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Author Topic: who would be interested in buying insurance on their Bitcoins, services?  (Read 2311 times)
srgkrgkj
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November 10, 2014, 05:19:48 PM
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Im considering whether i should start up a Bitcoin insurance company which would essentially insure you for certain amounts of Bitcoins. There will be premiums, and plans which i hope to set up to cover you in case of a theft or hack. Full details of the service may come soon depending on interest and demand.

ps. If this goes ahead i will need investigators to check out claims of clients and investigators will receive payment depending on the cases they cover etc.

What do you think guys?

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November 10, 2014, 05:44:50 PM
 #2

Im considering whether i should start up a Bitcoin insurance company which would essentially insure you for certain amounts of Bitcoins. There will be premiums, and plans which i hope to set up to cover you in case of a theft or hack. Full details of the service may come soon depending on interest and demand.

ps. If this goes ahead i will need investigators to check out claims of clients and investigators will receive payment depending on the cases they cover etc.

What do you think guys?

 Cheesy Yesterday i was talking with my friend, that bitcoin insurance company can be good idea!!! Good luck! I will watch.. Smiley

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srgkrgkj
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November 10, 2014, 05:46:02 PM
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Thanks for the support mate i hope to see the company up soon as this will help a lot of people who have been recently experiencing thefts hacks etc

1Referee
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November 10, 2014, 05:50:47 PM
 #4

Im considering whether i should start up a Bitcoin insurance company which would essentially insure you for certain amounts of Bitcoins. There will be premiums, and plans which i hope to set up to cover you in case of a theft or hack. Full details of the service may come soon depending on interest and demand.

ps. If this goes ahead i will need investigators to check out claims of clients and investigators will receive payment depending on the cases they cover etc.

What do you think guys?

Most of the insurance companies, if not all, are reluctant when it comes to paying out. They will do anything to prove you are wrong, so they don't have to pay.

Not sure if I would use one, but I guess there is a certain demand for this service. Interesting project.

Equinoxx
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November 11, 2014, 06:02:14 PM
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Im considering whether i should start up a Bitcoin insurance company which would essentially insure you for certain amounts of Bitcoins. There will be premiums, and plans which i hope to set up to cover you in case of a theft or hack. Full details of the service may come soon depending on interest and demand.

ps. If this goes ahead i will need investigators to check out claims of clients and investigators will receive payment depending on the cases they cover etc.

What do you think guys?

Most of the insurance companies, if not all, are reluctant when it comes to paying out. They will do anything to prove you are wrong, so they don't have to pay.

Not sure if I would use one, but I guess there is a certain demand for this service. Interesting project.

Yeah that is true.

This is a good idea would help out a lot of people.

But wouldn't be easy for people to scam you? Like a lot of people try to do some sort of damage just to claim insurance.

I also think ( to my knowledge ) that thefts and hacks don't occur as often as a normal crime ( house robbery , hijack ).
For me at least.. I live in third world crime fest where you get targeted as soon as you leave home :/

-.sgmf
srgkrgkj
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November 11, 2014, 06:08:07 PM
 #6

Im considering whether i should start up a Bitcoin insurance company which would essentially insure you for certain amounts of Bitcoins. There will be premiums, and plans which i hope to set up to cover you in case of a theft or hack. Full details of the service may come soon depending on interest and demand.

ps. If this goes ahead i will need investigators to check out claims of clients and investigators will receive payment depending on the cases they cover etc.

What do you think guys?

Most of the insurance companies, if not all, are reluctant when it comes to paying out. They will do anything to prove you are wrong, so they don't have to pay.

Not sure if I would use one, but I guess there is a certain demand for this service. Interesting project.

Yeah that is true.

This is a good idea would help out a lot of people.

But wouldn't be easy for people to scam you? Like a lot of people try to do some sort of damage just to claim insurance.

I also think ( to my knowledge ) that thefts and hacks don't occur as often as a normal crime ( house robbery , hijack ).
For me at least.. I live in third world crime fest where you get targeted as soon as you leave home :/

It would be easy to defraud insurance companies but with the aid of professional investigators you can easily protect yourself against this sort of crime. There are plenty of investigators around the forum infamous for their doxxes etc. Cheesy i hope the project will be under development soon but it all depends on demand  for the service

Equinoxx
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November 11, 2014, 06:13:46 PM
 #7

Im considering whether i should start up a Bitcoin insurance company which would essentially insure you for certain amounts of Bitcoins. There will be premiums, and plans which i hope to set up to cover you in case of a theft or hack. Full details of the service may come soon depending on interest and demand.

ps. If this goes ahead i will need investigators to check out claims of clients and investigators will receive payment depending on the cases they cover etc.

