How Non-Fungible Tokens (NFTs) Can Impact Future Insurance

There are many new and exciting ways to use blockchain in the insurance industry. I’m not talking about cryptocurrencies like Bitcoin or Ethereum, but non-fungible tokens (NFTs) — unique digital assets that can be used to buy and sell, transfer and track ownership of just about anything.

Think of NFTs as “crypto-collectibles” like CryptoPunks or CryptoKitties. But unlike these two examples, which only exist on their respective platforms, NFTs are programmable and interoperable across multiple platforms.

What are NFTs?

Non-fungible tokens, or NFTs, are a type of digital asset that is unique and cannot be copied. They are stored on the blockchain—a decentralized ledger that records transactions between users in a distributed database.

The blockchain is maintained by multiple computers at once (instead of one central authority), so it’s impossible for anyone to change or delete anything from it without everyone noticing.

NFTs can also be used to represent all kinds of things: artwork, land titles, collectibles, even tickets for events like concerts and sporting events.

Digital signatures on an NFT indicate authenticity and ownership; they can also provide proof-of-existence for certain types of digital assets like legal documents or financial records (for example, if someone wanted to prove they purchased something online).

Representing Real-World Items

NFT’s are more commonly associated with digital collectibles they can be used to represent real-world items like real estate and artwork. This is done by “Tokenizing” the real-world tangible asset to allow them to be bought, sold and traded within the blockchain, which aims to make the process more efficient and reduce the probability of fraud.

The unique nature of NFTs becomes evident as one tries to apply normal insurance protocols. Standard homeowner policies focus on covering physical damage to assets.

Normally, NFTs do not exist in the physical world. They are intangibles. They can be expressed physically, such as with a printout of a digital graphic, but the physical expression is not what is owned. This Token can then act as a certificate of authenticity and ownership.

The Role of Smart Contracts

The key characteristic of smart contracts is that they are trustless, meaning they can reduce or even eliminate the need for third-party intermediaries.

Made possible through blockchain, smart contracts are essentially a way to automate the insurance process. They can be used to store information about an item, such as its location and value. This information can then be accessed by the insurer at any time.

In addition, smart contracts can automatically make payments on claims as they come in, eliminating some of the administrative processes that happen when filing them manually and speeding up the claims payment process.

Finally, smart contracts have been used in many cases where insurers need verification from third parties before making a decision on whether or not to issue coverage for an item or event (e.g., natural disasters).

Aiding Insurance Claims

NFTs have the potential to aid in insurance claims processing, and in some cases, may help prevent fraud. In the future, NFTs may be used to track and authenticate collectibles, art, and digital legacies.

• Collectibles: The collectible industry is huge—$2 trillion by some estimates. An NFT can help verify the authenticity of a collectible item or assist in tracking its ownership history.

• Art: Art is another area where NFTs have the potential to improve processes surrounding tracking and authentication. Artists can use non-fungible tokens (NFTs) to track their work so they know who owns it, while collectors and institutions can use them as proof of provenance when purchasing pieces from artists or other collectors.

• Digital legacies: NFTs can also be used to ensure that digital assets are protected after death by tracking who has access to them and making sure they're not transferred without proper authorization.

Digital Legacies

Digital legacies are one of the bigger buzzwords in this space, but what is a digital legacy? Simply put, a digital legacy is an asset or collection of assets that can be passed on to someone after your death. You can think of it as your very own will for the virtual world.

The most popular way that people are using digital legacies right now is by leaving their favorite games and accounts behind for friends and family members—they’re basically making an online version of a will. This has been especially popular with gamers who wish to pass on their account or items from their favorite game as gifts after they die.

Insurance & Blockchain Moving Forward

There is no doubt that blockchain and smart contracts will play a role “Tokenizing” the real-world tangible asset to allow them to be bought, sold and traded within the blockchain.

How NFTs make their mark on the insurance world is still in question will remain complex like fine art, worth only what the market says they are — and for insurance purposes, that is heavily influenced by the historical value over time.

Figuring out how to value NFTs, assess risk and set premiums is the goal of IMA Web3Labs, a company tasked with getting IMA’s insurance offerings up and running — despite the reality that only a handful of sizable insurance policies have been written for the broader cryptocurrency market.

Protect Your Home With the Right Insurance Policy?

We’re spending a lot more time at home these days, but are we protected? And we can only count on our pets for so much. The best home insurance policies will be those that suit your needs. We hope to help you better understand what the benefits of a home insurance policy is and why it’s important to take a look at your current policy.

What is a Home Insurance Policy?

Homeowner insurance protects you from unexpected repair and replacement costs if an event damages your home or personal belongings or you become the victim of a natural disaster such as fire, flood or other disaster.

Most home insurance policies are bundling these types of coverage together:

• Dwelling Coverage: Protects the structure of your home from theft and almost any disaster you can think of (except for floods and earthquakes).

• Other Structures: Covers things like sheds and detached garages on your property.

• Personal Property: Covers cost of replacing contents of your home.

• Loss Of Use: Expenses you incur while your home is uninhabitable, like staying in a hotel.

• Personal Liability: Protects you against lawsuits filed by those who were injured on your property.

• Medical Payments: Covers the medical expenses of those on property who are injured and do not sue you.

When was the last time you checked your own policies?

Our world is changing at a rapid rate and so are the insurance policies. Finding out you are not properly covered after it is already too late is an avoidable nightmare scenario.

To find out which home insurance is right for you, call our office and let’s see what will work best for you.

Pittsburgh-based Restaurant Opens Local on The Water

Add Local On The Water, a Pittsburgh-based restaurant, as another happy and insured Sanders business!

