payment follows once the claim is verified and the KYC and wallet checks are passed.

The Verified Loss is the amount of funds that ENGAGEX verifies, from on-chain records and the evidence provided, were lost from the Insured Wallet, or from a position it held with the Supported Partner, as a direct result of the Covered Event. Lost assets other than USDT are valued in US dollars using a reasonable market price immediately before the Incident.

The Verified Loss is reduced by any amount the Holder has recovered or is due to recover for the same loss, from any source, including a Supported Partner’s reimbursement programme, a returned exploit, another contract of assurance or insurance, or a recovery by authorities.

Any Benefit is paid in USDT, off-chain by ENGAGEX and not by the Smart Contract, to a wallet that passes KYC checks. Where the Insured Wallet is compromised, the Holder must nominate another wallet they control, and that wallet must pass those checks before payment.

The meaning of “validly filed”, and the way ENGAGEX reviews and pays claims, are set out in the Claims Policy.

More than one claim may be made during the Policy Period, but multiple claims cannot exceed the Assured Amount in aggregate.

When total Benefits paid reach the Assured Amount, the Policy ends. No part of the Premium is refunded.

The Holder cannot recover more than the Verified Loss, in total, for the same loss. If more than one Policy applies to the same loss, the total paid under all of them cannot exceed the Verified Loss.

ENGAGEX does not pay any Benefit for a loss that is caused by, or that arises from, any of the following:

If a loss is partly excluded, ENGAGEX assesses only the part that is not excluded.

Reporting. The Holder must submit the Incident Report within the 365 day Policy Period to be eligible, and should do so promptly after discovering the Incident. A claim submitted after the Policy Period ends is not valid. No claim can be submitted before Activation.

Reasonable care. The Holder must take reasonable care to protect the Insured Wallet, including keeping keys and seed phrases private, and must check that any dapp they use is the genuine listed one.

Limiting loss. After discovering an Incident, the Holder must take the reasonable steps available to limit further loss, such as moving remaining funds and revoking approvals, and must keep all relevant records.

Honesty. The Holder must give true and complete information, and must tell ENGAGEX about any recovery or other compensation for the loss.

Cooperation. The Holder must cooperate with the investigation of a claim, as set out in the Claims Policy.

Up to date KYC. The Holder must keep KYC information accurate and complete any re-verification ENGAGEX reasonably asks for. A wallet that holds a Policy with missing or incomplete KYC must complete KYC before any claim can be submitted.

A claim is filed in the Dashboard with the incident type, the partner, transaction hashes, loss amount, date, description and evidence files. The full process is in the Claims Policy.

ENGAGEX reviews every claim and verifies it against on-chain records and the evidence provided. Within 30 days of a claim being submitted, ENGAGEX tells the Holder the outcome or any issues found. ENGAGEX acts reasonably and in good faith, based on the Policy and the evidence available. Payment is made only after the claim is verified.

When ENGAGEX pays a Benefit, it takes over, to the extent of that payment, all rights the Holder has against any person in connection with the loss. This includes rights against the attacker, the Supported Partner and its operators, and any other person responsible.

The Holder assigns those rights to ENGAGEX, and assigns any claim to a reimbursement, recovery or return of the lost funds, to the extent of the Benefit paid. The Holder must sign any document and give any help ENGAGEX reasonably needs to enforce them.

The Holder must not release, settle or waive any such right, or do anything to harm it, without ENGAGEX’s written consent, including by accepting a settlement from an attacker or partner.

If the Holder receives any recovery for a loss after a Benefit has been paid, the Holder must tell ENGAGEX at once and repay ENGAGEX, up to the amount of the Benefit paid. ENGAGEX may keep recoveries it makes up to the amount of the Benefit paid. Any recovery above that amount and the costs of obtaining it belongs to the Holder, up to the part of the loss that was not paid.

If the Holder, or anyone acting for the Holder, makes a false statement, submits a false or altered document, exaggerates a loss, stages an Incident or otherwise acts fraudulently in connection with a Policy, ENGAGEX may:

Where a confirmation in the section on eligibility was materially untrue but the Holder did not intend to deceive, ENGAGEX may decline any claim affected by it and may end the Policy.

ENGAGEX does not provide cover, and does not pay any Benefit, refund or other amount, to the extent that doing so would expose it to a prohibition, penalty or restriction under any applicable sanctions law.

ENGAGEX may treat a jurisdiction as restricted where sanctions law requires it, or where offering a Policy there would require a licence, authorisation or registration that ENGAGEX does not hold, or would otherwise break local law. Where a jurisdiction is restricted, a Policy cannot be bought from it. This is applied at KYC, at checkout or in the Dashboard.

If a Policy in force becomes restricted because of a change in law or in the Holder’s circumstances, ENGAGEX may suspend or end it to the extent the law requires. Where the law allows, ENGAGEX will tell the Holder.

A Policy ends at the first of the following:

The Holder may stop using a Policy at any time, but there is no refund of the Premium. The contract owner can cancel a Policy on-chain, and that does not give rise to a refund.

ENGAGEX may withdraw a KYC approval, and require KYC to be redone, at any time. The Policy stays recorded on-chain, and withdrawal of approval does not by itself cancel it. No claim can be submitted or paid until KYC is approved again. If information turns out to be false, the section on fraud and misrepresentation applies.

The end of a Policy does not affect a claim that was submitted within the Policy Period. The sections on subrogation, fraud and governing law continue after a Policy ends.

A Policy is personal to the Holder and to the Insured Wallet. The Holder cannot transfer, sell, assign or pledge a Policy, or any right to a Benefit, and cannot move a Policy to a different wallet.

Any attempt to do so has no effect against ENGAGEX, except for an assignment to ENGAGEX itself or a transfer that happens by operation of law.

ENGAGEX may change this wording for future Policies by publishing a new version with a new “Last updated” date.

A change does not alter the Assured Amount, Premium or Policy Period of a Policy in force, and will not reduce the cover of a Policy in force, unless the law requires it. Changes to claim procedure that do not reduce cover may apply to a Policy in force from the date of notice.

Each Policy is governed by the laws of the State of Wyoming, USA. Any dispute about a Policy is resolved by binding arbitration on an individual basis, under the binding arbitration and class waiver section of the Terms of Service. The limitation of liability in those Terms also applies.

Questions about this wording can be sent to support@engagex.life or by post to Engagex Global LLC, 1309 Coffeen Avenue, Wyoming 82801, USA.