kaal:claim:3411897-030

Most legacy insurance companies will not consider underwriting a smart contract that is not subject to the traditional legal framework, which leaves sophisticated smart contracts without the insurance they require.

Source quote, verbatim

Most sophisticated smart contracts will require a form of insurance/underwriting to offset the risks of possible failure. Most legacy insurance companies will not consider underwriting a smart contract that is not subject to the traditional legal framework.

From

Wulf A. Kaal, Decentralization - Past, Present, and Future (2019), Part 3 / Unleashing the Power of Decentralization, p. 36
https://ssrn.com/abstract=3411897 · source PDF

Cite as

Wulf A. Kaal, Decentralization - Past, Present, and Future (2019). SSRN: https://ssrn.com/abstract=3411897

Holds when

smart contracts operating outside the traditional legal framework

Classification

failuresupport: assertedfailure: legacy-insurer-refusalfamily: legal-personality-and-liability-gapsmart-contractslaw-and-legal-systemsdefi

Related claims

restates kaal:claim:3406323-026 Legacy insurers will not underwrite smart contracts that sit outside the traditional legal framework, and even...

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