Subdivision of the Austro-Aurora United Bank
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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.

 

I have am investing $1,000,000ECD as a head start to what is available for future EDIC members!

 

As of right now, Star Tool insurance could be a possibility, but that would be something that would have to be further looked into.

 

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.

 

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.

 

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

 

Prices and policies have been updated

 

Prices and policies have been updated. Star Tools are now covered.

 

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.

 

@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.

 

Correct, due to you being bound to a forum contract, you would be bound for 1 year until a renewal date.