FilecoinInsurance

With Filecoin insurance we are trying to frame policies that could help Storage Providers in case of active faults. We used characteristics (such as their sector size, initial pledge collateral, vesting rewards, etc) to calculate the premium and claim amount for the SPs. In exchange for recurrent insurance premium payments, the storage provider would be able to request a claim to a protocol. The storage providers will have to surrender their beneficiary address to the insurer After verifying the beneficiary address, the claim amount along with the initial pledge collateral and the locked block rewards will be released to the storage provider. This could especially help the SP who needs money urgently as they will not need to wait for the block rewards and initial pledge collateral to be released.

Most of our time during this hackathon was spent researching and exploring different approaches to framing an insurance policy for Storage Providers. Currently, we have the smart contract ready with our planned flow implemented and tested rigorously and ready to be integrated with a frontend.