Card Insurance

[Conklandi]

In order to reduce the impact of card heists and other events, I had decided to start offering insurance to the community.

Here is how you can claim:

1. Send a telegram to Card Insurance detailing what happened to you in the following format:
Nation:
Event:
Card:
Amount of Bank Lost:

2. We will review the claim in order to prevent fraud as well as to determine the amount that should be given.

You will receive the bank via a low owner common.

The Card Insurance will be funded by donations of legendaries and other cards which will be junked or sold whichever generates the most bank.

Any updates will be posted on this thread and gift your duplicates here
https://www.nationstates.net/page=deck/ ... _insurance

[Untecna]

So... We get a common and that's it? Sorry, I don't quite understand.

[Conklandi]

So... We get a common and that's it? Sorry, I don't quite understand.

I am sending my duplicate legendaries and epics to set up the bank for compensation.

The common will be gifted to the claimant, where they can put the common up in the auction.

The account will place an ask on that common, where bank will be transferred to the claimant.

It will be a way to transfer bank.

[Conklandi]

Deflation of your overall deck value

Getting heisted out of transfer bank

Being dropped in an auction

This list will be updated.

[Untecna]

So... We get a common and that's it? Sorry, I don't quite understand.

I am sending my duplicate legendaries and epics to set up the bank for compensation.

The common will be gifted to the claimant, where they can put the common up in the auction.

The account will place an ask on that common, where bank will be transferred to the claimant.

It will be a way to transfer bank.

I see now. Thanks for clarifying!

[Farrakhan]

Salaam

It is always good to see players who think outside the box. The idea of insurance and derivatives is one that has serious merit. In the real world, stock and bond markets offer such products in spades of complexity, and investors and issuers alike are more than willing to pay a hefty premium for elite service.

To inspire consumer confidence, I would suggest posting a hard verifiable capital reserve (ie. an account with Bank serving as a hedge). From the standpoint of an investor, cards (even Legendary cards) are insufficient as a secured statement of collateral. Any serious investor who purchases insurance will consider the time value of money. When seeking a payout, cash is king. Market value from cards is often just a phantom value, especially with Legendary cards (most of which are paper tigers with wide arbitrage gaps). While standing Bids are real, they are too transitory to inspire confidence when someone is paying money for price protection at a future date.

Another aspect to post for potential clients is a tier of the premiums you would charge based on risk-factor. Just as Junk Bonds have much different Put pricing levels than Bonds rated AAA, so it would be true with the players on NS, their styles of play, track records of performance, and the types of cards they are looking to insure.

Good luck with your project, it's a great idea and could add real value for players if done right. As the first-mover, I hope it proves very lucrative for you, all the best!

-Farrakhan

[Conklandi]

In terms of security, my nation's bank will be the backing of Card Insurance.

[Slackertown]

Is this something we would pay into ahead of time?

[Conklandi]

Is this something we would pay into ahead of time?

Yes, you would pay into the insurance via the following method:

The person being insured would send all cards of a certain rarity to Card Insurance as payment every time they open a pack.

Here are the following ratings:
Safe
They will be obligated to send the number of cards worth 0.05 bank per puppet.

Medium
They will be obligated to send the number of cards worth 0.10 bank per puppet.

Risky
They will be obligated to send the number of cards worth 0.20 bank per puppet.

The values mentioned above are the minimum needed to be sent in order to make the policy valid.

If the nation hasn't received any cards from a particular claimant in a month, the policy will be declared invalid and any claims will be ignored.

These above ratings are to ensure that the insurance will not be overwhelmed by nations that are unlikely to pay back their dues.

Hope this is what you need.

From Conklandi.

[Conklandi]

Card Insurance is ready to insure its first customers!

Here are the instructions:
1. Register your interest in this thread or telegram Card Insurance with your trade history (e.g. how many heists you have suffered).

2. Send your first payment to Card Insurance after receiving your rating for how many nations you want to insure.

3. You are set!

Note that those who have safe ratings will receive their compensation ahead of those with medium risk and risky ratings.

Any updates will be posted in this thread!

From Conklandi.

[Untecna]

I am interested!
I will only insure this account, I don't card farm.

[Conklandi]

I am interested!
I will only insure this account, I don't card farm.

Ok, have you been heisted before?

[Untecna]

I am interested!
I will only insure this account, I don't card farm.

Ok, have you been heisted before?

No.

[Conklandi]

Ok, have you been heisted before?

No.

