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Public Forums => Blacraft General => Topic started by: Komrage on 2019 01 16, 00:27:07

Title: blacraft insurance company
Post by: Komrage on 2019 01 16, 00:27:07
i am starting the blacraft insurance company BIC, so let's do this Q and A format

Q: why would i want this?
A: have you ever died and lost all your items, then had the server crash and wipe out an hour of your build, but since it's a build it's not like an admin can just spawn it back in? and then because safecreeper stopped working a creeper comes in and blows up your farm? well if you were insured by BIC, you could just file a claim and get paid in s$, and then use all of your newfound cash to buy back everything you lost, or at least just to feel better.

Q: how does insurance work?
A: You pay BIC a fixed amount of money per unit time. in return, if something bad happens, BIC compensates you in s$ (shimaodollars)

Q: what qualifies as something bad?
A: you fall into the void/lava with all your items. a chunk glitch / server crash causes you to lose 1 hour of progress. lightning strikes your mansion and it burns down

Q: how much do i get compensated for one of these bad events?
A: either, we can pre-agree on a fixed compensation -- say 10 s$ for each death in which you lose all items, regardless of how much or little you were carrying. OR, the default method is that after some bad thing happens and you file a claim, BIC makes an appraisal as to how value was lost, and then BIC pays you that much

Q: how can i be sure BIC will conduct a fair appraisal in the latter case and not scam me? also how can i be sure the insurance rates set by BIC are fair?
A: when you buy insurance with BIC, you have the option to post the sha3 hash of a string which has as it's first characters either "yes" or "no". at the end of the insurance period, you are obligated to reveal the preimage string (at the penalty of having all payouts revoked). if the string is "no", then nothing happens. if the string is "yes", then something called "reverse insurance" happens, where the insurance company refunds you 2x what you paid for insurance, and you pay the insurance company 1.5x of what you were paid out in claims, in addition to refunding your payouts.

example: suppose you think BIC is overcharging for insurance, so you buy insurance for 10 s$, and you get back 6s$ in payouts. if you put "yes" in this string, what happens is that BIC refunds you $20, and you refund BIC the 6s$ and pay an additional 9s$, so you have gained a net of 1s$ instead of losing 4s$. essentially, this reverse insurance clause ensures that if i'm charging too high, you have an opportunity to make profit. note that you can also lose a lot of money if you were wrong about me overcharging, so be very careful with this.

Q: what is the scope of coverage?
A: currently, just personal injury insurance (losing items due to death), and comprehensive insurance (losing items, losing progress due to glitch / server crashes, griefing, etc)

Q: what are the degrees of coverage?
tier 1: total coverage
tier 2: 75% coverage (aka i only pay out 75% of appraised loss),
tier 3: 1 s$ copay, 75% coverage on the rest, 20 s$ monthly maximum

you should expect tier 2 to be less than 75% expensive than tier 1, since the fact that BIC is not totally covering the risk will make the player more risk averse.
you should expect tier 3 to be also significantly less than tier 2 for similar reasons and the fact that tail risk is eliminated

Q: what is the payment cycle?
A: monthly, although if you don't play in a given month and let me know about it, you don't have to pay for that month.

Q: how can i sign up?
A: post below with your desired coverage scope and tier, and i'll give you a quote. if you accept then you'll be insured immediately, with the cost of the first month prorated.
Title: Re: blacraft insurance company
Post by: Bla on 2019 01 16, 22:11:39
If glitches, crashes and griefing cause problems people are already entitled to help such as rollbacks and compensation by admins
Title: Re: blacraft insurance company
Post by: Komrage on 2019 01 17, 02:16:46
that's true most of the time, but there are often things which don't get properly fixed like a new build gets rolled back due to a server crash: admins can spawn the items back in, but they can't compensate for the time + effort lost