Wemates Terms of Use

Effective Date: [07/12/2024]

Introduction
Welcome to Wemates, a Peer-to-Peer (P2P) Risk-Sharing Network. These terms and conditions outline your participation in our P2P insurance model, along with important information you need to know. Please carefully read and understand these terms as they govern your relationship with Wemates.
By participating in the Wemates community, members accept these terms, demonstrating their commitment to collective risk management and mutual support. Our model is designed with flexibility, transparency, and fairness at its core, ensuring that all members can confidently contribute to and benefit from our innovative approach to insurance.
1. Who we are
  Wemates is a Peer-to-Peer (P2P) Risk-Sharing Network that brings individuals together to manage risks tied to personal property in a transparent, inclusive, and community-driven way. Beyond being a network, Wemates functions as a comprehensive technical facilitator. Our platform streamlines the operation of P2P groups by serving as a dynamic intermediary for risk-sharing, handling payments, assisting in claim processes, and fostering communication among members. We also provide essential tools for managing group activities, resolving disputes, maintaining a protocol database, and supporting the creation of customized terms and conditions with AI technology.
  Simplified, Wemates is the backbone that ensures the smooth operation and growth of our community's P2P risk-sharing endeavors.
2. Wemates' P2P Risk-Sharing Model
  Wemates P2P Risk-Sharing Network operates on a transparent, inclusive, democratic, and fair peer- to-peer risk-sharing model. Our network members collectively set the rules, and we do not interfere or impose any hidden fees.
  In our network, every member has a voice and plays a role in shaping our community's guidelines. We believe in a democratic approach to insurance, where decisions are made collectively and openly.
  All financial transactions and fund management activities within the Wemates platform are managed transparently using blockchain technology. This ensures all actions and transactions are immutable and visible to all members, fostering trust and accountability.
  Wemates operates with a decentralized approach where each pool holds separate accounts in the bank. Stripe facilitates all financial transactions, enabling members to contribute to the pool using their preferred methods. Banks are responsible for opening and maintaining these separate accounts for each Pool.
Summary of Wemates P2P Risk-Sharing Model
1. Pools: The Framework of Self-Governed Communities
  Overview of Pools
  Pools within Wemates are defined as self-governed user communities, where a group of peers, referred to as mates, come together to collectively manage and administer all insurance-related functions. These communities embody the principles of autonomy, collaboration, and mutual support, enabling members to:
  - Define Insurance Protocols: Mates collaboratively establish the pool's insurance rules, detailing coverage specifics, required documentation for claims, and other essential guidelines.
  - Membership Expansion: Pools are responsible for the onboarding of new members, ensuring the community grows with individuals who share similar values or risk profiles.
  - Claims Management: The appraisal of claims and the approval of reimbursements are democratically managed by the pool, ensuring fairness and transparency in all decisions.
  - Reimbursement Process: Pools oversee the payment of reimbursements, facilitating a swift and efficient resolution to claims.
    Formation and Basis of Pools
    Pools can be formed based on various criteria, reflecting the diversity and unique needs of our members. These criteria include, but are not limited to:
  - Type of Covered Object: Pools may focus on specific categories such as smartphones, bicycles, or pets, etc.
  - Nature of Covered Incidents: Some pools may specialize in covering particular types of incidents, like collisions or third-party damages.
  - Affinity Groups: Members with common interests or professional backgrounds, such as gamers, specific employment sectors, or veterans, may form affinity-based pools.
  - Geographical Proximity: Location-based pools cater to those living in the same area or working in the same vicinity, fostering a sense of community and shared experience.
  Initiating a Pool
  The initiation of a pool is a straightforward process. Any individual can establish a new pool, setting its foundational rules, or opt to join an existing pool that aligns with their needs and preferences. Activation of insurance coverage within a pool is contingent upon achieving a minimum membership (defaulted to two peers) and the allocation of funds into mutual pot by members.
  This self-governed structure not only empowers members but also aligns with Wemates' commitment to providing a flexible, transparent, and inclusive insurance platform. Through collective management and shared responsibilities, pools epitomize the essence of peer-to-peer risk- sharing, fostering a supportive environment where members can confidently manage their insurance needs.
  1. Financial Management and Transparency:
    - All funds, including premiums and contributions to the Support Fund, are managed centrally by Wemates. The centralized account ensures transparency and accountability, with detailed financial reports available in real-time to all members.
    - Claims are processed through a blockchain mechanism that ensures funds are promptly transferred to claimants when all conditions are met. Incomplete claims will prompt the claimant to provide additional documentation.
      All funds, including premiums and contributions to the Support Fund, are managed through separate ESCROW bank accounts for each Pool, held in the name of the Pool/Pool Creator. Claims are processed through a blockchain mechanism that ensures funds are promptly transferred to
