This page outlines the stages of a cover purchase from quote submission to activation (settlement) and expiry. Onchain cover status is dynamically updated, enabling you to monitor user coverage in real-time.
Overview
Cover pending (quote awaiting settlement)
Cover active
Cover expired
1
Cover pending
A quote has been successfully submitted onchain and is awaiting settlement. Quotes are settled by OpenCover within 24 hours (usually much less).
2
Cover active
Once the quote is settled, the coverage starts and the user is protected against the specified risks.
3
Cover expired
The end state for a settled quote after the coverage period ends.
Refunds
To ensure that OpenCover remains non-custodial, unsettled quotes (Cover pending) are refundable after 24 hours. This can be triggered permissionlessly by the wallet that submitted the quote by calling the refundUnfulfilledQuote() function on the associated Quote contract.
Full lifecycle
The diagram below illustrates the full lifecycle of a quote showing each state and the possible transitions between them.
