I've thought of this aswell, I would like to see it on ECC in the future but there is a risk with ensurance.

Pro:
Imagine you buy a new melon sword, you ensure it. The next day you wan't it repaird , the repaierer scams you on it.
Don't worry, you have ensurance? So you could either get a new sword or a % of the worth of a melon sword depending on how much you ensured it for. It would be good, but there is one con.

Con:
This could be settled up.
Let's say this: I buy a melon sword, ensure it, then my friend is going to "repair it" and logs off.
I blame a random person for scamming me. I ensured it, right? So I can get a new one.
Now me and my friend has 2 melon swords for the price of one.
This is what could happen, wich would be very bad. And things like this is happening real life.

So it could either be good, but it could also destroy the economy.
But thats just what I think!

 

This is a good idea. But it wouldn't work for ensuring items. Such as a melon sword because it is simply impossible to track. There are users who have more than one account (which is highly illegal) who could easily make fake evidence of then giving the sword to there "second account" then say that the "fake account" stole it, collect insurance and give the sword back to there main account before there "second account was banned.

This would be a great idea for grieve protection though because this is trackable using the investigator donation. The con of this is that you would need the investigator donation:p

 

I don't think it would work. Insurance companies Irl make a lot of there money by refusing to pay when they are supposed to. In ECC u'd actually have to provide insurance instead of weasling your way out if payi so i dot think itl work.

 

I was thinking this could be done as well, but one would need to charge someone different rates for different tools and would have to have a time limit on how often they could replace a tool. A pick axe could be one a month and melon sword would be once every two months for example. I've been still thinking how this would work especially with payments and and time zone differences as well as the people (probably everyone) who would want to use the system to make money. Also the fact that tool costs differ the the rarity of tool changes based on the day or weak. At most I could only figure out a way to make this system break even, by making sure people can't miss payments and by having timed replacements.

 

Of cource you would need to charge enough for the insurance that if a melon sword were to go missing and you had to pay 350k you would go bank rupt. Paying someone 350k is a massive loss of money. If 2 losses happened in the same day you could end up paying 700k. If 3 happened you would be out 1.05mil. So you would have to charge insane amounts of money to obtain such insurance like 100k a month... And I don't think anyone would do that

 

I have the feeling that people would gang up with their friends and commit insurance fraud just to get the 350k when actually, the other friend just has the sword.

 

Another solution that would have to be solved is pricing. Since you are the only person I know of with this there are no other pricing models to go off of. It would be a nightmare to figure out how to make money but still be a good deal for those who are paying for the insurance.

 

Solution to insurance fraud:
For exmaple melon sword:
Make timed replacments like I said, one can only get a new one every month or so.
Secound make sure payments can't be missed and have a minimum amount of payments before replacements can take place; if one misses a payment the number of payments resets and one cannot get another melon sword until they build up to this number.
Third charge enough so within the replacement time you make the equivalent amount of money of the melon sword. In this case charge 87.5k per week so you have 350k by the fourth week (1 month).

Yes this defeats the purpose of insurance because it seems that you are more or so just collecting people's money so they can't spend it and giving it all back to them when they need it. So it's a break even deal. The only way I could see to make money is to have the minimum number of payments be large enough that the money gained exceeds the cost of the item or add a small fee the each payment, such as 250 ecc so that a small profit is gained over a large number of people and time.
Also you can change payments as well so once you have 350k for a melon sword then you could just charge the 250 ecc for profit and you will just hold onto the 350k until it will be needed to purchase another melon sword.

 

This would defeat the purpose of having a melon sword.

 

I'm afraid, the only insurance that will really "work" where it will be hard to commit scamming, would be Home Insurance.

It's easy, rollback's only happen in the 7k-8k+ area.

So whenever you can provide proof that someone has been banned for griefing, aka, grief report with person caught, the company would provide insurance for the 0-7k damages.

Rollbacked property wouldn't be helped by the insurance company.


The main big fat problem is, insurance in real life works on the fact that, millions and millions of people have it at the same time.

I mean, if you got 1,000 ecc'ers to sign up for your program, and they payed 100 dollars a week, then whenever someone get's griefed, it would be easy to pay them back. But with like 5 people paying 100 dollars a week, you aren't gonna get anywhere close to 7k anytime soon.

 

Then how would you insure a melon sword then?

 

I wouldn't. The only people who loose melon swords are people who try to make money by renting them. If you don't rent your melon sword, your all good. Read my previous posts

 

^