Bank-Based Insurances

[Captain Jack]

Banks will be able to offer insurance options through contracts.

The banker and the client will decide the details.
There will be a daily fee, paid directly from bank account.
Insurance payments will be triggered automatically.


List your ideas on possible areas that can be included in the scripting.
Also, list ideas in how the playerbase could police on its own potential exploitation here, without revealing the 2 involving parties (banker-client).

[PhoenixKnight]

Lien against ships preventing them from being sold,may be sunk or stolen as well. Ships will be transferred to banker if loan is defaulted and banker chooses to collect.
Lien against certain warehouse stock like gold bars that prevents it from being traded. Same rule.

Debt collection: default on loan allows banker to freeze all assets of player. Assets view is active allowing the banker to view and choose which assets to takeaway. If insufficient assets are present, banker may gain automatically up to 75% of target revenue from any source, be that loan, gift, trade or plunder.

[DezNutz]

Banks will be able to offer insurance options through contracts.

The banker and the client will decide the details.
There will be a daily fee, paid directly from bank account.
Insurance payments will be triggered automatically.


List your ideas on possible areas that can be included in the scripting.
Also, list ideas in how the playerbase could police on its own potential exploitation here, without revealing the 2 involving parties (banker-client).

Are you suggesting ship insurance? I was thinking you meant loan insurance, but that wouldn't involve a daily fee, it would just be collateral or some other sort escrow.

[Sir Henry Morgan]

Ship Insurance -

If ship is plundered, lost or commandeered, Insurance policy will pay xx number gold coins to cover all or some of value of ship. Policy payment made 24 hours after claim made.

Bounty Insurance - If fleet is plundered and loses, policy covers 50 to 100% of bounty costs. Policy pays to bank account upon claim.

An insurance claim link would become active in battle report if a policy is active on a ship or fleet.

Just a couple of ideas -

[Dmanwuzhere]

-1 bankers have plenty of other means to make cash and i for one wouldnt pay them an insurance fee on my ships unless there is a likewise new method for making cash on my side such as escorting ships on trade routes of any trader who wanted and would pay for such.

[Stan Rogers]

Ship Insurance -

If ship is plundered, lost or commandeered, Insurance policy will pay xx number gold coins to cover all or some of value of ship. Policy payment made 24 hours after claim made.

Bounty Insurance - If fleet is plundered and loses, policy covers 50 to 100% of bounty costs. Policy pays to bank account upon claim.

An insurance claim link would become active in battle report if a policy is active on a ship or fleet.

Just a couple of ideas -

I can get into that. Just like real insurance companies, get a list of excuses why you don't have to pay such as
" Unfortunately, you didn't take a water damage rider on that policy" or "You should have specified you wanted Piracy insurance at the outset". "Our investigator has determined your ships hull was badly eaten by barnacles and that is why it sank therefore you do not qualify".

Joking aside, I think it would fit nicely into the banking game.
How deep a level would you like to go ?
Just general ins on fleets or ability to insure special ships like MoW's or heritage ships?

[Sir Henry Morgan]

I think you should be able to do both.

Fleet insurance against plunder attacks - skirmishes are paid through national treasury.

insure individual ships for whatever the banker/insured want to do.

Open contract.

For ships, even partial loss, like loss of levels on prize ships could be done.

[Shadowood]

Perhaps only insurance on large vessels? Man O War and SOTL only. This is to help encourage sailing of bigger ships.??

Torn on this suggestion

[PFH]

Releveling insurance: Covers costs (or partially covers costs) of a ship (s) when the ship loses a level. Options for this are:

NPC coverage
PVP coverage
Voodoo coverage

Insurances can be set out by players with shipwright tech at level 10 and bank at level 5. Players can request insurance quotes like requesting a loan.

Insurances can have as many coverages or as little as desired: meaning an insurance contract can have full coverage on releveling for voodoo, noc, and pvp OR can just only offer npc partial coverage.

Coverage is where whenever that ship loses a level, based on the contract, the ship is relevelled OR the gc percentage of the level of the ship is sent to the bank account selected by the issuer (issuer has the choice of using either way to cover the ahip level loss.) The issuer can set a limited number of “dings” that the relevel can cover. If the ship (s) recieve (s) more than the contract says, the issuer will recieve a message in their inbox as a system message reporting the insurance ding limit being exceeded. At this point the issued contract is cancelled. Let me give an example:

Lodswe has requested an insurance quote for ship releveling. Shadowood then sends a contract offer with these details:

Shadowood’s Shady Acres has sent you an insurance contract. Details are:
No voodoo coverage in this contract.

Full NPC coverage: set at optional for up to 50 ships and ships being no stronger than a galleon (down the list of ships on the shipwright page.) rate is 3k per ship every day with a max of 2 dings per ship at max in between payments.

Partial PVP coverage: set at 5.5k per ship at 4 dings per ship below level 5 and payment is daily. Ships stronger than a large merchantman are not covered and no limit to ship coverage count. Optional selection to add ships to the insurance contract upon obtainment of the ship itself.

Total installment is 8.5k every day for Shady Acre Insurance.

Cancelling insurance contracts is only possible when:
Rejecting an offered contract
Cancelling contract AFTER paying the fee before reset.