Insurance could protect against theft.
Chinese domain marketplace Le Yu recently announced a partnership with Sunshine Insurance Group to offer insurance on domains.
The service is a response to the problem of high-priced domains being stolen by hackers, and aims to provide safety to domain ownership and to lower risk in domain exchange. Details of the service were not disclosed, however.
Le Yu (乐域=happy domains) is an integrated domain service provider operating from Le.cn. The startup was founded in 2014 and based in Shen Zhen.
Sunshine Insurance Group was established in 2005 and is a member of the China Top 500 Enterprise list. The group offers a variety of insurance services and asset management. Its corporate domain is Sinosig.com.
The idea of offering insurance on domains is not new to Sunshine. In 2018, it teamed up with domain registrar Nawang to provide a similar service. However, I could not find any mention of this service on the product page of Nawang.cn. This leads me to believe that domain insurance has not gone mainstream yet.
The biggest obstacle, as I see it, is domain valuation. Unlike physical addresses (real estate) which are similar and so comparable sales can be used to appraise assets, each digital address (domain) is unique and its value varies greatly depending on buyer desire and seller expectation.
So, I think it is still a long way before we start insuring our domains.
BullS says
The big question is You trust any companies in China?
Do you have confidence giving your personal info to any company in China?
Bill Hartzer says
I don’t think valuation is necessarily an issue here when it comes to domain name insurance. If I want to get $100,000 of life insurance, I just have to pay the insurance company for it. Or if I want $1,000,000 of life insurance, I just have to pay the premium.
For domain name insurance, there are a lot of considerations, and valuation might be one of them–but it depends on what you’re protecting. For example, if you’re protecting against loss due to a UDRP, then if there is a UDRP filed then the insurance company would cover the cost of defending the UDRP.
Kassey Lee says
Based on what I read, the insurance is against domain theft.
BullS says
How many domains got stolen from thieves in China, Russia..??
Brooks says
How many American companies sell your data without your permission or knowledge? Then everyone is surprised at identity theft? Give me a break. America has no shortage of sleaze.
Samantha Frida says
What if infringing domain names are registered and there is a law suit against the investor? How does insurance address that? OR should an infringing domain name be insured at all? Just putting it out there – to think about.
Kassey Lee says
Also, who is to determine if a domain really infringes upon a TM? Can Apple.net (if selling apples) be insured? Can Amazon.org (if something to do with protecting Amazon forest) be insured?
Domainer says
Some of the registrars offer executive lock where the domain owner needs to personally contact the registrar and supply certain information to unlock it. I have no idea if it is effective but I would trust that quicker than some insurance company (especially in China).
Kassey Lee says
I think registry lock is the most secure method.
Observer says
What assurance would we have that they would even honor a claim?
Bul says
Its one of those “get the blind” kinda of ideas. Any of you ever got a domain stolen? If you have, then call your register and ask them to teach you how to use their platform. I personally don’t see a need for the insurance model in domain names however, I see a need for your portfolio protection and all you have to do is 3 things and you will never have a domain stolen
1. Export an excel list of your names and review it periodically
2. Use registry lock
3. And use 2sv on registery account (godaddy is great with this)
Kassey Lee says
Good points, thanks Bul. Do you know how much it costs to ask for registry lock?
Steve says
Insurance for domains? D.O.A. R.I.P.