      claimants when all conditions are met. Incomplete claims will prompt the claimant to provide additional documentation.
      ESCROW Accounts
      To ensure secure fund management, accounts opened in the name of the Pool/Pool Creator will be ESCROW accounts. These accounts hold funds until specific conditions, agreed upon by pool member voting, are met. This mechanism adds an extra layer of security and transparency, ensuring funds are only disbursed as per the collective decision of pool members.
      2.1. Peer-to-Peer Coverage
      At Wemates, our mission is to empower each member with unparalleled flexibility to customize their insurance coverage and benefits. Our platform is designed to enable you to either craft your own coverage plan from scratch or adapt plans created by fellow members (mates), ensuring your insurance experience is as unique as your individual needs and preferences.
      Understanding Your Role in Our P2P Insurance Model
      Within the Wemates community, every member plays a dual role: you are both a benefactor and beneficiary within your chosen groups, providing and receiving coverage simultaneously. This dual role fosters a balanced, fair relationship between all members, or "mates," based on the principle of reciprocal insurance coverage.
      - Reciprocal Coverage Mechanism: The essence of our peer-to-peer (P2P) risk-sharing model is encapsulated in the formula:
        P2PCoverageA,B × RiskA = P2PCoverageB,A × RiskB
        This formula ensures that the coverage you provide to another mate (B) is directly proportional to the coverage they provide to you (A), adjusted for the relative risk factors.
      - Coverage Limit Calculation: The total coverage limit for each mate is the sum of all P2P coverage amounts provided by every member of your pool. This limit represents the maximum reimbursement you can receive for a claim, which is subject to adjustments based on the evolving dynamics of your pool.
      - Risk Coefficient Adjustment: The model adapts to varying risk coefficients among members, ensuring that coverage amounts are adjusted accordingly to maintain fairness and balance within the group.
        Setting Your Coverage Preferences
        As part of our commitment to flexibility and control, Wemates allows you to set preferences that influence your participation in our P2P model:
      - Financial Management: Your financial commitment is managed with precision, allowing you to set maximum limits for each premium payment and effectively control your monthly expenditures.
      - Coverage Value Mutual Limits: In alignment with our fairness principle, the amount you're liable to contribute to another mate is limited by the reciprocal coverage they provide to you, ensuring a balanced and equitable distribution of financial responsibilities.
      In response to our predictive analytics, coverage limits may be dynamically adjusted by pool members to cater to periods of high claims. Wemates will provide analytics-driven recommendations for adjustments to coverage limits. Upon the generation of these recommendations, all members within a pool will be notified and given the opportunity to review the proposed changes on an individual basis.
      This member-driven approach ensures that any changes to coverage limits are for instructed decision-making of the pool members.
      2.4. Adding New Members to a Team
      At the Wemates platform, we provide teams with the autonomy to define their own membership protocols. This section outlines the procedures and considerations for the addition of new members to a team within our P2P risk-sharing model.
      Invitation and Application Process
      - Team Decision on Invitations: Teams have the discretion to determine if an invitation is necessary for joining.
      - Application Submission: Individuals interested in joining a team are required to submit a comprehensive application. This application must adhere to the specific requirements set forth by the team's rules. For instance, applicants seeking smartphone or bicycle coverage might need to provide detailed descriptions and photos of the item, information regarding usage patterns, and any prior claims or incidents.
      - Inclusion of Insurable Value: The application should also specify the insurable value of the item, assuming the team rules do not already define it.
        2.5. Coverage Ratio: Understanding Partial Insurance and Reimbursement
        At Wemates, we recognize that the scope of your coverage is critical to your sense of security and financial planning. This section explains the concept of the Coverage Ratio, a crucial metric that determines your level of insurance coverage relative to your total insurable value.
        Defining Coverage Ratio
      - Coverage Ratio Calculation: The Coverage Ratio is determined by dividing your coverage limit by your insurable value. This ratio reflects the proportion of your insurable value that is effectively covered by your P2P insurance plan within Wemates P2P Risk-Sharing Network.
        CoverageRatiomate = InsurableValuemate / CoverageLimitmate
      - Implications of Partial Coverage: It's possible for members to have a coverage limit that is lower than their total insurable value, resulting in partial coverage. In such scenarios, should you incur expenses from an insured incident, your reimbursement will be proportional to your Coverage Ratio.
        Navigating Partial Insurance
      - Visibility and Transparency: We ensure that your Coverage Ratio is always visible within the user interface, empowering you with clear insights into the potential reimbursement you can expect from pool members for any given incident. This feature is part of our commitment to maintain transparency and help you make informed decisions about your coverage needs.
        Addressing Additional Expenses
