09-07-13 12:45 PM
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  1. Stwutter's Avatar
    This isn't written as a scaremongering exercise, but I thought I'd share...

    I work for a small company in the City of London. We had our yearly review/quote from our company insurers yesterday. Obviously, the first things discussed where assets such as stock, but smaller items were eventually taken into account. They asked about the company mobile phones. We only have 4 'company' ones, as such, and they are all iToys. They said that this was fortunate, as they are considering not covering Blackberry phones now, as, and I quote, 'Blackberry will likely go bust within 6 months'.
    09-05-13 04:45 AM
  2. birdman_38's Avatar
    Thanks for sharing. Whether that prediction is correct or not, that's the reality out there at the moment. Perception is not very good.
    09-05-13 04:57 AM
  3. Richard Buckley's Avatar
    After the real estate fiasco of a few years ago, I find it hard to believe that any insurance company financial forecast is worth the time it takes to listen to it.

    Like the many other predictions of the imminent demise of BlackBerry I'll put this in my BlackBerry calendar and see what happens in six months.

    Posted via CB10
    wincyUt, astrodan13, CDM76 and 2 others like this.
    09-05-13 05:01 AM
  4. Stwutter's Avatar
    What confused me more was why you wouldn't insure a phone, regardless of the state of the manufacturer? If they were actually insuring Blackberry as a company, then yeah, but if they go bust, the phone doesn't suddenly break or automatically burst into flames.
    09-05-13 05:08 AM
  5. crackbb10's Avatar
    What confused me more was why you wouldn't insure a phone, regardless of the state of the manufacturer? If they were actually insuring Blackberry as a company, then yeah, but if they go bust, the phone doesn't suddenly break or automatically burst into flames.
    This is exactly what's funny about all the people steering away from BlackBerry... they think that if BlackBerry were to bust, the phones and the PlayBook would suddenly dissappear into thin air... how do we call this? Stupidity or ignorance?

    From the Z...
    mkelley65 and CDM76 like this.
    09-05-13 05:12 AM
  6. Stwutter's Avatar
    This is exactly what's funny about all the people steering away from BlackBerry... they think that if BlackBerry were to bust, the phones and the PlayBook would suddenly dissappear into thin air... how do we call this? Stupidity or ignorance?

    From the Z...
    It's odd from an insurance point of view, yeah, but anyone in the market for a new phone or upgrade just now who steers away from BB, and has no particular loyalty to a brand or knowledge other than what they read, hear or are told outside of somewhat more in-depth places, such as this forum, can't really be blamed for playing safe.
    09-05-13 05:29 AM
  7. Gambit_DE's Avatar
    Just because I am curious. What risk should be covered by this insurance?
    I don't get it

    Posted via CB10
    09-05-13 07:19 AM
  8. Benjamin_NYC's Avatar
    Probably to replace lost/damaged business phones. Maybe they won't cover because they think they won't be able to replace it in 6 months if BlackBerry goes bust. Stupid though; they could just insure its value.

    Posted via CB10
    09-05-13 07:23 AM
  9. Gambit_DE's Avatar
    Don't they replace the money, that the device is worth?

    Posted via CB10
    09-05-13 07:27 AM
  10. davidmcromano's Avatar
    Thanks for sharing. Hearing the news itself hurt but as expected people's decisions towards supporting Blackberries now are going to be much less. Who knows where Blackberry may be in 6 months. Sure they may have set an estimated sale time frame of by November but in a way there is no direct certainty it will happen by November. They may have had meetings with vendors and what not but they can only do so much to speed up the sale. I'd prefer no sale haha.
    09-05-13 07:42 AM
  11. redlightblinking's Avatar
    I would fire that company. Insurance companies determine their level of risk based on the chance of, and amount of a loss, not on the status of the company that may have made any particular product. If they insured your vehicles, and one car was discontinued last year, would they cancel your coverage on that car? Makes no sense. My insurance company knows nothing about the status of any particular company that makes any of the various products I own. They don't care. They simply insure for market replacement value. Again, if my agent said something like that, I would seriously question if they know what they are doing. Beyond that, if they say "Blackberry would likely go bust in 6 months", I would question the basis for *any* of their decisions.
    09-05-13 07:43 AM
  12. Gambit_DE's Avatar
    I would fire that company. Insurance companies determine their level of risk based on the chance of, and amount of a loss, not on the status of the company that may have made any particular product. If they insured your vehicles, and one car was discontinued last year, would they cancel your coverage on that car? Makes no sense. My insurance company knows nothing about the status of any particular company that makes any of the various products I own. They don't care. They simply insure for market replacement value. Again, if my agent said something like that, I would seriously question if they know what they are doing. Beyond that, if they say "Blackberry would likely go bust in 6 months", I would question the basis for *any* of their decisions.
    Exactly what I thought. They would cheer up, having contract valued saying 10 Million (which would mean they get paid for the risk of losing 10 Million) with a total risk (based on potential loss of market value, which would happen to BB devices IF they would dicontinue business) of 6...
    09-05-13 07:48 AM
  13. Tre Lawrence's Avatar
    Maybe the insurance company is referring to perceived value. If it thinks BBs are overvalued to begin with (and plenty of folks have said that here), could it be that it is acting proactively in case of -- as alrwady mentioned -- the devices cannot be replaced?

    Dunno... just tossing that out there.
    09-05-13 08:01 AM
  14. Gambit_DE's Avatar
    Maybe the insurance company is referring to perceived value. If it thinks BBs are overvalued to begin with (and plenty of folks have said that here), could it be that it is acting proactively in case of -- as alrwady mentioned -- the devices cannot be replaced?

    Dunno... just tossing that out there.
    I dare to toss something different out.
    This Person or Persons have no Idea what they are talking about. Maybe they heard something while drinking a coffee or two and prove their superficial knowledge.

