*ECC Tool Insurance Company*

This is the official thread of the ECC Insurance Co.

Welcome! This, to my knowledge, is the first functioning insurance company created on ECC. As such, there will be some bumps in the road and some growing pains (if we grow D: ) so I ask all of you to bear with me. You will have to trust me to be a fair and forthcoming person, something that hopefully comes easy, while we hash out all the details.

Without further adu, here is what you get when you buy a policy:
FULL coverage, up to the policy’s limit, when your tool is verified to have been lost. Lost meaning destroyed/scammed/un-reclaimable. Verified meaning you have video evidence of your tool breaking or a filed complaint verifying that someone owes you a tool as result of a broken contract/agreement. (added Jan 3, 2015 --> )This coverage also applies to the loss of an insured tool through a "repair scam" where, for example, you pay someone to repair the tool and they do not give it back to you. Again, you must file a complaint against this user and have the debt listed as the tool that you lost.

Policies can be purchased for up to the current market value of any tool you choose. The ‘market value’ will be determined between me and you, the policy holder, at the time of purchase of the policy. The agreed upon market value, or worth of the policy, will be posted and recorded for any future needs. Any policy that is taken out at not the full market value may be re-evaluated should you wish to fully insure your tool. Likewise, an original policy for full insurance of a tool may be re-negotiated no sooner than a week after initial policy purchase for extended, or reduced, coverage up to the ‘current market value.’ If these negotiations result in a different value for your policy, 7% of your policy’s worth will be due at your next premium due date.

To continue coverage for your tool, these payments are mandatory as dictated by your policy’s worth:
5% of the policy’s worth is due every Sunday by 10pm EST (your premium.)
7% of your policy’s worth is due at the time of purchase (your initiation.) This will also cover your first week’s premium.
2% of your policy’s worth is due for every claim you make (your deductible.)
**Should you miss your premium payment any week, you have until the next premium is due to continue your coverage (making double payment on the premium that week, covering the premium you missed.) Should a policy-holder miss two premiums at any time during the coverage period, the policy may be recognized as “null and void” by sick24 and any claim made may be denied. You are free to cancel your policy at any time, sick24 must be contacted for approval of the cancellation and no refunds of premiums are guaranteed. If you know you are going to miss a premium’s payment, you must contact sick24 to request a ‘holiday’ explaining your situation and when the missed premium will be paid.


Here is the application to request a policy:

*By requesting a policy, you certify that you have read and understood all the listed rules and regulations in this thread. You certify that you are willing to comply with the insurance company’s policy and will accept future revisions to the policies (given by the company with at least 3 days notice to all policy-holders.) You certify that you understand that you may lose a significant amount of the premiums you pay should, I will do my best to avoid, complete bankruptcy of the insurance company occur. You understand that sick24 is not liable for any losses due to a policy, and that the agreements made here are not endorsed by the server and are not an ‘agreement’ or ‘formal contract’ in any way, shape, or form; they are merely a loose mutual understanding and cannot be punished by the server in any way.


To initiate a claim, should one need to be made, the policy holder will need to forum pm sick24 giving:
A brief description of the situation (how you lost the tool)
Evidence: Either a complaint (in progress or resolved) or video evidence
Policy’s worth and date of purchase
A good example of a closed contract that you could use to file a claim for is this where the debt is actually listed as a “melon sword” or whatever tool you had insured.
*Note: The payout from a claim may be any value up to the full value of the policy’s worth. The value of a claim will be determined by sick24. All factors that went into the tool’s disappearance will be accounted for including but not limited to: complaints, provided evidence, and a general risk assessment to determine the value of the claim.


Other items to consider:
I will be making a public site to show how much money the insurance fund has in it. Look at my post below this. Should the fund ever go bankrupt and a claim is made, the remaining fund will be paid out to policy holders on a priority basis. That priority being oldest continual members being paid first. I have not thought about this situation in depth (and don’t want to xP.) But should it happen, either this system will be used or all current policy-holders will be contacted (via forum pm, most likely) and a resolution made from there. One thing I want to put emphasis on is that oldest members will receive priority! Buy your policies early!


If you think I am going to scam everyone who buys this insurance, you don’t know me
I am willing to cooperate and work with every policy-holder in the same fashion to make sure that everyone is happy. If you don’t trust me, please don’t comment on this thread, just move along like this idea never came around. If you have any suggestions for improvement on this insurance company, my forum inbox is always open And if you have any questions about my disclaimers or notes, feel free to ask them in this thread! I am sure many of you will have questions.

 

Policies requested so far:
None outstanding

Policies accepted!:
@zr2002 - 10k
@zjkhan - 15k

Total money in the insurance 'pot' that could be paid out:
$23,250​

This number will updated weekly, most likely every Sunday after premiums are collected.

 

@Thunder823 Yes, I mean actual video of the tool being used then breaking. Its the only way for me to guarantee its destruction.

I've thought about grief and stuff like that, but for now I'm just staying with tools.

 

For now I'm just sticking with tools as I can't really think of a way to cover armor :\
Also @BigB_Man did you want 15,000 per tool, or 7,500 per tool?

Up to 30,000 out 2.5 mil before policies will start being accepted! xP

 

If you want $15,000 of coverage per tool, I am up to $45,000 of requested pending policies.

 

Ahh, gotcha

 

@knears2000 Can't say I plan on making any money from this any time soon, I want to build up a big pool so all possible claims could be covered. And I do not plan on raising rates when a claim is made.

 

Insurance now covers 'repair scams'! Great time to request policies!

 

@nicit6 May you please change the title of this thread to read "*ECC Tool Insurance Company*"

Hugs and melons in return!