      - Follow-up Claims: The nature of certain incidents might lead to the discovery of additional, unforeseen expenses, such as hidden damage not included in the initial claim. Wemates accommodates the submission of follow-up claims, provided they adhere to the established team rules and the cumulative claimed expenses do not surpass your insurable value.
      2.6: Pool Rules and Individual Member Responsibilities
      Governing Principles of Individual Interaction and Pool Formation
      Within the Wemates platform, the structure for interaction and collaboration is facilitated through a blend of foundational pool rules set by the pool creator and individual member-driven decisions.
      This framework ensures both the collective vision of the pool and the personal autonomy of its members are respected, promoting a balanced approach and collective security of P2P risk-sharing. This means you have the power to select and tailor coverage options based on your unique needs and preferences, ensuring your insurance plan truly reflects your lifestyle and requirements.
      Establishment of Pool Rules and Member Responsibilities
      Initial Rule Setting by Pool Creator:
      The creator of a pool is vested with the responsibility to define the essential parameters of the pool, including but not limited to:
      - Type of Coverage: Specifying what risks are covered (e.g., theft, loss, accidental damage).
      - Item(s) to be Covered: Identifying the category or specific items eligible for coverage (e.g., electronic devices, bicycles).
      - Coverage Period: Setting the duration for which the coverage is applicable.
      - Contribution Model: The creator decides on the model of contributions that will be applied within the pool. This model dictates how members will financially support the pool’s operations and claim payouts, influencing the pool's sustainability and effectiveness.
      - Basic Parameters: Establishing other foundational aspects such as the covered region, and eligibility criteria for items and members.
      - Eligibility Criteria for Coverage: The creator have the option to specify eligibility criteria for different types of coverage, ensuring that members only participate in risk pools that are relevant to their circumstances.
        Individual Member Decisions:
        Following the establishment of the pool, members have the autonomy to define or adjust certain aspects of their participation based on personal preferences and needs, including:
      - Contribution Limits: Members decide on the maximum amount they are willing to contribute to the pool, aligning their financial commitment with their coverage expectations.
      - Insurable Value: Unless predefined by the pool creator, members individually determine the insurable value of their items, ensuring their contributions reflect the worth of what is being protected.
      - Individual Adjustments: Individual members can adjust their contribution limits and insurable values without the need for pool-wide consensus or voting. This empowers members to adapt their coverage and financial commitments dynamically, based on changing personal circumstances or preferences.
      This model respects the unique circumstances of each member, allowing for a more personalized approach to risk-sharing and contribution. Wemates’ platform is designed to facilitate these individual adjustments seamlessly, offering tools and insights to help members make informed decisions.
      To sustain the operational efficacy and continuous development of the Wemates platform, we incorporate a platform maintenance fee. This fee is essential for supporting the infrastructure that underpins our P2P risk-sharing network, enabling us to offer a secure, efficient, and feature-rich platform for all members.
      Fee Structure:
      - Flat Fee Rate: A flat fee of 10% is levied on each member's contribution to their chosen pool's funds. This rate is carefully chosen to balance the necessity of platform upkeep with the importance of maximizing the funds available for claim coverage within each pool.
        Utilization of the Fee:
      - Continuous Improvement: The maintenance fee is directly reinvested into the platform to facilitate ongoing enhancements, the development of new features, and the upkeep of the robust security measures that protect member data and financial transactions.
        Fee Processing:
      - Automatic Deduction: The platform maintenance fee is automatically deducted from members' contributions during processing. This seamless approach ensures that members need not take any additional steps to fulfill this obligation.
      - Member Responsibilities: Members are encouraged to factor in the maintenance fee when planning their contributions, ensuring they remain aligned with their coverage goals and financial planning within the pool.
      This maintenance fee is a crucial component of our shared commitment to fostering a thriving, secure, and continuously improving P2P risk-sharing community. Through this contribution from each member, we can collectively ensure that Wemates remains a leading platform for decentralized insurance solutions, offering unparalleled service and innovation.
      2.8 Management and Transparency Standards
      - Transparency and Reporting: Wemates is committed to maintaining high transparency standards. Detailed financial reports, including contributions, the status of the pool and Support Fund, and disbursement records, will be available in real-time at the dashboard for each pool member, fostering instructed decision-making of the pool members and mutual accountability.
Important Information
Your Membership
By becoming a member of Wemates, you agree to the following:
As part of our commitment to transparency, all members can view detailed records of their transactions and claims on the Wemates platform, supported by blockchain technology. All members' transactions and claims are recorded on an immutable digital ledger, providing transparency and security.

