post

[GeoRW]

This will never work. You rep in bitcoin community is basily zero and you want to run this huge insurance business on a word of mouth

[cunicula]

This will never work. You rep in bitcoin community is basily zero and you want to run this huge insurance scam on a word of mouth

FTFY

[mollison]

Usagi's responses to valid questions and criticism has been incredibly articulate and thoughtful, and that certainly helps to inspire confidence.

Usagi, how much time to you intend to devote to this endeavour? Do you intend to take this up as a full-time occupation?

[mollison]

You can't sue someone for bitcoins. But if you could, and it turned out to be something we needed to deal with, I would just have to let a lawyer handle it.

You could think about using Judge.me. I.e., working it into client contracts.

A client may want it in their contract, for obvious reasons.

You may want it in a contract, in order to help counter people's ability to say that you were unfair in responding to a claim. E.g. if someone tries to drag CPA's name through the mud after a claim is denied, you could reply: "If you don't agree with CPA's decision, you can appeal to Judge.me, and CPA will honor their judgement."

I have no affiliation with Judge.me, and can't speak to their credibility. Preliminary observation suggests that it's a very professional setup, though. And they have expressed an interest in working with bitcoin.

There is probably a limit to the monetary scope of their judgements (e.g. it's a small claims "court"), but the vast majority of your customers are probably going to be taking out relatively small policies anyway, to begin with. (This hypothesis probably deserves its own post, but anyway, here it is. Yes, you should try to get some "big fish," but I think small investors who just want to make their investments "somewhat less risky" are going to find CPA most appealing in the early stages, before you've really established a track record of credibility. That is a business plan I could get behind, if you can make the numbers--i.e., risk vs. backing--work out.)

[mollison]

Speaking of "making the numbers work out"...

Do you plan to run the company with "open books" so that customers can see exactly what their exposure to risk really is (assuming "good faith" on the part of the insurer)? e.g. what assets have been insured, how much bitcoin you have backing them, etc.? I think this would be invaluable.

There may be some customer confidentiality issues here, but in general I think adequate information could be made available without inconveniencing customers. (e.g. if I personally take out a contract to insure PPT bonds, you wouldn't need to reveal that it was I specifically who did it; if a company insures its hot wallet, it probably WANTS that fact to be public; etc.).

Disclaimer: As someone who is "just asking questions", I am assuming "good faith" on the part of the OP. I don't want this to be construed as lending undue credibility to the OP. tl;dr: I'm not saying it's a good idea for people to participate in this (I wouldn't risk too much money, since I don't know the OP personally), just saying it's a (very) good idea in principle.

[mollison]

We've been in talks with people who are going to be, potentially, investing 1000's of bitcoins into our IPO.

If you have large investors who can vouch for CPA in any way, especially if they are "known members of the community," that would undoubtedly help reassure your potential customers that the company is sound.

A customer's perception of how much CPA reduces their risk will be what drives the number of customers you receive and the premiums you can charge them.

[Lupus_Yonderboy]

In the event of castatrophe it will probably look like this at the office:

http://www.youtube.com/watch?v=KUoAC5msF-U&feature=plcp

A customer's perception of how much CPA reduces their risk will be what drives the number of customers you receive and the premiums you can charge them.

Exactly, and we've not seen where giving money to CPA is any safer than giving money to Pirate or any other random bitcoiner.

[DeaDTerra]

We've been in talks with people who are going to be, potentially, investing 1000's of bitcoins into our IPO.

If you have large investors who can vouch for CPA in any way, especially if they are "known members of the community," that would undoubtedly help reassure your potential customers that the company is sound.

A customer's perception of how much CPA reduces their risk will be what drives the number of customers you receive and the premiums you can charge them.

I have been talking with usagi about investing in CPA, he seems to know what he's talking about and I am going to personally make sure things are run correctly. I have been helping and supporting CPA as I think it's something the community needs and it could potentially be very successful. Gamma Bitcoin Fund will potentially invest a big amount of Bitcoins into CPA, the exact details has not yet been decided but I can vouch for CPA and Usagi, so far Usagi seems to know what he's doing his planning and idea is sound and I hope that his execution will be so as well.
//DeaDTerra

[GeoRW]

We've been in talks with people who are going to be, potentially, investing 1000's of bitcoins into our IPO.

