> For the complete documentation index, see [llms.txt](https://docs.namiinsurance.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.namiinsurance.io/english/open-limit-insurance-contract.md).
# Open limit insurance contract
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Step 1: Access the official Nami Insurance website Go to and log in using your Nami Exchange account. Select "Buy Insurance" from the menu to open an insurance contract
Step 2: Choose the asset to be insured Select the asset pair you want to insure. Nami Insurance offers asset pairs with 2 types of stablecoins: USDT and VNST.
Step 3. Choose the expected Bull/Bear market Bull insurance contracts will pay out when the asset price increases, and Bear insurance contracts will pay out when the asset price decreases.
Step 4: Select the “Limit” section and set the metrics that suit your needs. When opening a conditional contract, users should note 2 metrics:
* P-Active: is the price level at which the insurance contract will be activated.
* P-Claim: is the price level at which the insurance contract will be paid out. Users enter or use the slider for the minimum and maximum P-Claim values with the condition that it falls within the range of:
For Bull contract: 102% to 120% of P-Active
For Bear contract: 80% - 98% of P-Active
Step 5: Check the metrics in the insurance contract and select confirm to buy the contract.
After the conditional insurance contract is “Confirmed,” the system will lock a portion of the balance in the Nami Insurance wallet equal to the margin of the conditional contract.
The insurance contract will be activated when both of the following conditions are met:
* The P-Market price of the insured asset reaches the P-Active price.
* At the time the first condition is met, if the desired P-Claim price range set by the user partially matches the P-Claim price range of the system, the selected P-Claim price will be the smallest common value of the two mentioned P-Claim ranges.
Example: The user sets P-Active for the BTC/USDT insurance asset pair with a Bear at a price of 58,000 and the desired P-Claim range between 48,000 - 56,000. When the BTC price reaches 58,000 (P-Market = P-Active), at that time the system's P-Claim range is between 50,000 - 55,500, then the contract will be activated with a P-Claim of 50,000 (the smallest value).
How to monitor the list of conditional insurance orders
Step 1: Access “Nami Insurance” website
Step 2: At the “Buy Cover" interface, select “Insurance Order”
Step 3: Monitor the status of conditional contracts. Users can select “Close” on waiting orders at any time to cancel the order. Successfully activated contracts will move to the “Active Contracts” category.
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Step 1: Access the Nami Exchange app and log in/register for a Nami Exchange account.
Step 2: Select the "Nami Insurance" option on the Nami Exchange home screen.
Step 3: Select the asset, Bull or Bear contract, then click “Buy Cover”
Step 4: Select the “Limit” section and set the metrics that suit your needs. When opening a conditional contract, users should note 2 metrics:
* P-Active: is the price level at which the insurance contract will be activated.
* P-Claim: is the price level at which the insurance contract will be paid out. Users enter or use the slider for the minimum and maximum P-Claim values with the condition that it falls within the range of:
For Bull contract: 102% to 120% of P-Active
For Bear contract: 80% - 98% of P-Active
Step 5: Check the metrics in the insurance contract and select confirm to buy the contract.
After the conditional insurance contract is “Confirmed,” the system will lock a portion of the balance in the Nami Insurance wallet equal to the margin of the conditional contract.
After creating a conditional insurance contract, users will receive notifications about the status of the insurance order in the “Notifications” section on the Nami Exchange
The insurance contract will be activated when both of the following conditions are met:
* The P-Market price of the insured asset reaches the P-Active price.
* At the time the first condition is met, if the desired P-Claim price range set by the user partially matches the P-Claim price range of the system, the selected P-Claim price will be the smallest common value of the two mentioned P-Claim ranges.
Example: The user sets P-Active for the BTC/USDT insurance asset pair with a Bear at a price of 58,000 and the desired P-Claim range between 48,000 - 56,000. When the BTC price reaches 58,000 (P-Market = P-Active), at that time the system's P-Claim range is between 50,000 - 55,500, then the contract will be activated with a P-Claim of 50,000 (the smallest value).
How to monitor the list of conditional insurance orders
Step 1: Access “Nami Insurance”
Step 2: At the “Buy Cover” interface, select “Insurance Order”
Step 3: Monitor the status of conditional contracts. Users can select “Close” on waiting orders at any time to cancel the order. Successfully activated contracts will move to the “Active Contracts” category.
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