Coverage Options in the Wemates P2P Risk-Sharing Network

In the Wemates P2P risk-sharing network, members individually decide on the coverage for their pooled items, ensuring a customizable and flexible approach to protect against various risks.

Members are responsible for selecting the types of coverage that best suit their needs and the collective needs of the pool.

Below are the initial options members can select at the beginning of their pooling journey, with a commitment to expanding these choices to meet the evolving needs of our community:

Theft (if selected)

Coverage for Theft, defined as the physical removal of the insured item without the owner's consent and with the intent of permanent

deprivation.

Loss (if selected)

Coverage for Loss, defined as the accidental abandonment of the insured

item, leading to permanent deprivation.

Accidental Damage

Coverage for Accidental Damage, which includes physical harm that

impairs the normal function of your insured item.

Breakdown

(including faults)

Coverage for Breakdown, defined as the sudden failure of the item due to

an internal defect, preventing its normal function

Exclusions in Wemates P2P Risk-Sharing Model

While the Wemates network aims to offer a wide range of coverage options through our P2P risk- sharing model, it is crucial to understand the specific exclusions where coverage does not extend. These exclusions are determined to ensure that our P2P risk-sharing model remains sustainable, transparent, and fair for all members and is subject to change in the future. Here are the current exclusions for your awareness:

Unregistered Items:

Only items explicitly listed within your pool's shared coverage are protected. To cover additional items, they must be added to the pool's agreement. Regular updates to the pool's inventory are

encouraged.

Region-Specific Coverage

Items must originate from within the region agreed upon by the pool for coverage to apply. The covered region is defined collectively by

pool members.

Coverage Period

Limitations

Coverage is effective only within the agreed-upon period by the pool.

Incidents occurring outside this timeframe are not covered.

Unauthorized Repairs

Costs for repairs conducted by unauthorized entities are not covered. Pool members collectively agree on approved repairers or repair

protocols.

Non-compliant Items

Items must meet specific features or specifications as determined by the pool to qualify for coverage. These requirements are established

collectively by pool members.

Conditions of Cover
To uphold the integrity and effectiveness of your coverage within the Wemates P2P risk-sharing community, adherence to the following conditions is essential:
1. Immediate Incident Notification: In the event of theft, loss, or any other covered incident, it is imperative to inform your pool through the Wemates platform within 24 hours. Prompt notification is crucial for the collective assessment and management of claims.
2. Collective Claim Approval: Collaborate with your pool to facilitate the review and approval of your claim. This process embodies our P2P model's ethos of collective decision-making and shared responsibility.
3. Ownership Verification: For claims involving items with identifiable features (e.g., devices with SIM cards), ensure that the item is registered to you, a family member, or, in a business context, to the company or a designated employee. This verification supports the legitimacy of your claim.
4. Submission of Supporting Documents: Provide comprehensive documentation to substantiate your claim. This includes an itemized bill or receipt detailing the item's ownership and value. For theft claims, additionally, a police report filed within 24 hours of the incident is required. These documents are fundamental to the transparent and equitable evaluation of claims by the pool.
By using blockchain technology, Wemates ensures that all claims and payments are processed transparently and securely, with real-time updates available to all members.
Reward Pot
Wemates operates on the principles of mutual support among you and your network of friends and contacts (referred to as "Connections"), collectively forming your "Pool". Wemates encourages collaboration within your pool to generate premium rebates as explained below.

Your pool can be as small or large as you desire, but your Reward Pot is capped at 80% of the premium indicated on your policy schedule (the "Reward Pot Limit").

