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{"id":1561,"date":"2023-02-16T09:24:50","date_gmt":"2023-02-16T09:24:50","guid":{"rendered":"https:\/\/ap-wa-blog-admin-2.azurewebsites.net\/?p=1561"},"modified":"2023-02-16T09:24:52","modified_gmt":"2023-02-16T09:24:52","slug":"amulet-update-notice-smart-contract-vulnerability-cover-wording","status":"publish","type":"post","link":"https:\/\/amulet.org\/blog\/amulet-update-notice-smart-contract-vulnerability-cover-wording\/","title":{"rendered":"Amulet Update Notice: Smart Contract Vulnerability Cover Wording."},"content":{"rendered":"\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>At <strong><a href=\"http:\/\/www.amulet.org\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-ast-global-color-8-color\">Amulet<\/mark><\/a><\/strong>, we&#8217;re dedicated to providing cover protection for everyone in Web3. As a result, we&#8217;re regularly reviewing current processes and striving to improve our overall service. <\/p>\n\n\n\n<p>This article is to confirm recent updates to our <strong><a href=\"https:\/\/files.amulet.org\/public\/SmartContractCover.pdf\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-ast-global-color-8-color\">Smart Contract Vulnerability Cover<\/mark><\/a><\/strong> wordings. We&#8217;ve implemented these changes to clarify our terminology while facilitating opportunities for product and service enhancement. <\/p>\n\n\n\n<p>For new prospective buyers, the new terms will take affect <strong>immediately (16th February 2023). <\/strong><\/p>\n\n\n\n<p>Meanwhile, current holders of the\u00a0Smart Contract Vulnerability\u00a0Cover will continue with their old terms and conditions for 14 days from\u00a016th February 2023\u00a0after which the new terms and conditions will apply. New terms will apply from <strong>2nd March 2023<\/strong> in these circumstances.<\/p>\n\n\n\n<p>We&#8217;ll continue to remain open and transparent about any further prospective changes to wordings or anything similar. We want to ensure that we&#8217;ll continue to provide the service that exceeds what is expected and required from ourselves.<\/p>\n\n\n\n<p>Please find below the specific changes that we&#8217;ve implemented within our terminology:<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Summary of Changes to Amulet\u2019s Cover Wordings:<\/strong><\/p>\n\n\n\n<p>We have provided a summary of the key changes to our&nbsp;Smart Contract Vulnerability cover wordings&nbsp;referred to above:<\/p>\n\n\n\n<p><em><strong>Smart Contract Vulnerability Cover Summary Sheet<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>At the start of the summary sheet, we have clarified that the cover&nbsp;only provides coverage for loss of funds or digital deposit receipts (e.g. liquidity provider tokens) stored directly in the Designated Smart Contract.<\/li><li>Under the coverage scope, we have clarified and broadened the scope of Claimable Loss to include loss funds in the Designated Smart Contract or loss of funds by losing the relevant digital deposit receipts in the Designated Smart Contract.<\/li><\/ul>\n\n\n\n<p><strong><em>Smart Contract Vulnerability Cover Wordings<\/em><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Under Clause 2.1(c), we have clarified that for the purpose of calculating loss and payouts, Amulet will apply the exchange rate at the start of the Claimable Risk Event based on the daily average market price of the tokens, which is defined towards the end of the cover wordings.<\/li><li>Under Clause 5.1(e), we have replaced the redundant fraud clause with a clause to exclude double claiming on the same funds.<\/li><li>Under Clause 6.1, we have added a recovery clause to survive the termination of the cover in order to recover any payouts where the claimant has already been compensated in full by another party.<\/li><li>Under Clause 6.2(b), we have replaced the 10% cancellation fee simply with cancellation fee.<\/li><li>Under Definitions, we have clarified and broadened the scope of Claimable Loss to include loss funds in the Designated Smart Contract or loss of funds by losing the relevant digital deposit receipts in the Designated Smart Contract.<\/li><\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>If you have any questions regarding the information in this announcement. We have a team available pretty much 24\/7 via Discord, who will be more than happy to assist: <strong><a href=\"http:\/\/discord.gg\/AmuletProtocol\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-ast-global-color-8-color\">discord.gg\/AmuletProtocol<\/mark><\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>We&#8217;ve updated our cover wordings for our smart contract vulnerability offering. We&#8217;ve clarified some terminology to enhance our products. Read more here.<\/p>\n","protected":false},"author":3,"featured_media":1562,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[49],"tags":[],"class_list":["post-1561","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-administrative"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Amulet Update Notice: Smart Contract Vulnerability Cover Wording. - Amulet Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ap-wa-blog-admin-2.azurewebsites.net\/amulet-update-notice-smart-contract-vulnerability-cover-wording\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Amulet Update Notice: Smart Contract Vulnerability Cover Wording. - Amulet Blog\" \/>\n<meta property=\"og:description\" content=\"We&#039;ve updated our cover wordings for our smart contract vulnerability offering. 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