    Keep Calm and stop making assumptions of what whe have no idea
    just_luc and mkelley65 like this.
    09-05-13 08:14 AM
  15. Raestloz's Avatar
    Doesn't insurance work like this:

    "I'm applying for insurance"
    "Ok, what would you like to enter?"
    "My car"
    "Ok, your car is worth $50,000 and you have to pay this amount every month for this number of years, if your car is destroyed, you'll get up to $40,000 for total destruction"
    "Deal"

    "Hey, my car got hit by a falling meteor"
    "Alright, lemme check, no foul play, complete accident, total destruction, here's your $40,000"
    "Ok"


    ?

    I mean, you as an insurance company doesn't replace the product, you give your clients money to buy new things instead

    STL 100-1 10.1.0.273
    09-05-13 08:15 AM
  16. Tre Lawrence's Avatar
    I dare to toss something different out.
    This Person or Persons have no Idea what they are talking about. Maybe they heard something while drinking a coffee or two and prove their superficial knowledge.

    Keep Calm and stop making assumptions of what whe have no idea
    Or... they could be savvy business people who know more than we give them credit for. Just because it isn't something we want to hear does not make them uninformed.

    It doesn't entirely make sense to me... could be someone who simply was spouting off, but the insurers are not wrong with regards to BBRY being in a non-optimal position currently.
    RandyArsenault and h20work like this.
    09-05-13 08:19 AM
  17. Tre Lawrence's Avatar
    Doesn't insurance work like this:

    "I'm applying for insurance"
    "Ok, what would you like to enter?"
    "My car"
    "Ok, your car is worth $50,000 and you have to pay this amount every month for this number of years, if your car is destroyed, you'll get up to $40,000 for total destruction"
    "Deal"

    "Hey, my car got hit by a falling meteor"
    "Alright, lemme check, no foul play, complete accident, total destruction, here's your $40,000"
    "Ok"


    ?

    I mean, you as an insurance company doesn't replace the product, you give your clients money to buy new things instead

    STL 100-1 10.1.0.273
    I don't like the car insurance comparison (apples and oranges, I think) but Stateside, they do replace cars.
    09-05-13 08:21 AM
  18. Gambit_DE's Avatar
    There is a concept of "self fulfilling prophecy". Main point in this concept is: if enough people start believing that somthing will happen, it will. Not because it has to happen, not even that the facts would give any evidence at all.
    You can watch this on the stock market in both negative and positive.
    We've seen so called "too big to fail" businesses that failed "out of nothing".

    If those moneymakers expect BlackBerry to fail, it is a strong proof for blackberry to have the greatest comeback since apple
    CDM76 likes this.
    09-05-13 08:27 AM
  19. BB-Marcus's Avatar
    Unless they were covering you for what it could provide. But it does seem odd to me and more like the person they spoke to has no idea what they are talking about.

    Posted from my Z10 with CB10
    CDM76 likes this.
    09-05-13 08:27 AM
  20. PineappleOranges's Avatar
    This is exactly what's funny about all the people steering away from BlackBerry... they think that if BlackBerry were to bust, the phones and the PlayBook would suddenly dissappear into thin air... how do we call this? Stupidity or ignorance?

    From the Z...
    We call them Americans. :s
    CDM76 likes this.
    09-05-13 08:31 AM
  21. Tre Lawrence's Avatar
    We call them Americans. :s
    And British insurers.
    09-05-13 08:32 AM
  22. redlightblinking's Avatar
    Or... they could be savvy business people who know more than we give them credit for. Just because it isn't something we want to hear does not make them uninformed.

    It doesn't entirely make sense to me... could be someone who simply was spouting off, but the insurers are not wrong with regards to BBRY being in a non-optimal position currently.
    Insurers are not wrong with regards to their "opinion" on BBRY being in a non-optimal position, but they are wrong in that it has anything at all to do with how the insurance industry works. Insurance companies insure based on value, not if you can buy a new one tomorrow or if the company that made something even still exists. I'm pretty sure I could get an insurance company to cover my (hypothetical) Pontiac.

    But, I'm actually now wondering why this is even a consideration for them, as most carriers offer insurance for phones in case you drop it in the toilet. And for very little money.
    09-05-13 08:46 AM
  23. Stwutter's Avatar
    It's lucky it wasn't any more controversial....
    09-05-13 09:48 AM
  24. Dgree03's Avatar
    Insurers are not wrong with regards to their "opinion" on BBRY being in a non-optimal position, but they are wrong in that it has anything at all to do with how the insurance industry works. Insurance companies insure based on value, not if you can buy a new one tomorrow or if the company that made something even still exists. I'm pretty sure I could get an insurance company to cover my (hypothetical) Pontiac.

    But, I'm actually now wondering why this is even a consideration for them, as most carriers offer insurance for phones in case you drop it in the toilet. And for very little money.
    It is not opinion, it is a fact.. BBRY is in a non-optimal position..

    The analyst didn't put them in this position.. BBRY did!

    In reality insurance for phones isn't a very high margin proposition for insurance companies. So with BBRY up for sale, the value of their phones will plummet. No they won't self destruct.. But on the resale market they might as well
    kevinnugent, h20work and richardat like this.
    09-05-13 10:09 AM
  25. anon(6035609)'s Avatar
    operative word is "considering", which means they don't know that they will go bankrupt in 6 months. it's loose or speculative talk from a salesperson i'm guessing, but yet another person feeding off bad news and uncertainty. i'm not sure why the woudln't cover them in any case since it's about providing some replacement value. if blackberry were to bankrupt i'm sure a policy would provide for some comparable replacement. sounds like hooey.
    09-05-13 10:10 AM
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