Referral Bonuses:
When inviting new members to the pool, a bonus of 2 Euros is split between the invitee and the inviter. Therefore, if a user invites 5 new members, they will receive 5 Euros, with each invitee receiving one. This way, bonuses are credited, which users can use to extend their coverage.
Important: Bonuses for referred users can only be used within the Wemates ecosystem and cannot be withdrawn to a bank account.
Cashback:
All users who have not filed a claim during the coverage period (year) can receive cashback from leftovers in the pool pot from the pool they belong to. A month before the end of the insurance period, users can vote to extend the pool's lifespan for another year or to close the pool and receive cashback. The cashback amount will be calculated from the remaining funds in the pool on a percentage basis.
Important: When choosing to withdraw cashback and close the pool, all users leave the pool and receive cashback to their personal bank account.
Contacting the Pool and Claims Procedure
In your decentralized and transparent P2P risk-sharing model on Wemates, members play an active role in managing claims within the pool. By that, we mean that all decisions and consequences are determined by the collective decisions of pool members through voting, including the extension of the coverage period using remaining funds or the withdrawal of unused funds.
Here's what you need to know:
1. Submitting and Handling Claims in Wemates
  All claims are reviewed and approved by pool members through a transparent voting process. If no objections are raised within a 24-hour review period, claims are automatically approved and promptly paid out from the pool's funds.
  Here's how it works:
  Step 1: Claim Submission
  - Claim Submission: Any member of the network can submit a claim through the Wemates mobile app. When submitting a claim, you'll need to provide all the necessary information related to the incident.
  Step 2: Pool Member Review
  Transparent Visibility: Once a claim is submitted, all pool members will have full visibility of the claim details, including the incident description, evidence, and any supporting documentation.
  Claim Approval Period: Pool members have 24 hours to review the claim. During this time, they can reject the claim based on the provided information.
  Step 3: Automatic Claim Approval
  Automatic Approval: If, within the 24-hour review period, no pool member rejects the claim, it will be automatically approved. This mechanism ensures a speedy claims process.
  Payment: Once a claim is automatically approved, payment will be promptly initiated from the pool's funds to cover the claimed amount.
  Step 4: Rejection and Resubmission
  Claim Rejection: In case a pool member rejects the claim within the 24-hour window, the claim is not automatically approved.
  Resubmission: However, the claimant has the option to resubmit the claim with additional arguments or evidence to address the concerns raised by the rejecting member.
  Dispute Resolution: Taking Action on Rejected Claims
  In the event that your claim faces rejection, Wemates provides an avenue for swift dispute resolution, ensuring fairness and transparency within our community-driven model. If you find yourself in disagreement with the decision regarding your claim, we encourage you to take action promptly.
  Why This Process Matters
  Our dispute resolution process serves as a fundamental pillar of our community. It reaffirms our commitment to fairness, transparency, and trust among members. We value your input and understand that disputes may arise. By enabling you to resubmit claims with additional arguments and evidence, we empower you to address concerns effectively and collaboratively. The automatic approval mechanism streamlines the claims process, ensuring a swift resolution when there are no dissenting voices within the community.
  At Wemates, our goal is to foster a community where members support each other and collectively make decisions. This dispute-resolution process reflects our dedication to maintaining the integrity of our model while ensuring that every member's voice is heard and considered.
  Resubmitting Your Claim with Additional Arguments or Evidence
  We understand that disputes may arise, and we have designed a structured process to address these effectively. Here's how you can navigate the dispute resolution process:
  - Addressing Initial Concerns: When your claim is initially rejected, it means that at least one community member had concerns or doubts about its validity. This is a fundamental aspect of our peer-to-peer model, where decisions are made collectively.
  - Gathering Additional Information: To proceed with the dispute resolution process, you have the opportunity to strengthen your claim by gathering additional arguments, evidence, or information that directly addresses the concerns raised by the rejecting member(s).
  - Resubmitting Your Claim: Once you've compiled this supplementary information, you can resubmit your claim. This resubmission allows you to present your case with greater clarity and comprehensive support.
    Important Note: Please keep in mind that you have a maximum of three resubmission attempts to address the concerns raised by the community. This limitation ensures that the process remains efficient and that all claims are handled with the utmost fairness and expediency.
    Reevaluation by the Community: The resubmitted claim will then be reevaluated by the community, ensuring that the decision-making process remains collective and unbiased. However, there is a crucial distinction:
  - Excluding Previous Rejectors: Members who initially rejected your claim will not participate in the second round of voting. This precautionary measure prevents any potential bias, ensuring objectivity in the reevaluation process.
  - Second Round of Voting: Your resubmitted claim will undergo a fresh round of voting by other community members who did not participate in the initial rejection. If, within the 24-hour review period, no pool member raises objections or rejects the claim, it will be automatically approved.
    Step 5: Community Voting for Exceptional Claims
    By incorporating a two-step voting process for exceptional claims requiring funds beyond the standard coverage limit, Wemates wants to ensure that these unique situations are handled with the utmost care and community involvement.
  - Dual Voting Process: Addressing claims that necessitate additional funds from the Support Fund involves a two-step voting procedure, mirroring the standard claim review process. Initially, the community votes on the validity of the claim itself, determining whether it aligns with the pool’s coverage criteria and merits approval.
  - Support Fund Allocation: Following the approval of an exceptional claim, a second voting phase is conducted specifically to decide on the allocation of additional funds from the Support Fund to cover the claim. This distinct phase ensures that the use of the Support Fund is judicious, reserved for claims that truly require supplementary financial support.
  - Automatic Claim Approval: In instances where no objections arise during the initial voting phase, the claim is automatically approved, streamlining the process. This automatic approval underscores the trust placed in the communal judgment. If the claim surpasses this hurdle and is deemed valid yet requires additional support, the community then deliberates on utilizing the Support Fund to ensure the claimant receives the necessary coverage.
    Step 6: Claim Settlement
    Once the claim is approved, the claim will be settled accordingly. If approved, payment will be made promptly from the pool's funds to cover the claimed amount.
    Here’s how we ensure timely financial support to our members:
  - Payout Mechanism: Following the approval of a claim, Wemates facilitates the immediate initiation of payment from the pool's funds directly to the claimant. This process is managed securely and efficiently via reputable payment providers, such as Stripe or other equivalents, depending on the geographical location and preferences of our members.
  - Transfer to Member’s Account: The approved claim amount is transferred to the same bank account or card from which the member contributes to the pool. This seamless process ensures that members receive their funds promptly, minimizing disruption and providing tangible support when it's most needed.
  - Notification of Payout: Members will receive an automatic notification through the Wemates app once the payout has been initiated, keeping them informed every step of the way.
  9.2 Additional Considerations
  - Manufacturer’s Warranty: It is important for members to consider any existing manufacturer's warranty that may cover the breakdown or damage of their item. If the item is still under the manufacturer’s warranty, members are encouraged to explore this avenue first, as it may offer a no- cost repair or replacement option.
  - Respectful and Fair Handling: At Wemates, we advocate for a culture of respect and fairness in all interactions, especially during the claim handling process. Members are expected to engage respectfully with one another and with the platform, contributing to a positive and supportive community environment.
  - Provision of Full Information: Timely and complete provision of all requested information by claimants is crucial for the efficient handling of claims. Delays in providing necessary documentation or information may impact the speed of claim processing and payout.
  Wemates is dedicated to delivering a transparent, fair, and supportive claims process. By streamlining claim payouts and ensuring members are promptly supported financially, we reinforce the foundational principles of our P2P risk-sharing model, emphasizing community, trust, and mutual aid. Blockchain technology enhances the security and transparency of the claims process, ensuring that all members are treated fairly and that the integrity of the pool is maintained.
About Wemates:

