New Product — EarthquakeProtect

Published in

PAL Network

6 min readNov 12, 2018

Introducing EarthquakeProtect, the first product released by PAL Network to provide protection against natural disasters. PAL Network developed EarthquakeProtect as a premium insurance product people can seek utility in. It is enabled to receive alerts of global earthquake events, and automatically file claims on your behalf, bypassing the cumbersome process of the traditional claims and verification process.

The rationale behind the product: With what seems to be a recurring topic of concern in global news, we developed a whole new microinsurance product that allows PAL users to purchase coverage for earthquake-related consequences.

Benefits of EarthquakeProtect

1. Automated Claims

Gone are the days you need to endure the tiresome and tedious process of filing a claim and waiting for it to be verified. EarthquakeProtect tracks global earthquake events in real-time and if one triggers the protection you’ve purchased, then your claim will automatically be filed and verified for you!

2. Increased Utility of PAL tokens

With the ever increasing amount of products that PAL Network is rolling out, this means that the utility of PAL is also increasing. PAL token owners can make the purchase of this earthquake protection using PAL tokens.

3. Daily Protection

Protection can be purchased for as low as US$0.99. Upon an earthquake triggering event triggering a claim, the payout amount is fixed at US$100 per event within the protected period, and policyholders will be entitled to a maximum of 1 payout per day even if multiple triggers occur within the day. The payout will be in the form of PAL tokens, valued at US$100 based on the rates listed on CoinMarketCap at the point of payout.

Claim Eligibility

There are certain thresholds that the earthquake event must meet in order to automatically trigger a claim:

Magnitude ≥ 6.0
Distance from city centre ≤ 250KM
Depth ≤ 70KM

Examples

Scenario 1

John purchases earthquake protection for Auckland, New Zealand from November 21, 2018 to November 23, 2018 for a total premium of US$2.97
At the point of quoting the premium, the USD to PAL conversion obtained from CoinMarketCap is US$0.5/PAL
John pays 2.97 / 0.5 = 5.94 PAL from his PAL wallet
On November 23, 2018, an earthquake of magnitude 6.5 and depth 20KM occurs 50KM from the city centre of Auckland, New Zealand
PAL Network notifies John via email that an earthquake has occurred and the claim has been automatically filed and verified
John logs in to the Claim section on the EarthquakeProtect page and clicks on the Payout button and instantly receives the US$100 worth of PAL tokens in his PAL wallet
At the point of payout, the USD to PAL conversion obtained from CoinMarketCap is US$0.75/PAL
John receives 133.33 PAL in his PAL wallet

Scenario 2

John purchases earthquake protection from Auckland, New Zealand from November 21, 2018 to November 23, 2018 for a premium of US$2.97
At the point of quoting the premium, the USD to PAL conversion obtained from CoinMarketCap is US$0.5/PAL
John pays 2.97 / 0.5 = 5.94 PAL from his PAL wallet
On November 22, 2018, an earthquake of magnitude 7.0 and depth 10KM occurs 20KM from the city centre of Auckland, New Zealand
On November 23, 2018, another earthquake of magnitude 6.5 and depth 15KM occurs 50KM from the city centre of Auckland, New Zealand
PAL Network notifies John via email that an earthquake has occurred twice and the claim has been automatically filed and verified
John logs in to the Claim section on the EarthquakeProtect page and clicks on the Payout button and instantly receives the US$200 ($100 x 2 occasions) worth of PAL tokens in his PAL wallet
At the point of payout, the USD to PAL conversion obtained from CoinMarketCap is US$0.75/PAL
John receives 266.66 PAL in his PAL wallet

Guide to EarthquakeProtect

Here’s a simple guide to get started on EarthquakeProtect.

Step 1 — Go to EarthquakeProtect page
Click on EarthquakeProtect from the drop-down tab under Products on the PAL Network homepage.

Or visit the product page at www.pal.network/earthquakeprotect

Step 2 — Sign in with your Metamask
If you already have the Metamask extension on your browser, click on Sign In button to sign in and connect your wallet through Metamask. Do make sure that the wallet you used to sign in contains PAL.

If you have not downloaded the Metamask extensions, you can follow this guide on how to download it and follow these instructions to add an identifier for PAL to your wallet.

Step 3— Purchase Protection
Select the city and country of travel, the period of coverage and enter your email address. You will see the cost of the premium in both USD and PAL. The amount of PAL is calculated based on CoinMarketCap. Upon confirmation, click on Get Protected button.

Step 4— View Protection
Your purchases will be reflected under the Portfolio tab where you can monitor and manage your active protection. Expired protection policies will also be listed under the Portfolio tab for an overview of purchase history.

Step 5— In the event an earthquake happens
Our automated claims process will send out a notification email to you. The email serves as an update to notify you that your claim has been filed.

The last step will require you to log in to the Claim section on the EarthquakeProtect page, clicks on the Claim button and Confirm your payout to instantly receive your payout.

Things to note:

There is a maximum payout of once per day. Should there be 2 earthquakes happening in the same area on the same day, policyholders will only be paid out once.
There is no cap of how much policyholders are eligible to claim. Should there be an earthquake happening throughout all of the protected days, policyholders are eligible to the payout for all the affected days.
While the policy purchase and payout are made in PAL tokens, the conversion rate to USD will be automatically converted based on the rates listed on CoinMarketCap at the point of purchase or payout.

All Set

And that’s it! You’re now all set to start using EarthquakeProtect. If you’re still unsure or have any further questions, ask us on Telegram and we’ll be happy to help with your enquiry!

Purchase your EarthquakeProtect coverage now.

Read EarthquakeProtect FAQ and T&C.

About PAL Network

PAL Network is a dual-layered protocol that uses data to bridge the gap between consumers and financial providers by providing a new level of accessibility within the finance ecosystem. The company also works with insurers to provide CryptoProtect insurance coverage for digital assets and smart contracts. PAL Network is a member of Singapore Fintech Association and ACCESS. PAL Network’s affiliate entity, PolicyPal Singapore, has an active user base of 50,000 for its app, which helps users to manage, buy and optimise their insurance policies.

Currently, PAL Network has partnerships with insurance companies, FWD and Ergo, to explore potential use cases of our decentralised financial protocol together. Furthermore, we have also established collaborations with blockchain projects NEM, QTUM, Sentinel Protocol, MediBloc, Digix and traceto.io to offer CryptoProtect and mainstream insurance products for the projects themselves, along with their respective communities.