Insurance is a system where you may pay ISK, to recover some ISK if your ship is lost.
Insuring your ship
To buy insurance you first have to find a station that offers the service. Click the corresponding button to open the insurance menu.
Find the ship you want to insure in the list, right click its entry and select Insure
Read the insurance terms before accepting the pop up confirmation box. You will now see a list of six different insurance options.
Corporation insured ships
To insure a ship on behalf of your corporation you need an office of your corporation at a station with insurance service. There you have to put the ships you want to insure in your corporations hangar.
Like for insuring personal ships click the corresponding button to open the insurance menu and you will be able to choose ships from your corporations hangar (including ships from your personal hangar).
Ships from the corporations hangar will have the word "corp" appended to their name in brackets so you can see what ships are in the corporation hangar and which are not.
Ships insured in the corporate hangar will be paid through the corporate wallet in the Master division. Should the ship be destroyed within the insurance period the insurance payout will be made to your corporation's master wallet.
To insure a corporate ship you must have access to the corporate wallet. Corporation roles which allow access to the corporate wallet can be granted by the corporation's CEO or other members that have been authorized to do so by the corporation's CEO.
Your insurance will be lost if you do any of the following:
- Repackage your ship
- Trade your ship to another player
- Put your ship into a corporation hangar
- Sell your ship on the market
- Put your ship inside a contract.
- Suicide attack someone in High-Sec (players destroyed by CONCORD do not receive an insurance payout).
Be advised that these actions will mean the loss of your paid insurance payout, and you will not be reimbursed because of this (The 40% default insurance is never lost, however). Note also that insurance expiration mails may not necessarily be sent in a timely fashion. Insurance contract expiration mails are normally only sent out when you open up the insurance tab in a station, so it is a good idea to regularly open up the insurance screen when you are at a station to see if any of your contracts have expired. It is up to you to keep tabs on your insurance, using the dates from the initial insurance mail and the "show info" function on your ship, in order to know when you need to re-insure it. Customer Support can not compensate for insurances that have expired.
Losing insurance for corporation insured ships
- Repackaging the item will void the contract.
- The contract will be considered void if the item or ship is destroyed while being in the possession of somebody not in your corporation.
All ships have 40% insurance coverage by default. You don't have to pay for the 40% coverage, but if you don't feel that it sufficiently covers your insurance needs, you can buy an insurance contract with a larger payout.
Insurance payout values are dynamic (effective since the release of Tyrannis). This means in short that you can choose to insure your ship at a price where the payout will be calculated at the time of the ship loss based on the (then) current market prices and the type of ship you were flying at the time.
What this means is that after every set insurance period, an index will be created calculating the trimmed average values for all building materials that are used in the building of ships (minerals, T2 and T3 components) and when a ship is destroyed, this index will be used to calculate the full replacement value of that ship based on the materials required to build it. The player will then receive an amount of ISK that is defined by the:
(value of the ship according to the index) * (percentage of insurance coverage) * (ship type multiplyer)
The ship type multiplier is used to make some ships more expensive to lose then others. For example; a Tier 1 battleship will have a multiplier of 1, therefore receiving the full benefit of the type of insurance bought, but a Titan may have a multiplier of 0.01, thus only granting a fraction of the insurance value. This change will allow insurance to scale along with changes in the market and is meant (among other things) to minimize the risk of insurance fraud.