Wemates, a community-driven initiative, is facilitated by Radarme Sp. z o.o. Registered in Warsaw, Poland (registered company number/REGON: 369473758). Registered address Plac KONESERA, 8, Warsaw, 03-736, Poland.

Radarme specializes in insurance-related services and provides the technological and operational backbone for the Wemates P2P Risk-Sharing Platform.

Choice of Law:

This policy is governed by law, and all communication with you will be conducted in English.

Policy Amendments:

In the event that any changes to the terms of use are necessary, we will provide you with a 30-day notice in writing to your last known address or via email (if a valid email address is provided). These changes will only be made for valid reasons such as changes in the law, regulatory requirements, industry guidance, codes of practice, legitimate cost increases, or reductions associated with providing coverage.

Data Protection: How We Handle Your Information:

We adhere to the General Data Protection Regulation (GDPR) and are committed to safeguarding your privacy. Please review our privacy policy in conjunction with those on our website and, if applicable, the apps downloaded, to understand how we use and protect the information you provide to us.

By engaging with Wemates, you consent to the collection and use of your information as outlined in our privacy policy. This includes using your information to provide the registered services, contacting you to gather feedback on our services, and informing you about the products and services we offer. If a claim is approved, your connections within the community will be informed to assess their reward pot value, although the details of your claim will be disclosed.

We take data security seriously and employ measures to protect your information against unauthorized access, unlawful use, accidental loss, destruction, and damage. Your information will be retained for a reasonable period or as required by law.

