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In the past six months, we introduced successfully a basic concept of insurance with the purpose to test and provide a unique service for Second Life residents.
Now, The Rock, is ready to move forward! We are going to provide insurance coverage for qualified companies.
Difference now is that companies must apply and be approved to get a Basic Insurance Coverage (aka BIC).
The Rock is back!
We are pleased, after Linden Lab revolutionary plan, to announce a new way to provide insurance for our customers.
We are going to provide insurance to listed and non listed companies that qualify our acceptance terms (acceptance is going to be evaluated case by case).
How is it going to work?
Company CEO has to request a “Basic Insurance Coverage” for its company. The company will pay The Rock a basic monthly premium of 0.50% of original IPO Value (plus any additional secondary offer) and The Rock will guarantee a coverage of 50% of the IPO value in case of bankruptcy to be payable to ALL the shareholders. If, at the moment of the application, market value is more then 20% below the original IPO, we will adjust our coverage/premium proportionally.
When a company has B.I.C. (Basic insurance Coverage) our ATM’s will offer additional insurance certificates for those shareholders that are looking to have a 100% coverage (1% per month).
Our standards security limits and not invested cash reserves will apply as usual.
Coverage is granted for bankruptcy only.
Coverage is not provided if Linden Lab decides to change rules causing involuntary bankruptcies.
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