Subdivision of the Austro-Aurora United Bank Over the years ECC banks and loan companies have come and gone. There is one thing most of those businesses have in common and that is they have been scammed at least once. What is the typical situation when this happens? The scammer is reported, then they are banned, but where does that leave the lender? The lender is left with a loss until the scammer is unbanned and some agreement is met, but other times, it is a loss that they have to bare. I am here to change that. May I introduce the EcoCity Deposit Insurance Corporation (EDIC). This corporation's goal is to offer banks and loan companies an insurance coverage. Once a bank or loan company is signed up with EDIC, they guaranteed coverage for future scams. Some may ask how this could work. With insurance companies, people have to pay monthly in order to keep their insurance policy just as banks and other financial institutions that are with the FDIC(Federal Deposit Insurance Corporation) have to pay into to stay covered. Besides providing insurance for banks and loan companies, EDIC is extending its coverage to Star Tools. Star Tools hold quite a bit of value and take quite a bit of time and money to purchase. EDIC wants to be able to provide users with the insurance coverage in the event your Star Tool is broken, stolen, or destroyed. Now how EDIC will value your tool is based on the Nether Star market price which will vary. It is always best to have something to fall back on than to be discouraged if such a catastrophe were to happen. With the EDIC, there are six different policies that have ranges of coverage, but it will be up to the owner of the bank or loan company to choose. Policy Plans/Coverage Range*: Bronze -- $10,000-$100,000 Silver -- $101,000 - $300,000 Gold -- $301,000 - $500,000 Platinum -- $501,000 - $1,000,000 Diamond -- $1,001,000 - $1,500,000 Nether Star -- $1,501,000 - $2,500,000 *NOTE* If your coverage is a higher tier (i.e. Gold), you are covered all the way to Bronze. Month cost of each plan*: Bronze -- $3,000 Silver -- $8,000 Gold -- $10,000 Platinum -- $25,000 Diamond -- $50,000 Nether Star -- $75,000 Spoiler: Insurance Policy Terms In order to have your insurance through EDIC, you must fill out an application and agree on a forum contract to ensure that both parties are guaranteed legitimacy through the ECC Staff. In order to file a claim, you must fill out the claim form and have all necessary documentation required. In order to qualify for an insurance claim for Policy Plans you must have had your policy for at least 3 months before your first claim. You must continue to make monthly payments via a trade chest with the price of your policy in order to maintain coverage. If you miss 2 months payment, your coverage will be nullified and you will not be refunded. No refunds are allowed after your 3 month probation nor after your first claim. When filing a claim, you are only allowed to claim the principal amount(the amount you loaned). If filing for a claim on a Star Tool, you will only be compensated nether star market price. AAUB's bullion price will not have any influence. The price will be based on the lowest price at the spawn shop market. Your max amount of coverage on your policy is the total amount you can only claim in 12 months after your first claim. You may only make a claim after you have already signed up with EDIC. If you make a false claim, your policy will be dropped. *These policy prices are subject to change, but are the minimal prices that you may be charged. Depending on how many scams you have had in the past in your business, your premium may be higher than others. *NOTE* Our policies, plans, and prices are subject to change. EDIC Application Formats: Spoiler: Insurance Policy Application What is your username?: @ What is the name of your bank or loan company?: What is the type of coverage you wish to apply for?: Have you read the Insurance Policy Terms and do you agree to the terms?: Do you understand that depending on many applicants that may apply and the time of contract approvals, you may have to wait?: Star Tool Insurance application Format What is your username?: @ What is your Star Tool Item ID#?: What is the type of coverage you wish to apply for?: Have you read the Insurance Policy Terms and do you agree to the terms?: Do you understand that depending on many applicants that may apply and the time of contract approvals, you may have to wait?: Spoiler: Insurance Claim Application What is your username?: @ What is the name of your bank or loan company?: Have you filed for a claim before? If so, what was the amount?: What is the principal amount that you have lost and wish to claim? (Please write out the full dollar amount, i.e. $10,000ECD): Please provide a link to your loan contract or provide a screenshot for proof of money transfer.: Please provide the link to the filed/resolved scam complaint.: Star Tool Claim Application Format What is your username?: @ What type of Star Tool did you lose?: What is your item ID#? (Please include screenshot of Item ID# for proof of ownership): Do you understand depending on the number of claims filed, you may have to wait?: ***Disclaimer*** EcoCity Deposit Insurance Corporation[EDIC] will hold the full rights to deny an application for any reason. Any unrealistic or immature application or attempt to post anything irrelevant to business with EDIC that is posted here will be taken as an act of Trolling/Harassment/Slander.
As of right now, Star Tool insurance could be a possibility, but that would be something that would have to be further looked into.
Your prices are a bit, well.... pricy. For a 2 million loan, most people would ask for about 40% in return over 2 months. That would give them 800k interest, and they would have to pay 3/4 of that just in case they get scammed? (Since Gold+ requires you to have paid for 3 months before your first claim). It's even worse that the maximum amount on your plan is the max you can claim back in a 6 month period (after a claim). I really like the originality of the idea but at the moment I don't think the prices are worth it compared to just taking the risk with the loan.