Should you wish to exercise your rights regarding data access or make changes to your information, please contact Customer Support at help@wemates.ai

International Data Transfers:

In cases where we transfer your information to entities outside the European Economic Area (EEA), we ensure they commit to applying the same levels of protection as mandated by EU regulations. Your data will be used only for the purposes permitted under this policy.

We value your feedback, comments, queries, and requests regarding your information. Please direct these inquiries as specified above, and we will be happy to assist.

As a member of the Wemates community, you are part of a collective effort to support and protect one another. We appreciate your trust and participation in this unique risk-sharing model - Wemates.

If you have any questions or require clarification on any aspect of our model, please do not hesitate to contact us.

[End of Terms of Use]

Wemates Terms of Use

Effective Date: [07/12/2024]

Introduction

Who we are

Wemates' P2P Risk-Sharing Model

Summary of Wemates P2P Risk-Sharing Model

Pools: The Framework of Self-Governed Communities

Define Insurance Protocols: Mates collaboratively establish the pool's insurance rules, detailing coverage specifics, required documentation for claims, and other essential guidelines.

Membership Expansion: Pools are responsible for the onboarding of new members, ensuring the community grows with individuals who share similar values or risk profiles.

Claims Management: The appraisal of claims and the approval of reimbursements are democratically managed by the pool, ensuring fairness and transparency in all decisions.

Reimbursement Process: Pools oversee the payment of reimbursements, facilitating a swift and efficient resolution to claims.

Type of Covered Object: Pools may focus on specific categories such as smartphones, bicycles, or pets, etc.

Nature of Covered Incidents: Some pools may specialize in covering particular types of incidents, like collisions or third-party damages.

Affinity Groups: Members with common interests or professional backgrounds, such as gamers, specific employment sectors, or veterans, may form affinity-based pools.

Geographical Proximity: Location-based pools cater to those living in the same area or working in the same vicinity, fostering a sense of community and shared experience.

2.1. Peer-to-Peer Coverage

Reciprocal Coverage Mechanism: The essence of our peer-to-peer (P2P) risk-sharing model is encapsulated in the formula:

Coverage Limit Calculation: The total coverage limit for each mate is the sum of all P2P coverage amounts provided by every member of your pool. This limit represents the maximum reimbursement you can receive for a claim, which is subject to adjustments based on the evolving dynamics of your pool.

Risk Coefficient Adjustment: The model adapts to varying risk coefficients among members, ensuring that coverage amounts are adjusted accordingly to maintain fairness and balance within the group.

Financial Management: Your financial commitment is managed with precision, allowing you to set maximum limits for each premium payment and effectively control your monthly expenditures.

Coverage Value Mutual Limits: In alignment with our fairness principle, the amount you're liable to contribute to another mate is limited by the reciprocal coverage they provide to you, ensuring a balanced and equitable distribution of financial responsibilities.

Dynamic Coverage Adjustment

Predictive Analysis

Flexibility in Coverage

2.4. Adding New Members to a Team

Team Decision on Invitations: Teams have the discretion to determine if an invitation is necessary for joining.

Inclusion of Insurable Value: The application should also specify the insurable value of the item, assuming the team rules do not already define it.

2.5. Coverage Ratio: Understanding Partial Insurance and Reimbursement

Coverage Ratio Calculation: The Coverage Ratio is determined by dividing your coverage limit by your insurable value. This ratio reflects the proportion of your insurable value that is effectively covered by your P2P insurance plan within Wemates P2P Risk-Sharing Network.

Implications of Partial Coverage: It's possible for members to have a coverage limit that is lower than their total insurable value, resulting in partial coverage. In such scenarios, should you incur expenses from an insured incident, your reimbursement will be proportional to your Coverage Ratio.

2.6: Pool Rules and Individual Member Responsibilities

Initial Rule Setting by Pool Creator:

Type of Coverage: Specifying what risks are covered (e.g., theft, loss, accidental damage).

Item(s) to be Covered: Identifying the category or specific items eligible for coverage (e.g., electronic devices, bicycles).

Coverage Period: Setting the duration for which the coverage is applicable.

Contribution Model: The creator decides on the model of contributions that will be applied within the pool. This model dictates how members will financially support the pool’s operations and claim payouts, influencing the pool's sustainability and effectiveness.

Basic Parameters: Establishing other foundational aspects such as the covered region, and eligibility criteria for items and members.

Eligibility Criteria for Coverage: The creator have the option to specify eligibility criteria for different types of coverage, ensuring that members only participate in risk pools that are relevant to their circumstances.

