Earlier quoted context omitted.
If you intend to insure a pillow for $1 million, expect the premium to cost about $999,950.
I wrote as much in https://news.ycombinator.com/item?id=41755211
Then why did you object to zabzonk's comment?
So thieves broke into your storage unit again
71–80 of 317 posts
Re: So thieves broke into your storage unit again
#72Re: So thieves broke into your storage unit again
#73Re: So thieves broke into your storage unit again
#74Earlier quoted context omitted.
No, their job is to accurately calculate the expected value of the losses, then collect a premium slightly higher than the expected value, turning an unpredictable, potentially high loss into a predictable small one. Reverse gambling, basically. 1. Know your insurance contract, know what's actually covered and what not (sometimes describing the same facts in two different yet truthful ways will result in your claim b…
> No, their job is to accurately calculate the expected value of the losses, then collect a premium slightly higher than the expected value, turning an unpredictable, potentially high loss into a predictable small one. Reverse gambling, basically. No, premiums don't need to cover payouts. You have to pay the premiums before you get any payouts, so the company invests them and makes money that way.
That's still basically the same thing if you take into account the opportunity cost of the premiums rather than the raw dollar value.
Re: So thieves broke into your storage unit again
#75This is heartbreaking. The storage facility insurance scam is one that needs to be investigated by the government. It's a tremendous rip off and covers nothing.
Most insurance in most industries is a racket.
The famous Lloyds of London started as a gambling coffee house. Gambling and insurance are closely related, and offer the same bargain: the house always wins.
Re: So thieves broke into your storage unit again
#76I’m stunned by the idea of making the pawn shop whole. As I understand UK law, if you buy stolen goods, the original owner can just claim it back and you take the loss - simply to discourage buying with knowledge it was stolen. I guess the pawn shop would go out of business but it does seem if you let them act as a fence you are solving for the wrong problem
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Re: So thieves broke into your storage unit again
#77Earlier quoted context omitted.
I imagine it'd be a lot cheaper and legally-viable to store your collection of electronic burglar alarms. Especially if they dial a human when triggered. There are some neat videos out there where people make their own with Arduinos etc.
Make them play sounds of approaching footsteps and gunfire.
Merry Christmas, ya filthy animals.
Re: So thieves broke into your storage unit again
#78I’m stunned by the idea of making the pawn shop whole. As I understand UK law, if you buy stolen goods, the original owner can just claim it back and you take the loss - simply to discourage buying with knowledge it was stolen. I guess the pawn shop would go out of business but it does seem if you let them act as a fence you are solving for the wrong problem
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Re: So thieves broke into your storage unit again
#79I’m stunned by the idea of making the pawn shop whole. As I understand UK law, if you buy stolen goods, the original owner can just claim it back and you take the loss - simply to discourage buying with knowledge it was stolen. I guess the pawn shop would go out of business but it does seem if you let them act as a fence you are solving for the wrong problem
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Laws against fraud, like 18 U.S. Code Chapter 47 and others in each state?
Re: So thieves broke into your storage unit again
#80I’m stunned by the idea of making the pawn shop whole. As I understand UK law, if you buy stolen goods, the original owner can just claim it back and you take the loss - simply to discourage buying with knowledge it was stolen. I guess the pawn shop would go out of business but it does seem if you let them act as a fence you are solving for the wrong problem
[deleted]
Id say your friend being put behind bars would do the trick.