Phoenix Cover is a Web3 transaction insurance platform offering users cover against theft of their on-chain assets by malicious smart contracts, also known as 'wallet drainers'.
How do I purchase insurance?
To purchase transaction insurance on your on-chain assets, please click 'Buy Cover' button and fill out the Typeform with your contact details and the ERC-20 wallet address(es) you would like to insure. You will then be taken to a payment portal to complete the purchase using either credit/debit card or crypto payment. Note: Please ensure that you fully meet our eligibility criteria for insurance outlined in our whitepaper, prior to purchasing insurance.
Yes. Phoenix Cover does not require you to relinquish ownership over your insured assets. Moreover, our on-chain transaction simulator informs policyholders if they are making a risky transaction ahead of time. For any malicious transaction that our transaction simulator doesn't pick up on, you will be reimbursed by our insurance.
A Phoenix Cover insurance policy offers you coverage on your on-chain ERC-20 and ERC-721 assets in the event that they are stolen by a malicious smart contract that you mistakenly approve. The value of your wallet at the time that the loss of funds occurred will be measured in USDC, and reimbursed accordingly. We currently offer coverage for all ERC-20 and ERC-721 assets stored on the following blockchain networks: Ethereum mainnet, Polygon, Arbitrum One, Optimism, Fantom, Avalanche C-Chaib, ZkSync Era, BNB Chain
How do I claim insurance if my assets are stolen?
You can make a claim by submitting it to contact@phoenixcover.com
Is Phoenix Cover regulated?
We are incorporated in the jurisdiction of England and Wales. We are offering a product that covers you in the event that you lose funds via interacting with a smart contract.
What currencies can I use to purchase insurance?
Currently we accept payment in Ethereum ($ETH) and in USDC. The currency with which you pay for your policy will correspond to your policy limit and your payout.
What do I need to be eligible?
To be eligible you must have a metamask wallet, use google chrome for your transactions and have the extension from pocketuniverse.
What are the tax implications if I receive a payout?
Tax implications are the same for any kind of insurance product. You will be compensated for the value of your assets at time of loss.
What do you do for security and privacy?
We take security and protection of our user data very seriously. We comply with all industry regulations and standards to ensure the highest level of standards. These measures include using secure protocols for data transmission, encrypting sensitive information, implementing two-factor authentication, regularly monitoring and analysing system logs, and conducting regular security audits and penetration testing. We use leading cloud service providers with best account practices for authorisation and authentication, as well as network isolation to reduce surface area. Our team is also trained to follow strict security protocols and policies to prevent unauthorised access, use, or disclosure of user data.
What is the minimum and maximum amounts I can cover?
The minimum amount you can cover is $500 and the maximum amount is $100,000.
This is a hands-off service or set it and forget it. You pay a premium and abide by the elibility criteria, then in the event of a legitiamte claim, we will pay out.