Individual Member Decisions:

Contribution Limits: Members decide on the maximum amount they are willing to contribute to the pool, aligning their financial commitment with their coverage expectations.

Insurable Value: Unless predefined by the pool creator, members individually determine the insurable value of their items, ensuring their contributions reflect the worth of what is being protected.

Individual Adjustments: Individual members can adjust their contribution limits and insurable values without the need for pool-wide consensus or voting. This empowers members to adapt their coverage and financial commitments dynamically, based on changing personal circumstances or preferences.

Contributions, Payments, and Financial Management

Contribution Mechanism: Membership within the Wemates P2P risk-sharing network entails a commitment to contribute regularly to your chosen pool's funds. These contributions, vital for the pool's capability to handle claims, are based on terms agreed upon at the time of joining.

Initial Contribution: Creators may opt to set an upfront contribution upon joining the pool, establishing their commitment and immediately bolstering the pool's resources.

Regular Monthly Contributions: For ongoing support, creators can set regular contributions on a monthly basis, providing a consistent influx of funds to cover potential claims.

Yearly Contributions: An option for an annual contribution is available for creators who prefer to set up the support of the pool with a single, yearly payment, simplifying the contribution process.

Pay-Per-Claim Contribution Model: Creators may choose a reactive contribution model, where pool members will pay a specified amount following the submission of a claim by any member within the pool. This model aligns contributions with actual incidents, ensuring funds are raised as needed.

Withdrawal Option: At the end of the coverage period, any remaining funds in the Support Fund may be subject to withdrawal by members upon voting.

Taxes and Fees: Members are responsible for any applicable taxes or fees associated with their contributions, in accordance with local laws in the US, EEA, and other jurisdictions. Wemates will provide guidance on handling such obligations but the ultimate responsibility lies with the member.

Flat Fee Rate: A flat fee of 10% is levied on each member's contribution to their chosen pool's funds. This rate is carefully chosen to balance the necessity of platform upkeep with the importance of maximizing the funds available for claim coverage within each pool.

Continuous Improvement: The maintenance fee is directly reinvested into the platform to facilitate ongoing enhancements, the development of new features, and the upkeep of the robust security measures that protect member data and financial transactions.

Automatic Deduction: The platform maintenance fee is automatically deducted from members' contributions during processing. This seamless approach ensures that members need not take any additional steps to fulfill this obligation.

Member Responsibilities: Members are encouraged to factor in the maintenance fee when planning their contributions, ensuring they remain aligned with their coverage goals and financial planning within the pool.

2.8 Management and Transparency Standards

Important Information

Disclosure of Information

Compliance with Policy

Modifying Your Coverage

Your Membership

Member Responsibilities

Ownership Requirement: You must own the item you wish to insure, or be a family member of the owner. In the case of a business, the item must be issued to and used by its employee(s).

Security Measures: If you need to leave your insured item unattended, it should be secured, concealed, or entrusted to someone you trust.

Prompt Reporting: If you believe your item is lost, stolen, or broken, you should use the app to make a claim to notify other pool members within a defined time frame.

No Intentional Damage: Deliberately damaging your insured item is not covered under our policy and will not be accepted because it harms the other members.

Coverage Options in the Wemates P2P Risk-Sharing Network

Exclusions in Wemates P2P Risk-Sharing Model

Conditions of Cover

Immediate Incident Notification: In the event of theft, loss, or any other covered incident, it is imperative to inform your pool through the Wemates platform within 24 hours. Prompt notification is crucial for the collective assessment and management of claims.

Collective Claim Approval: Collaborate with your pool to facilitate the review and approval of your claim. This process embodies our P2P model's ethos of collective decision-making and shared responsibility.

Ownership Verification: For claims involving items with identifiable features (e.g., devices with SIM cards), ensure that the item is registered to you, a family member, or, in a business context, to the company or a designated employee. This verification supports the legitimacy of your claim.

Reward Pot

Referral Bonuses:

Important: Bonuses for referred users can only be used within the Wemates ecosystem and cannot be withdrawn to a bank account.

Cashback:

Important: When choosing to withdraw cashback and close the pool, all users leave the pool and receive cashback to their personal bank account.

Contacting the Pool and Claims Procedure

Submitting and Handling Claims in Wemates

Step 1: Claim Submission

- Claim Submission: Any member of the network can submit a claim through the Wemates mobile app. When submitting a claim, you'll need to provide all the necessary information related to the incident.