Asset and third party liability insurance system in WONO

WONO is a decentralized P2P (peer-to-peer) platform for exchanging property and services. When conducting a business as this there should be a risk management strategy to handle problematic situations. WONO has introduced an insurance system to handle asset damages and client regarding problems.In WONO there are two types of insurance methods.Deal cancellation insuranceCases of financial losses and risks during Arbitrage, which determines Vendor guilt, are listed below:• If there’s an insurance deposit but no blocking sum equivalent to the Security Deposit on the Vendor’s transitional account, the platform returns the insurance deposits to the Guarantors and doesn’t get a Commission;• If there is an insurance deposit and the blocking sum of the Vendor’s transitional account is lower than the insurance part of the Commission, the platform returns a lower insurance bonuses to the Guarantors and doesn’t get a Commission;• If there is an insurance deposit and the blocking sum of the Vendor’s transitional account is lower than the Security Deposit but higher than the insurance bonus fund, the platform returns the full insurance bonuses to the Guarantors and gets the remaining part of the Security Deposit as a Commission.Third party liability insuranceThey are making a gateway between the WONO platform and insurance companies, which will let:• Get a 25% discount for insurance services;• Issue policies of insurance seamlessly, a making minimum of documents.The rise of a sharing economy made a new market of insurance services. Private assets which are being rented and third-party liability of the vendors had to be insured. Risk structure change let the most flexible underwriters become leaders in their segments.-ranu- via /r/icocrypto https://ift.tt/2Jm06wu