Cover - Close
Last updated
Last updated
This guide will walk you through the process of closing a cover protection before its expiration date. Closing a cover early can be useful if you no longer need the protection or want to reallocate your funds.
First, ensure you're connected to the DApp and can view your active covers.
Connect your wallet to the DApp.
Confirm you're on the appropriate network (e.g., Ethereum mainnet, Polygon, etc.).
Navigate to the Dashboard page to view your active covers.
From your list of active covers, choose the one you want to close.
Review your active covers in the dashboard.
Click on the specific cover you want to close.
Locate and select the "Close" button associated with that cover.
Before finalizing the closure, you'll be presented with important information about closing your cover.
Carefully read the information provided. This may include:
The amount of unspent premiums you'll receive back
If you agree and want to proceed, click on the "Confirm" button.
The cover closure transaction will now be processed on the blockchain.
Keep your wallet open and connected.
Wait for the transaction to be confirmed (this may take a few minutes depending on network congestion).
Do not close the browser or disconnect your wallet during this process.
Once the transaction is validated, your cover will be officially closed.
The cover status in your dashboard will update to "Closed".
All unspent premiums will be automatically refunded to your wallet.
Verify that you've received the refunded premiums in your wallet.
Closing a cover early means you'll no longer be protected against potential incidents.
The refund amount depends on how much of your premium was unused at the time of closure.
If you think you might need coverage again soon, consider keeping the cover active for a very low cover amount to avoid the network fees required when new covers are created.
By following these steps, you've successfully closed your cover protection. Remember to regularly review your active covers and adjust them according to your current needs in the DeFi space.
