About Extreme
ExtremeInsureMe is a platform that facilitates peer to peer cover for accidental death without any limitations applied. By utilising technology and transparency we can reinvent how we manage risk by reinventing mutual cover. We aim to create a community that supports each other because traditional insurance providers won’t and don’t understand our mindset. We'll transform the way you join and leave and unlike traditional insurance providers, we have nothing to gain by denying a claim. We take a flat fee to cover all business costs, the rest of the money remains yours.
How is Extreme different from an insurance company?
Firstly, we’re not an insurance company. We’re more like the mutual care insurance your parents would have owned when you were just a baby. In those days, if you held a policy you owned the stock in the company. In our model, you keep your money, less a fixed fee from the payment we use to cover the expenses to run Extreme for technology and operations. A traditional insurance company loses out on making a profit if they don’t pay your claim but our fixed fee model means we treat the monthly amount you pay as if it were still your money.
Am I guaranteed a payout?
The amount you are paid out is simply limited by the current volume subscriptions in the community. It would be illegal for us to commit to minimum payments and make us subject to all kinds of financial restrictions that put compliance and regulatory costs onto the business. Also to do this we’d need to purchase reinsurance. Basically, that means you pay the traditional insurance company and they sell that risk to an even bigger company who clips the ticket again. We don’t disagree that financial regulations protect consumers, but our approach is to operate transparently so you can make your own mind up.
What happens if I stop my subscription
Simple, you keep your money, less the 20% fixed fee paid to Extreme and any payouts made during the time of the policy to the community. If there are no claims in the community your payments are returned to you via a smart contract. If you leave there’s nothing we can do to stop you withdrawing the funds. It may take us a month or two to get this fully automated until then we’ll use Alchemy DAO.
Why do I pay via credit card for a monthly subscription?
To become a member you pay a monthly fee via credit card or join the DAO directly. If you charge your credit card we’ll create a metamark account and buy tokens to value your payment, less the 20% fixed fee we charge to manage the service. We send those tokens to your wallet. If a claim is made the smart contract will withdraw the appropriate amount of tokens from your wallet to cover the payout. If you leave the community you’ll be paid out from the community pool of funds held by Extreme and this will be approved by the DAO, until it is automated.
Is Extreme designed for me to have indefinitely?
We think so but that’s up to you and how you live your life. We go through phases with the sports and activities we love as our conditions in life change, and some of us stick to one sport for most of our life. The term of the cover is month to month so it’s up to you to determine what is right for you and you can stop the subscription at any time and withdraw your funds less any gas fees and 20% committed to run the network.
What is a smart contract?
We use blockchain technology to write the agreement and all of the terms for the cover into computer code. The code is the contract. What that means is that if any of the terms of the agreement are enacted the software automatically does its job without human interference.
Why are you only offering Accidental Death Cover
We wanted to address a need in the sports community we felt wasn’t being met, one we know about because it impacted our families if something happened. We also found that its easier to find exclusions for extreme sports cover than inclusions and realised an add on would be easy to do this. We also know real adventurers are always out there taking calculated risks so having peace of mind that your family isn't impacted by your hobby gives you one less thing to worry about. Accidental Death is simple to validate, it requires a death certificate and this can be verified. It’s very black and white, compared with the ability to detect fraud. We’ve got some ideas about this but not the processes to manage this yet.Until we know more about our community it's not possible to determine what steps we take next.
Do you plan to introduce other cover options?
Yes, but our primary aim is to grow the community to 100 members to create the first policy. From there we’ll then look to open up other DAOs to manage additional cover based on what we learn. The natural extension is for travel cover and then perhaps an alternative health plan that considers holistic health and user data. We are also interested in the unbanked and insured as there is a lot of work to be done with lower socioeconomic communities or in the 3rd world communities.
Are you subject to Financial Management Regulations?
Peer Cover isn’t like Peer to Peer lending, so Extreme is not regulated by the Financial Markets Authority (FMA). Peer to Peer cover also doesn’t classify as “insurance”, so isn’t regulated by the Reserve Bank. We don’t disagree that financial regulations protect consumers, but our approach is to operate transparently. Also, the people beginning this initiative all have a connection with New Zealand, that probably won’t mean much to you until unless you’ve visited, but we’re regularly rated one of the most transparent and trusted countries in the world to conduct business.
What do you do with the monthly subscription?
We plan to keep a fixed percentage of all subscriptions to develop cool technology, run the business, i.e. pay things like salaries, rent and local taxes and professional services.
How can I contact you?
You can reach our team via our Telegram, click the contact button or help button below. If our chatbot is live you may be able to find out the answer to your question easily.
Is my information kept confidential?
We highly respect and value your rights to protect your identity and private data.
We will never sell your data or information for marketing purposes but we do need your permission to use your data to operate the business and communicate with you. There may be times we use your information to resolve an incident or as required by New Zealand law. Over time we hope to decentralise our systems to have you retain full control of your identity and give you the choice to opt into services which are exposed to the community to help enhance collective trust.
