The shorter the plan would have a higher rate to compensate, but would not count your probation period.
Would there be an option to pay the rest of the annual rates as a deductible on the claims, and then either not worry about it or begin a new policy?
Well, suppose I get scammed, 3 months in, for $2.5m. That's my policy cap for 12 months. You'll owe me $2.5m per the insurance terms, and I'll still owe you $675k (9 months premiums). Would it be reasonable to just take $1825k (the difference) as my payout, and close out the policy (as all contractual obligations had been filled on both sides)? Following that, would I then be able to start a brand new policy, with new premiums (as if I had not been a customer before).
No, your claim record would still be there. I assure you, you will not be able to loophole around it.
That's not really a loophole though - I'd literally be paying for a new policy again. You'd effectively get double premiums for the time of the overlap.
I see. You are saying you would want double coverage. I mean I would see the practicality of it, but it would also be taking advantage. It would 1 policy per item/business. I will make changes to the policies to fix this.
Is it possible to upgrade to a higher level of insurance while a policy is active? For instance, if a business starts small but grows and needs a higher level of insurance, is this possible. Also, how does this work when it comes to the scammer repaying their debts? I presume that if I make a claim and a scammer is subsequently unbanned and repays all or part of the debt, I pass the repayments onto you. Is that correct?
For the first question, you may be able to upgrade, but your probationary period would start over. For the second question, yes, if in the situation he would be unbanned, the payment(the amount loaned out), would have to be paid. Mostly due to the fact it would be counted as money stolen from you.
EDIC Update Due to recent inquiries and insights in regards to policies, EDIC will be temporarily closed until potential loopholes and other information has been covered.
