Terms of Service

1. What NextBlock is

NextBlock is an institutional protocol for tokenizing reinsurance portfolios: an insurance tokenization yield layer in which whitelisted cedants transfer premium flows into ERC-4626-style USDC vaults whose restricted shares (nbUSDC) are held by whitelisted institutional liquidity providers.

The vault share is a NAV-bearing token; not a stablecoin; not legal tender; not redeemable at a fixed 1:1 value; subject to eligibility, vault terms, NAV, fees, claims, liquidity and risk of loss (production symbol nbRV). Underwriting decisions, capital allocation, claim handling and emergency response are separated into distinct on-chain roles bounded by a timelock.

NextBlock is a technology platform; it is not itself an insurer, reinsurer, broker, investment adviser or custodian.

2. Staging scope — no mainnet, no real value

• All contracts run exclusively on the Base Sepolia test network. There is no mainnet deployment and no token sale.
• The settlement asset is a test USDC mock with no monetary value. Nothing in the staging environment constitutes real funds, deposits, premiums or payouts, and no real value can be put at risk through the staging contracts.
• The protocol has not undergone an external security audit. Do not send real assets of any kind to the staging addresses; anything sent to them is unrecoverable by design of the test network.
• The staging environment, including its database of KYB applications, may be modified, paused, redeployed or wiped at any time without notice.

3. Eligibility — institutional only

• The platform is intended exclusively for institutional entities: reinsurers and ceding entities (cedants), professional underwriting organizations and institutional liquidity providers. It is not offered to, designed for, or appropriate for retail consumers, and no consumer insurance product is offered through it.
• You represent that you act for an entity (not as a private individual), that you are duly authorized to bind that entity, and that neither the entity nor its beneficial owners are subject to sanctions or located in a jurisdiction where use of the platform would be unlawful.

4. KYB requirement

• Completion of the Know Your Business (KYB) process is required before any vault interaction beyond read-only viewing. Until an application is approved AND the corresponding wallet is whitelisted on-chain in the ComplianceRegistry (a separate, explicitly authorized act of the KYC Operator), deposits, share transfers and institutional flows are blocked at the contract level.
• KYB approval in the application database is instructional only and creates no entitlement to on-chain whitelisting.
• You must not submit a KYB application containing another person’s data, fraudulent company information or misleading licensing claims. Applications are reviewed manually and may be rejected without reason.

5. Risk acknowledgment

By using the platform you acknowledge and accept, without limitation:

• Smart contract risk: contracts may contain defects; the protocol is unaudited at this stage; on-chain transactions are irreversible.
• Oracle and AI risk: NAV figures, risk scores and claim assessments are advisory inputs produced by oracles and AI systems behind adapters; they may be stale, wrong or unavailable, and never carry unilateral business authority.
• Governance risk: protocol parameters can change through the timelock process; during the staging phase the deployer key retains elevated permissions until the governance handover completes (see the in-app warning).
• Liquidity risk: capital allocated to active underwriting is not instantly redeemable beyond the configured buffer; redemptions above the buffer are restricted by design.
• Regulatory risk: the legal treatment of tokenized reinsurance instruments is evolving and may affect availability of the platform.

A risk summary is also displayed inside the application. Reading any disclosure does not reduce the underlying risks.

6. No advice, no offer

Nothing in the application, documentation or protocol output is financial, legal, tax, actuarial or investment advice, and nothing constitutes an offer to sell, or a solicitation to buy, securities, insurance or reinsurance in any jurisdiction. Insurance-linked figures shown in staging are simulated or illustrative.

7. Acceptable use

You agree not to: attack, overload or attempt to bypass the application, its rate limits, its authentication or its access controls; misuse operator endpoints; attempt to extract other applicants’ data; interfere with oracle feeds or governance operations; or interact with the contracts in a manner designed to corrupt accounting state or solvency invariants.

8. Intellectual property and open source

The protocol code is published in the public repository under its stated license terms. Names, logos and brand assets of NextBlock and its partners remain the property of their respective owners.

9. Limitation of liability

The platform is provided “as is” and “as available”, without warranties of any kind, express or implied, including merchantability, fitness for a particular purpose and non-infringement.

To the maximum extent permitted by applicable law: (a) the NextBlock team, its contributors and its partner entities shall not be liable for any indirect, incidental, special, consequential or exemplary damages, or for any loss of profits, data, goodwill or other intangible losses, arising from or related to the use of, or inability to use, the platform; and (b) in respect of the staging deployment, where no real value can be placed at risk, aggregate liability for any claim shall not exceed zero, reflecting that the staging environment holds no real funds.

Nothing in these Terms excludes liability that cannot be excluded under applicable law.

10. Indemnity

You agree to indemnify and hold harmless the NextBlock team and its partner entities from claims arising out of your breach of these Terms, your violation of applicable law, or data you submit through the KYB process.

11. Governing law and disputes

These Terms are governed by the laws of the Federation of Saint Kitts and Nevis, without regard to conflict-of-law rules. Any dispute arising out of or in connection with these Terms shall be subject to the exclusive jurisdiction of the courts of Saint Kitts and Nevis, unless mandatory law of your jurisdiction provides otherwise.

12. Changes and contact

These Terms may change as the protocol approaches production; material changes will be reflected on this page and in the repository document with a new date. Questions: see the security and operations contacts in the public repository (github.com/antoncarlo/nextblock).