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User Guide

How to Buy Insurance Coverage

Follow this step-by-step guide to purchase insurance coverage for your crypto assets and DeFi investments

Step 1: Connect Wallet

Before buying cover, you need to connect your wallet to the platform. Click on the "Connect Wallet" button in the top-right corner of the page. LLOYDS Insurance supports multiple wallets including:

  • MetaMask
  • WalletConnect
  • Coinbase Wallet
  • Trust Wallet

Connect your wallet to access all features

Step 2: Browse Available Covers

After connecting your wallet, you can browse the available covers on the "Buy Covers" page. The covers are categorized by type:

Smart Contract Coverage

Protects against exploits and vulnerabilities in smart contracts

Custodian Risk Cover

Protects against losses due to centralized exchange insolvency or hacks

Stablecoin De-peg Cover

Protects against significant deviations from the peg of stablecoins

Bridge Cover

Protects against bridge protocol hacks or failures

Step 3: Select Cover

Find the protocol you want to be insured for and click "Add to Cart". You can add multiple covers to your cart. For each cover, you'll need to specify:

  • 1
    Cover Amount

    The amount you want to be insured for (in USD)

  • 2
    Cover Period

    Duration of coverage (30, 90, 180, or 365 days)

  • 3
    Payment Currency

    Choose from various supported tokens to pay for the premium

A
Aave V3
Smart Contract
Daily Cost:0.024%
Capacity:10.5k USD

Step 4: Review and Checkout

Once you've added all desired covers to your cart, click on "View Cart" and review your selections. You'll see a summary of:

Selected covers and coverage amounts

View all protocols you've selected for coverage

Coverage period for each cover

The time duration for which your assets will be insured

Premium costs for each cover

Individual insurance premiums for each protocol

Total premium cost

The final amount you'll pay for all selected coverages

Step 5: Payment

After reviewing your cart, click "Proceed to Checkout" and follow these steps:

  1. 1

    Confirm payment currency

    Choose which token you want to use for payment (USDC, DAI, ETH, etc.)

  2. 2

    Approve token spending

    If it's your first time using that token, you'll need to approve a transaction allowing the contract to use your tokens

  3. 3

    Confirm the transaction

    Review the final details and confirm the transaction in your wallet

  4. 4

    Wait for processing

    The transaction will be processed on the blockchain, which may take a few minutes

Step 6: Manage Your Covers

Once your purchase is complete, you can view and manage your active covers in the "My Covers" section of your account. Here you can:

View cover details

Check all your active policies and expiration dates

Renew covers

Easily renew coverage when it's close to expiration

File claims

Submit a claim easily if a covered event occurs

Cancel covers

Cancel coverage if needed (subject to terms)

Important Notes

  • Premiums are non-refundable after purchase
  • Coverage begins immediately after purchase confirmation
  • Make sure to read and understand the cover terms before purchasing
  • Each protocol may have specific claim conditions
  • Keep your wallet connected to access all features

Need Help?

If you encounter any issues or have questions about buying cover, please reach out to our support team through the chat widget or email us at support@lloyds-insurance.com.

Contact Support