What do you think guys?

Most of the insurance companies, if not all, are reluctant when it comes to paying out. They will do anything to prove you are wrong, so they don't have to pay.

Not sure if I would use one, but I guess there is a certain demand for this service. Interesting project.

Yeah that is true.

This is a good idea would help out a lot of people.

But wouldn't be easy for people to scam you? Like a lot of people try to do some sort of damage just to claim insurance.

I also think ( to my knowledge ) that thefts and hacks don't occur as often as a normal crime ( house robbery , hijack ).
For me at least.. I live in third world crime fest where you get targeted as soon as you leave home :/

It would be easy to defraud insurance companies but with the aid of professional investigators you can easily protect yourself against this sort of crime. There are plenty of investigators around the forum infamous for their doxxes etc. Cheesy i hope the project will be under development soon but it all depends on demand  for the service

If you need help with any logos or banners or even a website, I can help.

Here is a link to my thread:
https://bitcointalk.org/index.php?topic=715634.0


-.sgmf
RCHumphrey
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November 11, 2014, 09:30:45 PM
 #8

Insurance is immensely complicated and I don't think you have the resources or experience to make it work (forgive me if I've assumed incorrectly). I only say this from what I know about people working in insurance in the City of London...

There would be such huge amounts of risk involved in crypto too that it would be very easy to fake claims etc
kotwica666
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November 11, 2014, 09:41:59 PM
 #9


We note that the escrow services are becoming more popular and in my opinion a sort of insurance industry will surely develop. Simply, it is difficult for me to imagine it now but someone with good vision can become a rich man in the future  Smiley

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November 12, 2014, 06:44:41 AM
 #10

Im considering whether i should start up a Bitcoin insurance company which would essentially insure you for certain amounts of Bitcoins. There will be premiums, and plans which i hope to set up to cover you in case of a theft or hack. Full details of the service may come soon depending on interest and demand.

I'm pretty sure this idea has been thought out before - how would you actually be able to confirm that the coins were in fact stolen rather than evidence planted and the coins moved. Secondly, wouldn't this whole thing (if it got customers) mean that addresses have to be tied to identities meaning the whole anonymous nature of Bitcoin goes out the window. Next, how exactly are you going to calculate a premium for this - you'd need an actuary to determine the likelihood of a loss and figure out premiums from this. Plus, insurance is based off a large scale long-term outlook, if you have a small userbase with a lot of incidents the business might be unviable.

Sorry to be such a downer, but I wanted to know if you really thought this through.
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November 12, 2014, 07:21:50 AM
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I will introduce with my friends about  buying insurance on your Bitcoins, services?
Good luck and see later.
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November 12, 2014, 02:52:19 PM
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Im considering whether i should start up a Bitcoin insurance company which would essentially insure you for certain amounts of Bitcoins. There will be premiums, and plans which i hope to set up to cover you in case of a theft or hack. Full details of the service may come soon depending on interest and demand.

ps. If this goes ahead i will need investigators to check out claims of clients and investigators will receive payment depending on the cases they cover etc.

What do you think guys?

The risk is really high for bitcoin insurance company. Too many hacker and too many people losing their BTC. The only way I can think of is you force them to install some kind of anti-virus and make sure they have really long password. This way you are also protecting their wallet.

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November 12, 2014, 05:32:19 PM
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Good idea, you should do tis

srgkrgkj
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November 12, 2014, 07:20:45 PM
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i may start accepting a few offers later next week probably ~3 to start and will try out a short term insurance plan of 14 days to begin with depending on the amount to cover and if user wants a full premium where their Bits will be covered in all cases except if the loss incurred was completely on the users part. All claims made during this period will be examined by investigators to avoid situations of fraud etc. We will need certain details such as the use of bitcoins, if you are involved with any high risk practices such as high volume trading, gambling etc to decide on the prices set for premiums. Depending on the amount that needs to be insured prices will be calculated individually depending on risk, policy type and other variables. Certain precautions on the users part will have to be taken including installing 1 antivirus program, at least 1 firewall, armory/electrum should also be installed client side. Taking these precautions will have a massive impact on the security of your bitcoins and even the risk encountered which in turn will lower the price you pay for cover. More information will be coming your way shortly Cheesy