If you have large investors who can vouch for CPA in any way, especially if they are "known members of the community," that would undoubtedly help reassure your potential customers that the company is sound.

A customer's perception of how much CPA reduces their risk will be what drives the number of customers you receive and the premiums you can charge them.

I have been talking with usagi about investing in CPA, he seems to know what he's talking about and I am going to personally make sure things are run correctly. I have been helping and supporting CPA as I think it's something the community needs and it could potentially be very successful. Gamma Bitcoin Fund will potentially invest a big amount of Bitcoins into CPA, the exact details has not yet been decided but I can vouch for CPA and Usagi, so far Usagi seems to know what he's doing his planning and idea is sound and I hope that his execution will be so as well.
//DeaDTerra

Isn't Usagi she?  Just make sure you know who are you dealing with 

[DeaDTerra]

We've been in talks with people who are going to be, potentially, investing 1000's of bitcoins into our IPO.

If you have large investors who can vouch for CPA in any way, especially if they are "known members of the community," that would undoubtedly help reassure your potential customers that the company is sound.

A customer's perception of how much CPA reduces their risk will be what drives the number of customers you receive and the premiums you can charge them.

I have been talking with usagi about investing in CPA, he seems to know what he's talking about and I am going to personally make sure things are run correctly. I have been helping and supporting CPA as I think it's something the community needs and it could potentially be very successful. Gamma Bitcoin Fund will potentially invest a big amount of Bitcoins into CPA, the exact details has not yet been decided but I can vouch for CPA and Usagi, so far Usagi seems to know what he's doing his planning and idea is sound and I hope that his execution will be so as well.
//DeaDTerra

Isn't Usagi she?  Just make sure you know who are you dealing with 

I have no idea to be honest , I have only talked to he/she over IRC and I have been talking business and not personal matters. So I have to admit that I don't know if Usagi is a women or man, but what i do know is that he/she knows what he/she is doing

[Bitcoin Oz]

I can see CPA hiring its own detectives and offering rewards for information leading to the recovery of clients monies

I think they would also need the services of hackers to test their clients sites for vulnerabilities.

There could be some interesting job opportunities coming out of this. 

[Serge]

this will an interesting development to watch, something that hasn't been done in Bitcoin world yet

[redbeans2012]

So how many shares did you  put up for sale?  I see around 10k do you plan to release more?

[wirmola]

i bought a few Maybe more later when we have a better idea about you and your business.. 

[mollison]

Note that the following quote is from a different thread.

CPA, launched this week. Usagi also known as Tsukino released a public announcement of the insurance company called CPA https://bitcointalk.org/index.php?topic=85444.0
As I have talked to Usagi and worked closely with him the most recent couple of days with BMF and ensuring that it's run properly, I was also told about CPA. I think it's a really good idea and a great thing that the community is currently missing, so I have decided to help out. I have talked to Usagi at length about different aspects of the company and the venture, and I have to say I am impressed, he was on top of everything and could give me detailed and ensuring answers. He seems to have the knowledge and skills to make it and create the first every Bitcoin insurance company. Hence I have decided to join him and help him out, I am going to act as Investor relationship managers
//DeaDTerra

Seems like an update on this relationship from the CPA side may be a good idea.

[Sukrim]

Something I thought of, for "automatic" insurance of pirate pass through bonds:

Offer a CPA.PIRATE asset that cannot be bought from you. The only way to get one share there would be to send you 1 bond of a pirate pass through bond (not PPT, as these get bought back). You then pay out of the incomes there ~6.5 bitcents a week and keep up a bidwall at 1 BTC per share, even in the case of pirate defaulting.

This way you won't have to deal with tiny contracts and ever shifting amounts each week and it's also a nice service to provide liquidity.

I also invested a little bit into CPA, as it seems to me to be a much needed thing to have. Even though 1 million shares at 0.1 BTC each is quite a sum, I'm happy to own my little share in this.

[TwelveGuage]

Very Interested

[redbeans2012]

Any updates?

[Bitcoin Oz]

Thanks for the update. I have a tiny amount of shares 

[Bitcoin Oz]

(that's not really our phone number o_o )