Does Extreme have practice environmental social governance
Human relationships with outdoor environments have changed dramatically over time with the introduction of extreme sports and with increased access to, safety and performance of outdoor activities, we are able to experience a vast range of environments. The company aims to be carbon neutral through a combination of minimisation and off-setting strategies. We abhor companies that greenwash, given the communities love for nature we believe all projects we work on should be regenerative. It’s not enough to be sustainable, companies must reverse the impact of climate change to restore the balance of Papatūānuku. While we know air travel is our biggest issue, we’ll be constantly assessing the way Extreme plays a positive role in environmental impact. We will release an annual transparency report.
Would you consider yourself a socially conscious business?
Yes, several of our team are fellows in the Edmund Hillary Fellowship and have a focus on work that improves the UN Sustainable Development Goals. The SDG’s provide the blueprint to achieve a better and more sustainable future for all. Extreme aims to play a role in accelerating a global culture shift to redefine success in business and build a more inclusive and sustainable economic model. We also respect and acknowledge the role the Treaty of Waitangi provides ensuring equal participation, equal rights and partnerships which means working together to offer all people the same rights and benefits.
What is No Exclusions Accidental Death Cover and how does it work
The community of users provide coverage to each other. If you submit a claim, the communities combined funds cover the payment. Each subscriber deposit fund monthly into a special. The funds in the wallet are made available for a claim subject to a death notice. A small portion of each person in the communities funds goes towards paying to support the family of the person who passed away.
How is it different to regular and mutual insurance companies?
Peer to peer cover digitally joins together people with similar insurance needs, who then pay into one insurance pool. This means we can be leaner and more transparent than traditional insurance companies, ultimately driving lower costs for the community.. Everything is fair and transparent, and you don’t pay set premiums. You basically create a savings account and pay only a small amount for additional risk cover, a fixed fee of 20%. By having your account on call, you only pay when a claim is made in the community, if there are no claims then you pay nothing. This means if you decide to leave the community you take your savings with you. Usually they would be retained by the insurance provider, but we have no incentive to hoid these as you’ve already covered the costs of running the network. Every dollar the insurance a traditional company pays out, after all, comes right out of its bottom line and you’ll face the traditional bureaucratic hurdles to submit claims. Also, because we don’t take on board your risk, we don’t need to have huge amounts of capital on hand to cover payouts. In the peer to peer model this is managed by the community so their is no major cost we have to pass back on to you.
Why do you believe in this model?
Simple, we know we can create differentiated pricing strategies that lower the costs of insurance. Peer to peer models are often associated with self-organization, but don’t necessarily require it, Extreme is designed to act as facilitators to recruit and manage community and provide a competitive option to extreme sport athletes and adventurers who have difficulty securing traditional insurance. We believe making a claim after the event doesn’t make sense, payout should be available globally in real-time. Also, when an event does occur local support and knowledge is more valuable than a financial service. But if we can peer financial support with community support not only is this powerful combination, but it will drive down risk and cost and this benefits everyone. Cover will be something we want, not something we feel forced to have.
What is the maximum size of the community?
There is no maximum size, in fact the greater the number of people in the community the lower the rate of variables and lower the risk. We encourage you to share this with your extreme sports community and use the #extremeinsureme when you’re on your adventures.
Do you really mean No Exclusions
Yes, no exclusion means any height terrain, jump off or from anything, enjoy the waves anywhere and enter a competition if you choose. We don’t have a list of sports you can or cannot participate in, everything is included.
Who decides if a claim is valid.
This is part of the service Extreme provides, for accidental death this straight forward. It requires an official death certificate to prove the process is black and white. There is little room for ambiguity. As we create new products we’ll be using principles of new decentralised decision making. Basically this means we’ll ask you to help us and reward you if you do and all of this is transparent on the DAO. Anyone can choose to be involved in the claims process voting.
Is it guaranteed that my Extreme community has enough money to pay my claim?
No, to begin with but eventually your coverage ratio is visible in the user interface at all times. This allows you to grasp what reimbursement you can expect in the case of an incident. If the community is still small then a large claim may significantly affect your coverage. To reduce this effect, please share our offer with your ecology and sports communities.
What does Accidental Death Cover mean?
Accidental death cover pays out a fixed lump sum of $25,000USD if you die as a result of an extreme sports accident. It doesn't cover you for death by natural causes. You nominate a joint policy owner such as your partner, spouse or parents. If you have a fatal accident, the payment will be made directly to them instead of your estate, making the money quickly available within 24 hours anywhere in the world.
Do you provide me with travel health cover?
No, but let us know if this is something you would like us to consider or our future plans. <insert call to action button>
Are there any medical questions?
You do not need a medical, nor do you need to answer any medical questions.
Coverage Term
Our terms are on-demand, this means cover is provided month by month. You can join the community or leave it at any time but payments are fixed and based on a monthly payment cycle, payable in advance.