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November 12, 2014, 07:24:34 PM
 #15

Im considering whether i should start up a Bitcoin insurance company which would essentially insure you for certain amounts of Bitcoins. There will be premiums, and plans which i hope to set up to cover you in case of a theft or hack. Full details of the service may come soon depending on interest and demand.

ps. If this goes ahead i will need investigators to check out claims of clients and investigators will receive payment depending on the cases they cover etc.

What do you think guys?

What kind of things will it insure for? I would definitely like to see it.  But since bitcoins are anonymous, how do you intend the investigators to be helpful? A lot of people might just be able to fake something and file a claim for it.

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November 12, 2014, 07:26:09 PM
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Good luck!

Think it still exist : http://www.coindesk.com/coinbase-names-aon-bitcoin-insurance-broker/

https://www.elliptic.co/vault

Coindesk is insured http://www.coindesk.com/great-american-insurance-bitcoin-coverage-businesses/

There is a market for a new player; you can suceed if you are lucky, skilled and have cash

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November 12, 2014, 08:34:18 PM
 #17

Im considering whether i should start up a Bitcoin insurance company which would essentially insure you for certain amounts of Bitcoins. There will be premiums, and plans which i hope to set up to cover you in case of a theft or hack. Full details of the service may come soon depending on interest and demand.

ps. If this goes ahead i will need investigators to check out claims of clients and investigators will receive payment depending on the cases they cover etc.

What do you think guys?

What kind of things will it insure for? I would definitely like to see it.  But since bitcoins are anonymous, how do you intend the investigators to be helpful? A lot of people might just be able to fake something and file a claim for it.

This will be split into 2 main sections corporate and personal so if you would want insurance against a business or for private funds it could all be calculated. As for those worrying this is a calculated risk on my part as im planning to start off with short term cover as 1 day in real life is almost a week for hackers and thieves to get their hands on your money.  Of course when dealing with Bitcoin one has to consider the risks involved etc so i will begin with short term plans to minimize risks incurred. As users will be background checked and their Bitcointalk profile checked (take into consideration that at the moment the insurance will operate primarily for members of the forum before it moves on to bigger things.). As users will have to pay daily or weekly to keep their plans going and if users are uncovered to use fraudulent means to try and scam me (the insurance provider) they would not receive anything back...

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November 12, 2014, 09:05:29 PM
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Im considering whether i should start up a Bitcoin insurance company which would essentially insure you for certain amounts of Bitcoins. There will be premiums, and plans which i hope to set up to cover you in case of a theft or hack. Full details of the service may come soon depending on interest and demand.

ps. If this goes ahead i will need investigators to check out claims of clients and investigators will receive payment depending on the cases they cover etc.

What do you think guys?

What kind of things will it insure for? I would definitely like to see it.  But since bitcoins are anonymous, how do you intend the investigators to be helpful? A lot of people might just be able to fake something and file a claim for it.

This will be split into 2 main sections corporate and personal so if you would want insurance against a business or for private funds it could all be calculated. As for those worrying this is a calculated risk on my part as im planning to start off with short term cover as 1 day in real life is almost a week for hackers and thieves to get their hands on your money.  Of course when dealing with Bitcoin one has to consider the risks involved etc so i will begin with short term plans to minimize risks incurred. As users will be background checked and their Bitcointalk profile checked (take into consideration that at the moment the insurance will operate primarily for members of the forum before it moves on to bigger things.). As users will have to pay daily or weekly to keep their plans going and if users are uncovered to use fraudulent means to try and scam me (the insurance provider) they would not receive anything back...

Sounds fine, but you should definitely have the bankroll and consider all the risks related to it, which I am sure you already would have.

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November 13, 2014, 06:35:22 PM
 #19

I would be interested in a bitcoin gambling insurance.

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November 13, 2014, 08:50:09 PM
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well you may be one of the first customers in line for a insurance policy as the company will be operating on a full scale and i can calculate your insurance details when it official opens. It will initially be covered for the period of 2 weeks with prices calculated on your BR and depending on the trust ratings and references you are able to provide.

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