What does Qorra's NFT insurance cover?
Qorra provides insurance protection against losses due to hacks, wallet-level exploits, and drains affecting your NFTs. Our coverage is designed to safeguard your digital assets in these specific scenarios, ensuring peace of mind.
Does Qorra cover NFT market value fluctuations or project abandonment ("rugs")?
No, Qorra’s insurance policy does not cover market value fluctuations, such as decreases in NFT floor prices. However, it does provide coverage for scenarios where project founders abandon their projects (“rug pulls”), directly affecting your digital assets. Our primary focus is on safeguarding your NFTs from direct digital threats, ensuring they are protected as valuable collectibles rather than as securities.
How is the cost of NFT insurance determined with Qorra?
The insurance cost is calculated at 6% of the NFT’s value you wish to insure. For instance, to insure an NFT for a potential $5,000 loss, the policy would cost $300pa. This pricing structure is designed to provide affordable and fair insurance rates for your valuable digital assets.
How does Qorra ensure accurate appraisal of my NFT?
To appraise NFTs accurately, Qorra utilises a sophisticated AI tools that monitors floor prices, trait values, and average prices of NFTs. This system helps ensure your NFT is insured for its true market value, with safeguards against wash trading and price manipulation.
What is the duration of Qorra's NFT insurance protection?
Our NFT insurance protection is valid for one year from the date of purchase. This timeframe provides comprehensive coverage for your digital assets over a significant period, allowing you to enjoy your NFTs with confidence.
Can I transfer or sell my Qorra NFT insurance protection?
Yes, the unique aspect of Qorra’s insurance is that your protection itself is tokenised as an NFT. This means you can transfer or sell the insurance protection alongside the original NFT, adding value and security for future owners.
Is there a limit to the value of NFTs that Qorra can insure?
Qorra is equipped to insure NFTs of various values. However, for NFTs above a certain high-value threshold, additional verification processes may be required. Contact our team for more details on insuring high-value digital assets.
What types of NFTs are eligible for Qorra's insurance?
Our insurance covers a wide range of NFTs, including digital art, collectibles, and virtual real estate. If you have a unique or uncommon type of NFT and are unsure about coverage eligibility, please reach out to us for clarification.
Can I insure multiple NFTs under one policy with Qorra?
Yes, Qorra offers the flexibility to insure multiple NFTs under a single policy. This can be a convenient and cost-effective option for collectors and investors with multiple digital assets.
How does Qorra handle claims in the event of a loss?
In the event of a loss, Qorra has a streamlined claims process. Customers can file a claim through our platform, and our team will review it promptly. We strive for a transparent and efficient process to ensure quick resolution and compensation.
What differentiates Qorra's NFT insurance from traditional asset insurance?
Qorra’s NFT insurance is specifically tailored to the unique nature of digital assets. Unlike traditional asset insurance, our policies are designed to address the specific risks associated with digital ownership, such as hacking and digital theft, which are not typically covered under standard insurance policies.
Does Qorra provide support or guidance for NFT security best practices?
Absolutely. At Qorra, we believe in empowering our clients with knowledge. We provide guidance on NFT security best practices to help you protect your digital assets beyond our insurance coverage. Our resources and expert advice are part of our commitment to your digital asset security.