Send 0.05 bank worth of cards to Card Insurance in order to start your policy.

Every time you open a pack, send cards worth at least 0.05 bank to the nation.

If you send a card above the minimum of 0.05 bank, you have paid off any future fees.
(E.G. If you send a card worth 0.10 bank, you don't have to pay 0.05 bank next pack opening)

Welcome to Card Insurance.

From Conklandi.

[Noahs Second Country]

I don't understand how this is a good deal for you or a client.

[Conklandi]

I don't understand how this is a good deal for you or a client.

The scheme is a good deal for the client as it provides them with safety and protection against events that would otherwise deprive them of bank.

The reason why I started this scheme is to provide that security against heists, dropping and other negative events since there were no others that provide this service.

I will benefit from this via first-mover advantage as I am able to derive a source of bank once the scheme grows big enough.

Hope this answers your question,
Conklandi.

[Conklandi]

I will insure the maximum of 67 nations who apply to join the scheme out of my own farm.

There is 3.35 bank worth of insurance available, telegram Card Insurance with your risk rating and how many packs you would like the insurance for.

After the amount of packs opened has passed, you shall pay the amounts described in the previous posts depending on your risk rating.

This post will update when required.

[Racoda]

Why is the insurance pack-based and not time-based? How do you plan on verifying that?

I'm sure glad that at least everything can be payed once, because sending cards *every time* a pack is opened makes this absolutely unprofitable - due to gifting costs, the customer is paying twice the amount.

[Conklandi]

Why is the insurance pack-based and not time-based? How do you plan on verifying that?

I'm sure glad that at least everything can be payed once, because sending cards *every time* a pack is opened makes this absolutely unprofitable - due to gifting costs, the customer is paying twice the amount.

Thanks for the feedback.

I will update the structure of the scheme in order to make it solvent.

Thanks,
Conklandi.

[Conklandi]

The ratings will be updated to be the following:

• Safe- 1 bank per week

• Medium- 2 bank per week

• Risky- 5 bank per week

The procedure will be the same as the previous version for both insurance premiums and payouts.

You can prepay your insurance for the time you want to be insured by the amount listed above.

In order to increase your chances of being in the safe rating, there is a link to a guide that would help you reduce the chances of bank being lost:
https://www.nationstates.net/page=dispatch/id=1301089

If the inevitable happens and you become unlucky, this scheme will reimburse you 100% for other trades or 30% in high-risk transfers.

[Untecna]

The ratings will be updated to be the following:

• Safe- 1 bank per week

• Medium- 2 bank per week

• Risky- 5 bank per week

The procedure will be the same as the previous version for both insurance premiums and payouts.

You can prepay your insurance for the time you want to be insured by the amount listed above.

In order to increase your chances of being in the safe rating, there is a link to a guide that would help you reduce the chances of bank being lost:
https://www.nationstates.net/page=dispatch/id=1301089

If the inevitable happens and you become unlucky, this scheme will reimburse you 100% for other trades or 30% in high-risk transfers.

So you are now making me pay 1 bank per week instead of 0.05 per pack?

If I find someone else doing this for cheaper, I'm leaving. This is ridiculous.

[Conklandi]

The ratings will be updated to be the following:

• Safe- 1 bank per month

• Medium- 2 bank per month

• Risky- 5 bank per month

The procedure will be the same as the previous version for both insurance premiums and payouts.

You can prepay your insurance for the time you want to be insured by the amount listed above.

In order to increase your chances of being in the safe rating, there is a link to a guide that would help you reduce the chances of bank being lost:
https://www.nationstates.net/page=dispatch/id=1301089

If the inevitable happens and you become unlucky, this scheme will reimburse you 100% for other trades or 30% in high-risk transfers.

There will be a no claims bonus of 4 bank per 6 months.

[Awesomeland012345]

So you are now making me pay 1 bank per week instead of 0.05 per pack?

If I find someone else doing this for cheaper, I'm leaving. This is ridiculous.

How is one bank per week a lot? You can get that much per week if you answer issues consistently and then junk your cards.

[Slackertown]

So if I pay 1 bank weekly, get heisted, and you determine the transaction was risky I get nothing? Is that correct?

Can I suggest an ad hoc option? So I would say X bank for you to insure one specific transaction. That way you can asses the risk ahead of time. I typically only transfer once I have 10 or so bank ready to go anyway.

[Panagouge]

This doesn't seem worth it no matter how you put it. Also, with a dozen puppets, anyone can generate enough bank.