Odaily Planet Daily News DeFi insurance startup Nexus Mutual has partnered with managed mutual insurance organization company InShare to bring blockchain-based insurance into the real world.
Through this partnership, Nexus is adding a portion of its $274 million on-chain capital pool capacity to The Retail Mutual, a UK-based mutual aid organization of over 5,000 shopkeepers and small retail businesses.
According to reports, Nexus provides a total insurance coverage of $2.3 million for risks such as fire, theft and accidental damage. InShare manages The Retail Mutual and makes all key decisions regarding claims, risk management and overwriting.
Under the agreement, Nexus will pay if The Retail Mutual assumes more than 57% of community donations and individual claims exceeding £200,000 ($255,000) in any one year. The Retail Mutual earns about £2m a year, so if the claim exceeds £1.14m, Nexus will cover the excess. (CoinDesk)