How it works
Cover that switches on with you.
Insurance sells months because months are easy to bill. Skim sells seconds: tap on when the work starts, and a small jar of your own money covers you by the second until you tap off.
Six things, in the order they happen.
Everything the contract does, and nothing else.
01Pick a plan
Rider, driver, stall, on the job, shift, courier. Each has a rate an hour and a payout. Put a few dollars in the jar.
02Tap on
From that second you are covered. The jar pays the rate by the second, a fraction of a cent at a time, into the pool.
03Something happens
File it while you are on, or within a day of going off, up to the plan’s payout. The checker pays it from the pool or says no, on the record.
04Tap off
The meter stops. The receipt says exactly how many seconds you were covered and what they cost. Nothing is rounded up to a day.
05The jar runs dry
If it does mid-shift, cover ends at the second it did, and the record says so. Top up any time; it settles on the way in.
06The pool is owned
Whoever puts money in owns a share. Premiums grow it every second anyone is on; claims shrink it. A tenth of every premium goes to whoever runs it.
Why Arc
Cover by the second is only a business where a second of premium, a fraction of a cent, costs less to settle than it is worth. On Arc it does, and a tap is final in under a second, so a rider is covered from the moment they say so and pays for exactly the seconds they were exposed.
What is an example
The six vests on the home page are examples and say so: made-up people on the meter the contract runs. With the pool’s contract on the registry, plans posted, and a wallet, Get a vest opens a real cover, and every tap is on chain.
Fair questions.
Is this real?
The six vests on the home page are examples and say so: made-up people on the same meter the contract runs. With the pool’s contract on Arc, plans posted, and a wallet, “Get a vest” opens a real cover, and every second on it is metered on chain.
Why by the second?
Because that is how long you were exposed. A rider who works three hours should pay for three hours, not thirty days. Anywhere else a payment that small costs more than it collects; on Arc it costs a fraction of a cent.
Who decides a claim?
The wallet that runs the pool, the checker. It pays from the pool or says no, and every answer is on the record. A pool whose checker says no too often is a pool nobody tops up a jar for.
What if I forget to tap off?
The jar keeps paying until it is empty, and then cover ends at that second. You lose a few dollars at most. Top up before the next shift.
Where does the money go?
Into a pool owned by whoever put money in it, in shares. Claims are paid from it. A tenth of every premium goes to whoever runs the pool.
Can I be covered on two plans?
Get two vests. Each has its own jar and its own meter.
Who makes money on this?
A tenth of every premium, by the second, to whoever runs the pool. Nothing else.