Insurance
WOX offers insurance for raffles, which provides coverage to users who purchase tickets to participate in a raffle by protecting their ticket money from any possible risk. The insurance requires an additional payment of 10% of the raffle ticket price.
The insurance for WOX raffles is designed to cover the possible risk events that may occur, such as the raffle, bet or lottery being canceled, postponed, not having a winner declared, the product was not delivered, product is lost during delivery or the product was not received accordingly.
Additionally, the insurance will cover the risks associated with platform technical issues, such as the platform being hacked or experiencing other security breaches that could result in the loss of funds.
In order to mitigate these buyer’s risks, the WOX platform has implemented various features such as ratings, reviews, and comments for each seller and raffle created.
These features allow users to assess the reputation and trustworthiness of sellers before entering into any transaction. Users can leave feedback and ratings after completing a transaction, which helps to build a community of trustworthy users and to identify potential bad actors. The insurance is an additional layer of protection that users can opt for to further mitigate any risks associated with peer-to-peer transactions.
In case of a claimable loss, users can follow a step-by-step claim process that involves submitting a claim, providing any proof necessary, an investigation by the support team, and an appeal process if necessary. Once the claim is approved, the insurance will cover the paid premium amount for the raffle ticket. This insurance helps to provide users with peace of mind and encourages more participation in peer-to-peer transactions on the WOX platform.
The Claim Process
If a user has suffered a claimable loss from a claimable risk event, they can submit a claim to WOX within 15 days after the raffle period has expired. The claim must include all proof necessary to properly assess the claim, which should be submitted within 7 days after the claim submission. If the proof is not submitted within this time frame, the claim will be deemed invalid and rejected.
Upon receiving a valid claim, the WOX support team will investigate and verify the claim based on the proof and documentation submitted by the claimant, along with any other relevant information. The investigation may take 5-7 working days or more, depending on the complexity of the claimable risk event.
If the claim is approved, payment will be made according to the criteria set out in the proposal or appeal decision to the successful claimant. The protocol will not be responsible for any differences between the market value of the tokens used in making the cover payout at the time of such cover payout and the time the claimant has received such cover payout. If the claim is rejected, the claimant will have 72 hours to file an appeal against the decision of the claim assessors, after which the support team will make a final and conclusive determination on the appeal.
Examples of risks that the insurance may cover:
The seller fails to deliver the promised product or service within the agreed-upon timeframe
The product or service received is not as described or is defective
The seller provides fraudulent information or engages in other deceptive practices
The seller does not honor the terms of the raffle or bet, such as failing to pay out the promised winnings
The seller cancels the raffle or bet without a valid reason, or fails to provide a satisfactory explanation for the cancellation
By offering insurance to cover these types of risks, WOX can help to protect users and ensure that they have a positive experience on the platform, even in border scenarios. This can help to build trust between buyers and sellers, which is essential for the long-term success of the platform.
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