Insurance

Insurance is a service available to players in certain stations in New Eden. This allows for a more favorable compensated amount of the ISK invested in the insured ship upon destruction. Insurance contracts are valid for up to 12 weeks, and only compensate for the ship hull, not any modules, rigs or assets in the various holds.

The insurance payout is a pre-determined amount for each ship hull, mainly based on the estimated value of the materials required to construct the ship, with other factors playing into the final value to a lesser extent, such as ship type itself. The estimated market value of the ship hull itself is not considered to determine insurance values. The insurance value for all ships is regularly being recalculated to account for market changes in the material markets.

The actual payout amount is also determined by the level of insurance purchased, which can be seen below:

While the insurance contract lasts for up to 12 weeks, it will be voided under the following circumstances.

• If the ship is repackaged
• If the ship exchanges owners, whether this is by trade, contracts or boarded in space
• If the ship is placed in a corporation hangar.
• If the ship was used to engage in activities which result in it being destroyed by CONCORD.

It is worth noting that if a ship is destroyed by CONCORD, then no insurance will be paid out at all, even if no additional insurance was purchased.

Ships can also be insured by corporations, rather than individuals, allowing the members of the corporation to utilize the ship, whilst still covering the potential losses upon its destruction.

This works in the same way as insurance does for individuals, with some minor exceptions, which are as follows:

• The desired ship to insure must be in a corporation hangar
• The corporation will pay for the insurance, as well as receiving the insurance payout, if the ship is destroyed.
• If the ship is boarded by any character not part of the corporation, the ship is insured by, the contract becomes void.