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Written by Abdun Nur   

Version 2 – 9th December 2012

Cooperative Assurance System

The principle of collective or cooperative assurance is simple, it is a shared burden or a shared risk; this differs from the corporate insurance system which is based upon principles of gambling and monopoly.

The risk involved in many activities in life can be devastating upon an individual, although the risk may be small in general, for the few it affects these unfortunate events can destroy businesses, homes, even families.

The collective assurance is a simple sharing of risk over a community, for example if we take the risk of fire, this risk is small in general; So if we consider a local community of families some of whom wish to share the risk of fire:

The individual pays a bond for the particular assurance they require, so for fire they would pay let’s say 1% of the value of the property they wished assured, let’s say for easy reckoning all the properties were of equal value so each individual pays 30 ounces of silver.

Let us say 1000 families wish to join the assurance of shared risk of fire, which means the bonds hold 30,000 ounces of silver. The bond is fully refundable, so for example if you move to a new location you can transfer your existing bonds to a new assurance collective, or recover your bond in full.

The assurance itself costs an annual fee, ultimately determined by claims, but initially you pay into the assurance collective 0.2% of the value of the property you wish to have assured, so 0.2% is 6 ounces of silver.

The first annual payment of 0.2% is a maintained value, there is no usury within the repository system so the second year you simply top up your original fee.

Let’s say the costs of the assurance in claims, administration, and protection amounts to 1500 ounces of silver in the first year, which means to maintain your cover for the second year it would cost 1.5 ounces of silver.

If you wished to leave the assurance collective for whatever reason you would recover your unused silver, so if you’d paid 6 ounces of silver and wanted to leave after 6 months they would return to you 5.25 ounces of silver, plus your bond.

The bond is used by the symbiotic cooperative business members that are themselves bonded to provide relief for the assurance collective; meaning in the example of assuring the home from fire, the symbiotic fire fighters, and the house builders, the bond is used to establish infrastructure, equipment, specific to the assurance, to create the symbiotic cooperative needed to provide the comprehensive relief of those assured.

The annual fee is separate to the bond and would cover claims, training, and payments to those who volunteer to be fire fighters for their time when required. Although the bond would not exist in full any longer, once used by the symbiotic cooperatives, to be returned to all involved on mass, it would be available to maintain refunding people who left, as others would join so the bond would remain constant as long as people required assurance from fire. This concept is explained in detail in ‘Bonded Cooperative Car Assurance

This simple model can be applied to any area men and women wish to be assured of protection from burden or risk, and can be extended beyond the corporate insurance model, far more inexpensively, with a far higher level of relief in every aspect, and connected to the local community directly, free of penalty, price hikes, profiteering and fraud.

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