Minimum Age Limitation
We thought about this but we see no reason for there to be a minimum age limitation, we don’t have a system that allows you to purchase the policy on behalf of a minor so you’ll just have to join with multiple payments or specify this in your DAO submission. There is no upper age limit to the cover, if you’re still trekking or kitesurfing and travelling in your 70’s and 80’s then we’d love to have you join the community. Just check that your standard cover isn’t suitable before signing up. We’re all about covering for exclusions that regular insurance provides; we don’t want you to waste your money if we don’t provide you with any additional benefit.
What about drugs and alcohol?
We all like to release steam and have fun but if drugs and alcohol are proven to be directly related to the cause of your accident we’d have to say you’ve broken the basic standards extreme athletes use when preparing for their sport or event. That being said, our mission is to build a community that supports each other and takes calculated risks. The last thing our community will want to do is put themselves at risk from negligent behavior so we’ve decided that we’ll trust you so when we say no exclusions, we really mean it. Just don’t be a dick!
Am I covered in the event I’m caught in a natural disaster?
Yes, the cover includes accidental death in the event of a natural disaster. This includes those of you who like to chase down volcanoes or need to enter hazardous zones because of work.
How about travel to parts of the world impacted by warfare and civil unrest?
Warfare, terrorism and political change throughout the Middle East and Africa over the past decade has created atmospheres of continuous fear, neglect and unrest in those regions. That doesn't mean we should abandon these parts of the world. Cover for accidental death included high risk countries.
Mental Health or Suicide
Mental health is something we’re well aware of, in fact we think sports and exercise are big contributors for increasing wellbeing. Extreme cover is for accidental death, not intentional self harm and we encourage you to seek help if you have concerns about your state of mind.
How do I know what cover I have?
You get to see a summary of your cover and a sample of an agreement when you sign up, and before you pay. We released Policy 1.0 and once we have 100 people signed up we’ll review it with the community to update it.
How do you calculate my premium?
It’s fixed, independent of the sport you play or country you reside or if you’re travelling or at home. We expect that you’ve undertaken some training if you have some type of formal qualification that will provide you with additional validation that will help build our community. We’re more interested in if you’ve got Strava records, an AIDA freediving certification or the USPA A License Proficiency Card. Our theory is while we like to take risks, they are calculated, so sharing your qualifications justifies you take your sport seriously. As we cover all activities this won’t impact the subscription or the payout.
What happens if I die while I’m overseas?
Repatriation occurs when your remains are sent home to your family if you pass away while you’re overseas. The repatriation benefit pays the cost of preparing the body of someone in the community who dies in a foreign country and returning the body to their home country. This benefit is generally included in the medical evacuation benefit of most international medical insurance and travel protection plans but not for excluded sports. This is why Extreme cover exists, the simple fact is that repatriating a person's body is a complicated and expensive process and something your family shouldn’t have to bear as a cost when they’re struggling to come to terms with their loss.
What if I’m not traveling very far from home.
The fee for forwarding remains to another funeral home usually ranges from $1000 to $3000. The fee for receiving remains from another funeral home usually ranges from $800 to $2500. Your family will likely have to pay both of these fees, in addition to any other funeral home costs so the cover is designed to protect your risk whether you are at home, travelling locally, or traveling abroad. The payout is still the same.
How much does a funeral typically cost?
The average funeral costs between $7,000 to $9,000. This includes viewing and burial, basic service fees, transporting remains to a funeral home, casket, embalming, and other preparation. The average cost of a funeral with cremation is $6,000 to $7,000. These costs do not include a cemetery, monument, marker, or other things like flowers. When you add the costs of repatriation on top of this you put your family in a significant financial burden to deal with their grief.
Where are my funds stored?
In the Alchemy DAO for now, Eventually your funds will be stored in your personal Ethereum wallet on your mobile device. We’d like to build a DiFi wallet and are looking for grants to accomplish this.
What if I want to cancel my cover?
You can cancel your cover and unsubscribe at any time through our website. The billing will end at the end of that period (monthly) and you will receive a refund for the amount in your wallet, less the 20% fee based on your share of the mutual fund at that time less any outstanding claims. The payment is limited to the total amount of your contribution to date. And if you ever want to come back, no problem, just start your subscription again.
Should I use Extreme if I have health insurance or travel insurance?
Extreme is designed for athletes and adventurers who are regularly going on adventures, not just for times of travel. We don’t provide health insurance or travel insurance so please carefully assess your needs for your situation. You can implement Extreme in addition to traditional insurance for areas that are excluded from your policy.
Is there any tax on the payout?
It's a lump sum payout. There is no income tax paid on the payment so your family gets the entire amount you are covered for.
How does my family receive the benefit?
When you sign up for cover you have the choice to nominate someone to receive the benefit of the policy.They will receive the payment upon submission of the death certificate. You can add multiple family members to receive the benefit and we’ll ensure we have their up to date details at the time we need them.