> For the complete documentation index, see [llms.txt](https://docs.cap.app/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.cap.app/guides/underwriter-onboarding.md).

# Underwriter Onboarding

The following outlines the process for onboarding Underwriters to Shared Security Networks (SSNs) in Cap's protocol. Onboarded Underwriters may delegate to Borrowers approved in the Cap system.

### 1. Setup

Ensure you have:

* **Borrower Address:** Borrower's Ethereum address that will receive delegations. The Borrower must be already registered in Cap's system. The list of current Underwriters can be found [here](https://cap.app/borrowers).
* **Underwriting Premium**: Agree on a fixed rate to receive from the Borrower
* **Collateral Asset:** The asset to be used as vault collateral (ETH/BTC-denominated ERC20s)

### 2. Choose SSN

Select SSN of choice for delegations, and follow the corresponding onboarding guide to complete set up and start delegating.

1. [Symbiotic](/guides/underwriter-onboarding/symbiotic.md)
2. [EigenLayer](/guides/underwriter-onboarding/eigenlayer.md)

Collateral management, i.e. delegations and withdrawals, are handled within each SSN. Underwriters are advised to monitor delay periods specific to the SSN.

{% hint style="danger" %}
Withdrawing delegations immediately lowers coverage. Delegated assets in the withdrawal queue are liquidatable until the end of the withdrawal delay. Hence, a withdrawal below the liquidation threshold makes the delegation asset liquidatable.
{% endhint %}

While a time buffer is in place to mitigate risk, it is recommended that Underwriters whitelist depositors to prevent malicious/accidental withdrawals that may trigger unintended liquidation.

### 3. Complete Legal Agreements (Optional)

Borrowers and Underwriters may enter into legal agreements outlining terms of delegation, responsibilities, and compliance.

### 4. Updating Parameters

To update the Underwriting Premium or the LTV for the Borrower, request a change to the Cap team.

Namely, the underwriting premium can be updated via the [setRestakerRate](https://github.com/cap-labs-dev/cap-contracts/blob/1064b6a969d55c822dcf0b2c4b733ceb4118737e/contracts/delegation/Delegation.sol) function, and the LTV and LT via the [modifyAgent](https://github.com/cap-labs-dev/cap-contracts/blob/1064b6a969d55c822dcf0b2c4b733ceb4118737e/contracts/delegation/Delegation.sol#L97) function.