> ## Documentation Index
> Fetch the complete documentation index at: https://mintlify.com/p2pdotme/docs/llms.txt
> Use this file to discover all available pages before exploring further.

# Insurance

> Multi-tier insurance pool coverage for Circle participants

Each Circle includes insurance pools to protect participants.

## Insurance Pool Tiers

### CAIP (Circle Admin Insurance Pool)

First-line coverage funded by a percentage of Circle volume plus slashed stakes.

<Note>
  CAIP is the first tier of protection and is drawn from before other pools.
</Note>

### CALR (Circle Admin Locked Rewards)

A portion of admin earnings locked as a rolling buffer.

### PIP (Protocol Insurance Pool)

Backstop for systemic failures or depleted lower-tier pools.

## Claims Priority

Claims draw from pools in strict priority order:

<Steps>
  <Step title="CAIP first">
    Circle Admin Insurance Pool is used first for claims.
  </Step>

  <Step title="CALR second">
    Circle Admin Locked Rewards if CAIP is depleted.
  </Step>

  <Step title="PIP last">
    Protocol Insurance Pool as final backstop.
  </Step>
</Steps>

<Warning>
  Insurance pools are designed to protect against losses, but they are finite. Operating responsibly helps preserve pool capacity for genuine claims.
</Warning>

<Note>
  Circle-native insurance pools with programmable slash/reward logic and claim workflows are planned for a future release.
</Note>