Uniswap v3 cover,
coverage and gaps.

The one covered event that truly maps to an AMM, a smart-contract exploit, sits against an unusually strong target: an immutable, non-upgradeable core audited by Trail of Bits and ABDK, with a $500k bounty and no core exploit since May 2021. So the covered peril is real but low-probability. The material limitation is fit: two standard covered events (oracle failure, liquidation) are lending concepts with no realistic trigger on an AMM, and the dominant economic risk of providing liquidity, impermanent (divergence) loss, is a market price movement and explicitly excluded. This cover protects the contract, not the position.