Ibeacon is the leading onchain insurance alternative
Claims
The crypto insurance alternative offering unrivalled protection that pays when you need it most. $18,249,286 in claims approved and paid by members to cover holders who suffered a loss of funds.
File a claim in just a few steps
You should carefully review the terms and conditions of your coverage policy to ensure that your incident falls within the scope of the covered events. Pay close attention to any exclusions, limitations, or specific requirements outlined in the product wording. Once you have confirmed that your claim is eligible, gather all necessary documentation, such as proof of loss, receipts, invoices, or any supporting evidence required by your insurer.
Once you have submitted your claim along with the necessary proof of loss, the insurer's assessors will review the details to determine the claim's validity. This assessment process ensures that the claim meets the terms and conditions outlined in your policy and that all required documentation has been provided.
When submitting your claim, it is crucial to provide a clear and detailed account of the incident. Include essential information such as the date, time, and location of the event, along with a description of what happened. If applicable, mention any contributing factors, third parties involved, or external circumstances that may have played a role in the incident. Be as specific as possible when explaining the nature of the damage, loss, or injury.
To support your claim, you must submit proof of loss that aligns with the specific requirements of your insurance policy. The type of documentation needed will vary depending on the nature of your claim and the cover product. Below are some common types of proof of loss for different claim categories: Detailed list of damaged, lost, or stolen items, including their value and purchase date, Receipts, invoices, or proof of ownership for affected property
Ibeacon’s risk engine technology is insured so that if a protected transaction turns out to be malicious, we are able to compensate our customers. This is the beacon’s guarantee. Ibeacon’s itself does not provide insurance coverage for assets or operations.
RISKS
Battle-tested and transparent claim assessment process.
Every member has the right to vote on claims. Cover wording documents detail the guidance for paying claims but members have the final say and are rewarded for voting honestly. That's why we've already paid out over $18M+ claims.
Social engineering
This covers cases where a malicious third party deceives a customer into revealing sensitive information, leading to the theft of digital assets, provided the customer has followed ibeacon-approved verification processes.
Account Takeover (ATO)
A security breach in which an unauthorised person gains access to your customers' digital asset account on your platform and subsequently uses this access to successfully request that the digital assets are sent to an alternative wallet address.
Spear phishing
This covers phishing emails that trick customers into granting a malicious third party access to their digital asset accounts, leading to asset theft, provided the customer has implemented Ibeacon-approved Two-Factor Authentication policies.
Address poisoning
A situation where a bad actor has misled your customer into sending funds to an alternative wallet address by closely matching (within 2 characters) a trusted address previously used by your customer.
Ransomware
Where a system that holds the credentials/key material which are required to access your customer's assets is impacted by ransomware, therefore preventing access to their digital assets.
Ibeacon's risk engine technology is insured so that if a protected transaction turns out to be malicious, we are able to compensate our customers. This is the Ibeacon's guarantee. CoinCover itself does not provide insurance coverage for assets or operations.