Audit Refund Cover


Please note that the summary below only briefly outlines some key terms of the Audit Refund Cover. Purchase of Audit Refund Cover amounts to acceptance of the full terms and conditions in Amulet's Audit Refund Cover Wordings.

A. Cover Scope

Protects against reimbursement of audit fee to the audited protocol due to a loss of funds in the audited protocol's smart contract to any:

  • unauthorized, malicious, or criminal attacks, hacks or exploits of any malfunction or programming flaw in the smart contract within the limits of the scope of work established in the statement of work; or

  • malfunction or programming flaw in the smart contract within the limits of the scope of work established in the statement of work.

Cover period:

  • Starts from date of cover wordings.

  • Ends when the cover matures, is cancelled, is utilized, or if the smart contract is not in use in any manner.

Exclusions that apply:

  • any NFTs

  • any assets of widely blacklisted wallets or marked by illegality

  • any assets that are not verifiable on-chain

  • loss attributable, but not limited to phishing, private key security breaches, or malware

  • loss due to audited protocol operator's failure to rectify issues, problems or vulnerabilities disclosed during the audit

  • loss due to movements in market price or asset value

  • loss due to rug pulls

  • loss due to exploit, compromise or attachment to external smart contracts

  • loss due, but not limited to oracles, governance systems, tokenomics mechanism, floash-loan transactions, incentive structure, or miner behaviour and network congestion

  • loss due to audited protocol operator's negligence, mistake, error or operational failure

  • loss due to cover purchaser's negligence, fraud, dishonesty, criminal act, or omission

  • loss due to underlying blockchain changes or upgrades

  • loss due to collateral damage from a claimable risk event

  • loss due to use of assets as collateral or backing derivatives

B. Claim Process

Step 1: File claim with the Audit Refund Cover Claim Form. Please be aware that:

  • Claims must be filed before the expiration of 15 days after the cover period expires

  • Duplicated claims or claims twice rejected will not be entertained

  • Proof of loss must be filed within 7 days from date of filing claim

Step 2: File proof of loss:

  • Statement of work and/or task order(s)

  • Audit fee payment receipt or blockchain transaction

  • Audit fee reimbursement receipt or blockchain transaction

  • Postmortem report of claimable risk event

  • References to any on-chain transactions and other evidence deemed necessary by Amulet

Step 3: The claim committee investigates the claim for up to 7 days before voting on the claim. In the event the claimant disagrees with the claim committee's decision, the claimant has 7 days to appeal against the decision.

Step 4: in the event the claim is approved, a claim payout shall only be made by the end of the next business day after (1) the release of the claim committee's decision and (2) Amulet' receipt of sufficient evidence of audit fee reimbursement by the claimant.

C. Disclaimer

  • This cover is not a contract of insurance. It offers discretionary protection with the Claims Committee having full and final discretion on claim and cover payout approval.

  • Amulet is not licensed or regulated by any regulator.

  • Completion of any cover payout is determined by sufficiency of assets in Amulet's capital pools.

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