Insurance against hacks in web3

Hey guys I remember seeing somewhere, I think it was in my Twitter feed, a service being advertised where you could deposit like $100 to insure $100,000 against hacks in several protocols. For example hold your funds on Aave or Compound, you can pay them and if Aave goes under, your funds are secured.

At the time I didn't think much of it but now I'm wondering how it works, if it's fully trustless or more like a traditional insurance, etc. I don't think the logic can be coded into contracts because how can you know if a project has been hacked? Checking balances isn't strong enough.

Anyway, if anyone remembers the name of this thing, comment pls.