The hometown favorite, Local Bar and Kitchen, always wanted to create a bar and restaurant that locals can lean on for good food, good drinks, and good times. Now imagine Local Bar and Kitchen with beautiful water views.

Local On The Water, opened its first out-of-state location in North Myrtle Beach on 13th Avenue North. Right next door? A taco joint going by the Steel Cactus. Both operated by David Stebbins, a businessman living in the community.

“We had an opportunity,” Stebbins said. “About two-and-a-half years ago – this property itself had been empty for seven years when we got it – and it just kind of fell into our laps, right place, right time. We decided to put two locations in here and for the last two years we’ve been plugging away and getting ready to open.”

The menu is a mix of Southern-American and Northern dishes. 

“I’m originally from Rhode Island, so seafood is a very big opportunity with us,” Stebbins said. “So I took everything that I liked as a kid, everything that I liked growing up, and stuff that I’ve always liked, and put a twist on it.” 

One specialty is the hot buttered lobster roll, which goes for $15. “We bring in our fresh lobster daily, we steam it daily, we poach it in butter on a New England-style hot dog roll, it’s seared with a little butter and then we serve it with our house hand-cut fries or cole slaw,” he said. “Realistically in an opening, you’re kind of looking to see what sells and what doesn’t and you try to make opportunities to switch stuff around. But there’s not one item that’s not selling.” Other popular dishes include shrimp scampi, pizza, mussels, seafood fritters and burgers.

With live music 7 days a week, free boat docking and the perfect spot to see the sunset, you're guaranteed to enjoy your time here. Local on the Water has a menu full of delicious food and 3 bars ready for any drink you want in your hand. Sit inside or out and be entertained at this North Myrtle getaway during the day or dancing late into the night. We are a perfect location for special events and groups. If you’re in the area, make sure to stop by!

Elizabeth Express - Refurbished Rail Car Diner

Another insured restaurant made for another happy business owner! After a year of renovations, an old railroad car is now a new restaurant in downtown Elizabeth, at the corner of South Third and Market Street.

The Elizabeth Express Kitchen Car had its soft opening this past summer as the menu and hours were finally worked out. The past year has been a labor of love to get the business going.

“It was a rail kitchen car, or kitchen mess, that was from the Pittsburgh area. We think it was from the 1940s,” said Gabriel Taylor, who designed the new restaurant along with a team of local supporters. “It had a real kitchen in it and a seating area for the staff. Our intention was to gut it and use it as a take-out diner.”

Taylor said that when crews began gutting the kitchen car they found the names of some of the old railroaders written underneath the paneling. Preparations for the new diner began in May 2019 with the preparation of the lot, which was just a vacant grass lot.

“We decided where the train car was going to sit and built a foundation for it and the pavilion. All the utilities are underground. That part of it took months,” Taylor said.

If you haven’t tried Elizabeth Express yet, we’re rewarding you, your friends, and family with $10 gift cards in support of local business like the Elizabeth Express. That’s a $10 gift card for you and a $20 gift card for them through our referral program.

When was the last time you checked your own policies?

Our world is changing at a rapid rate and so are the insurance policies. Finding out you are not properly covered after it is already too late is an avoidable nightmare scenario.

To find out which insurance is right for you, call our office and let’s see what will work best for you.

The Glassy House - Luxurious Pittsburgh Airbnb

We’re insuring cool spots all over Pittsburgh. Welcome to the ‘Glassy House,’ a truly out of the ordinary and luxurious masterpiece.

Originally designed by architect, Mark Frankovitch, and crowned Pittsburgh Magazine’s 2011 Home of the Year. This innovative, stylish, and unique home brings European and Miami vibes to the heart of South Side.

For the most chic and boutique Airbnb in the city, check for availability.

THE SPACE

This towering three story home looks sleek from the outside and does not disappoint as you ascend the stairway through the brightly colored magnetic front door into the 40ft glass wall enclosed atrium. The atrium level features outdoor heated floors and chic Vondom Italian made patio furniture to lounge outside in style.

This home boosts 99 recessed lighting for extra brightness after dark and equipped with Bluetooth enabled multi color Phillips Wiz smart light bulbs to create any vibe or keep at a normal light bulb setting.

The second level living area is a premium entertaining space with soaring 26ft ceilings and custom glass tile flooring throughout. Featuring a luxurious apt2b sectional, retro egg chair, swivel lounger, all glass office desk area, access to a small outdoor patio and atrium, have fun with the vintage Pacman machine with over 60 classic arcade games, local pop art and glassy neon that provides a trendy art gallery feel.

The fully stocked chef’s kitchen features a 5 burner Fisher & Paykel gas stove, stainless steel countertops, all stainless LG appliances, quartz waterfall island, industrial glass dining room table with clear chairs, 52" smart TV, 1/2 bath coffee bar, wet bar with a wine fridge and access directly to the atrium.

The Heart of Pittsburgh

The winding custom glass stairway leads upstairs to a private master bedroom complete with a terrace overlooking the atrium, two closets, smart TV, en suite bathroom, pillow top queen bed, featuring a spacious dual head walk in shower lined with custom tile and a tub. The house has three plush queen beds and full over full bunk bed.

Comfortably sleeping up to 8 people, the Glassy House is located in the heart of Pittsburgh’s South Side! One block from the famous East Carson street with shopping, outstanding restaurants and Pittsburgh's premier nightlife. Get anywhere in the city within minutes by utilizing all of the cities convenient public transportation. You''ll be amazed at all this city has to offer!

What are you waiting for before your stay at the Glassy House?