I suppose then I would have to have you closely read the policy terms again because you do insinuate that the interest is covered when it is not. You can only claim back what you have loaned out (principal). For example, you loan out $300,000, but you are scammed. The total payback is $390,000, but you can only claim the principal, which is $300,000. Now if you have the gold coverage, then you can claim the $300,000 and still have $200,000 claim within 6 months, but after that, it resets to your full coverage. Yes the prices may be a bit steep, but I did also mostly base it on a how many apply, the probationary period, and how much would be available for them to claim without there being a negative impact on available funds. I do have to point out that it would not be worth the loss and you know that you file a scam loan, the filer mostly will never see the money again. The money cannot be generated, it has to come from somewhere. The only reason why I gave a max amount within 6 months is to discourage high risk loaning. I did state prices are subject to change, but it takes more people to join to cause that.
I do not insinuate interest is covered, I read it and it clearly says it is not, I am saying that they would have to pay 3/4 of their profit (600k/800k interest) if they don't get scammed, which is a bit steep. Meaning that then they would only make 200k on that loan.
The only way the prices could change is if more people would apply, and allow more funds to be available. There has to be balance. If I lower the price, the wait time to claim it again would have to extend to 12 months.
Loans do not make fantastic money anyway, so with this scheme in place it would be nearly pointless to even loan. The pricing needs a lot of adjusting if this is ever going to work
In order for this to work, I will go ahead and adjust pricing, but unfortunately, the there will be a longer wait for both claim turnovers and probationary periods as to avoid abuse of the system. @wolfspy7 @FuryFudge
Spoiler: Quote So in the event that a star tool is broken and you agree to cover it on the value of nether stars, what's your take on the current nether stars value? For your Bank it's only $550, I bought most of my nether stars for between $700 and $775. A Star Pick is worth around $1.5 to $1.6 based on current Nether Star values, but at $550 it's only $1.2 Million. Maybe add your current value of nether stars to the top or part of this page so everyone knows what they're covered for. I'm liking the idea behind this, I might sign up.
That is very true and I do see your point. It does state in the terms "... you will only be compensated nether star market price." Essentially because the Nether Star market does vary, the price will not be reflected on AAUB's price point since that price is for bullion.
Not that I plan on getting scammed anytime soon.... but 3 months seems like quite a long probation period before you're truly insured. Say I apply today for gold tier insurance, and also give a 300k loan today with 2-month payback. If I get scammed on it 2 months from now, it wouldn't be covered... right?
So the lowest price at a spawn shop, I assume you mean buy price and not sell price? The current lowest price is $725 to buy from Donny at Station 6. But the average price is $811. So at $725 for 2,200 Nether Stars, is $1,595,000, but the average price of the market is $811 and at 2,200 Nether Stars is $1,784,000, that's a $189,200 lost at least, more probably because you will have to buy nether stars at higher values then $811. If you have invested $1,000,000 and for a nether star coverage over 3 months is $225,000, where will the rest of the money come from to cover the first broken star tool of at least $1,595,000? Or if two people sign up for nether star coverage, that's only $1,450,000, but would need to cover at least $3,200,000 for two people. Does this apply to both loans and star tools or just star tools? If it applies to loans, then what if someone/bank makes multiple loans in a year, easily 20 loans at least based on your own bank, what if they get scammed more then once in a 12-month term? They won't be able to file for coverage on the loans? Spoiler: Nether Star Prices Station 5 $850 Station 7 $730 Station 3 $800 Station 4 $850 Station 2 $825 Station 1 $795 Station 10 $830 5,680/7= $811 Outliers, Lowest and Highest. Station 6 $725 Station 8 $875
@SirChilledMrHobo, I do see what you are saying in regards to the coverage. Now with the coverage, people are able to make more than one claim, but they can only claim up to their covered plan limt. Example would be someone has the Diamond Plan, they would have a total of $1,500,000 to have in claims. If they are scammed $500,000 one day and make a claim, there would be $1,000,000 left in their policy claim until one year after the first, then it resets to $1,500,000. In the event of a Star Tool is destroyed or is stolen and cannot be recovered, then they can claim the loss(based on the lowest Nether Star price for sale). That would--for Nether Star Coverage--leave them the difference of the max coverage of the policy plan. Do keep in mind that this is still a new concept and would take more people and time to grow. This corporation would be a benefit for the economy since there is no other way to receive compensation for a complete loss.
Hypothetically if I were to get scammed the amount of my coverage shortly after the end of my trial period (through bad luck, no malicious intent on my part), would I be obligated to continue paying for coverage for the rest of the year despite the fact I would not benefit from the continued insurance until a full year has passed?
Correct, due to you being bound to a forum contract, you would be bound for 1 year until a renewal date.
