now tell me how will an insurance company prove or disprove a theft and that thief is not also the claimant
The way
Elliptic works, they store the coins for you. You don't have the private key, they do. That's sounds logical; insurance fraud aside, they can't know how secure your computer is against keyloggers etc. The reason they are willing to offer insurance is that they have confidence in their own storage. No-one can steal the coins, not even you.
I think that kind of insurance will become quite common. The vaults that offer insurance will probably offer other services, like making regular scheduled payments. They be much like an online bank.
Elliptic vault is insured by an actually regulated institution that is accountable and can be taken to court if they steal your coins.
the OP is just an individual with no rep and no licencing to offer insurance.
would anyone in their right mind let him hold your coins under basically a vapour promise that if he steals your coins he will repay you using the insurance fee's he also asks from you to hold your coins.
take gox for instance. steals 740k coin and trying to buy people off with just 200k coin.. can you see where im getting at
the OP and elliptic vault are on 2 different scales and should not be confused.
i was more talking about insuring funds we can actually transact with, not hoard coins. because i and many people know that making a paper wallet and putting funds into that offline cold store paper wallet that has never touched a PC or a third party is a damned better proposal then giving it to third parties.
if giving it to third parties. you might aswell give it to a bank, and ignore what the whole benefit of what bitcoin is all about