Neutrl USD depeg cover,
coverage and gaps.

This is the right shape of cover for a synthetic dollar: it targets the headline risk, a depeg, directly and with a clear mechanical trigger, unlike a protocol cover that would exclude it. Two things temper it. The trigger is strict: NUSD must trade at least 10% below its reference value for seven consecutive days, so a sharp depeg that recovers within days, the common pattern, pays nothing. And the covered token is exotic: NUSD is backed partly by illiquid OTC-acquired locked tokens and by hedges on exchanges, so the peg leans on active management and off-chain custody. On the plus side, the audit roster is strong (Cantina, Spearbit, Sherlock) and the payout is a generous 0.975 per token, extended to sNUSD and the Pendle and Spectra PT wrappers.