Quote from: srgkrgkj on November 12, 2014, 08:34:18 PM

Quote from: caga on November 12, 2014, 07:24:34 PM

Quote from: srgkrgkj on November 10, 2014, 05:19:48 PM

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...

There would be no reliable way to know with any kind of certainty if someone's money was actually stolen or if they are claiming it was stolen in order to receive a payout via their insurance contract. Insurance is also a very highly regulated business and you would not be allowed to stay in business because of a "hunch" that someone is trying to scam you.

Also if you do not pay a claim then you would be risking that you would be sued by the policy holder for their claim plus attorney's/court fees/costs (plus potentially punitive damages), it would be relatively easy to prove that bitcoin was "taken" from a specific address, so the burden would generally be on you to prove the policy holder had filed a false claim