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Did insurance get messed up?
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MicDeath Titan
No Mans Corp
#1 - 2013-05-25 19:58:59 UTC
http://i28.photobucket.com/albums/c236/micdeath/waht_zpsdec17a94.png
I just noticed this after buying several of them.
A Covetor gets a 30mill pay out in insurance, but the retriever only gets 7mill.

A Retriever takes this many minerals to build:
Isogen: 34,713
Megacyte: 263
Mexallon: 52,109
Nocxium: 3,557
Pyerite: 515,428
Tritanium: 1,751,288
Zydrine: 890

A Covetor takes this many minerals to build:
Isogen: 41,784
Megacyte: 327
Mexallon: 66,000
Nocxium: 4,397
Pyerite: 660,000
Tritanium: 2,200,000
Zydrine: 1100

I will use these prices to base the next part.
Tritanium: 4.86
Pyerite: 12
Mexallon: 39
Isogen: 132
Nocxium: 800
Zydrine: 800
Megacyte: 2000

To build a Retriever will cost:
Tritanium: 8,511,259.68
Pyerite: 6,185,136
Mexallon: 2,032,251
Isogen: 4,582,116
Nocxium: 2,845,600
Zydrine: 712,000
Megacyte: 526,000
Total: 25,394,362.68

To build a Covetor will cost:
Isogen: 5,515,488
Megacyte: 654,000
Mexallon: 2,112,000
Nocxium: 3,517,600
Pyerite: 7,920,000
Tritanium: 10,692,000
Zydrine: 880,000
Total: 31,291,088

When I ran the numbers, it looks like the Insurance cost and payout are not looking at the extra materials cost. Since the Retriever is front loaded in the extra materials cost, it gets a much much lower insurance coverage.
Is this intentional?
Kewso
School of Applied Knowledge
Caldari State
#2 - 2013-05-25 20:03:33 UTC
I thought most all "tech 2" insurance was broken
MicDeath Titan
No Mans Corp
#3 - 2013-05-25 20:13:16 UTC
Kewso wrote:
I thought most all "tech 2" insurance was broken


As far as I know, barges are Tech 1, while Exhumers are the tech 2's.
ShahFluffers
Ice Fire Warriors
#4 - 2013-05-25 20:13:58 UTC
MicDeath Titan wrote:
Is this intentional?

It is.

CCP was afraid of speculators "disrupting the market" when the mining barge changes were announced (because the "low tier" barges would now be composed of "more minerals" after the change).

So until all the stockpiles of mining ships that people built before the change deplete... the reprocessing value (and the insurance value as well) of the ships will stay at their old values.

How did you Veterans start?
Ydnari
Estrale Frontiers
#5 - 2013-05-25 20:17:06 UTC
If insurance paid out including extra materials then people sitting on large stocks of hulls that have had extras added but the market hasn't caught up and there are serious volumes in play (e.g. various BCs, Procurers) would be insuring and self-destructing or flying them into Rancer to cash out their investment at a midpoint between current market and current mineral cost.

--
MicDeath Titan
No Mans Corp
#6 - 2013-05-25 20:47:24 UTC
ShahFluffers wrote:
MicDeath Titan wrote:
Is this intentional?

It is.

CCP was afraid of speculators "disrupting the market" when the mining barge changes were announced (because the "low tier" barges would now be composed of "more minerals" after the change).

So until all the stockpiles of mining ships that people built before the change deplete... the reprocessing value (and the insurance value as well) of the ships will stay at their old values.


How long ago was the change made?
ShahFluffers
Ice Fire Warriors
#7 - 2013-05-25 20:56:53 UTC
About a year ago if I recall correctly.

How did you Veterans start?
Fronkfurter McSheebleton
Horse Feathers
CAStabouts
#8 - 2013-05-25 21:56:41 UTC  |  Edited by: Fronkfurter McSheebleton
Has it been that long already? o.0


edit: 9 months or so

thhief ghabmoef
Rengerel en Distel
#9 - 2013-05-25 22:43:18 UTC
I wouldn't count on them ever changing it back from extra materials.

With the increase in shiptoasting, the Report timer needs to be shortened.
MicDeath Titan
No Mans Corp
#10 - 2013-05-26 03:20:04 UTC
ShahFluffers wrote:
About a year ago if I recall correctly.

So for almost a whole year the stash is being held by these speculators in hopes it *MIGHT* be changed? They already made a loss on the investment if they are still holding. I highly doubt the whole market will crash from a small bump of refine.
Britta Nolen
Sama Guild
#11 - 2013-05-26 07:36:05 UTC
CCP ISK Deflation tactics at work. Move along. Working as intended.
Danni stark
#12 - 2013-05-26 08:16:35 UTC
MicDeath Titan wrote:
ShahFluffers wrote:
About a year ago if I recall correctly.

So for almost a whole year the stash is being held by these speculators in hopes it *MIGHT* be changed? They already made a loss on the investment if they are still holding. I highly doubt the whole market will crash from a small bump of refine.


i think it's more the fact every one saw the markup on procurers and mass built them, not entirely realising mass building a brick tanked ship that has 0 practical use would never actually rise in price so people are still sitting on year old stock because the price hasn't done much.

or, something.

Ice Mining Skill Plan.
ACE McFACE
Dirt 'n' Glitter
Local Is Primary
#13 - 2013-05-26 08:19:55 UTC
MicDeath Titan wrote:
ShahFluffers wrote:
About a year ago if I recall correctly.

So for almost a whole year the stash is being held by these speculators in hopes it *MIGHT* be changed? They already made a loss on the investment if they are still holding. I highly doubt the whole market will crash from a small bump of refine.

The speculators didn't buy them in the hopes that they could insure and destroy them for profit. They bought them so they could sell them later for more when people started accounting for the extra materials in their costs.

Now, more than ever, we need a dislike button.