The CrowdCoverage offering is now closed and is no longer accepting investments.

CrowdCoverage

Blockchain-Based Insurance Network

Small OPO
Henderson, NV
Financial Services
Accepting International Investment
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Disrupting the Insurance Industry by Lowering Fees through Decentralization

Invest in CrowdCoverage

The insurance industry — indispensable, trillion-dollar juggernaut that it is — will only become more important with the passing of time. As population increases, climates shift, and markets change, insurance will transform from a necessity in the back of people's minds to a concern on the tips of their tongues. But before this happens, the insurance industry needs to experience a significant redevelopment or else it will grow narrower, more stagnant, and leave more people unprotected. 


That's why we've started CrowdCoverage, a platform that delivers insurance to the people via an efficient and easy to use marketplace powered by smart contract technology. Check us out here.


Ours is a platform that allows customers to interface with insurance companies more easily and to purchase insurance at more competitive rates. By replacing expensive third-party arbitrators with autonomous publicly vetted algorithms, the Crowd Coverage platform allows for the insurance industry to become safer, cheaper, and more reliable for everyone.


To shape the future of the insurance industry and make it more equitable and fair for everyone, CrowdCoverage wants you to join our growing community. Help us deploy a platform that gives consumers exactly what they ask for, and the insurance that's right for them, their families, and their communities.

Invest in better insurance. Invest in CrowdCoverage today.

The Offering


Investment: Common Stock and COVR Tokens


$1/share of Common Stock │When you invest you are betting the company’s future equity value will exceed $10.3M.


Perks*

COVR Tokens


The Offering includes 80 Tokens for every $1 invested.  ($0.0125 / per Token)

This will increase to $0.02 in our public sale.


*All tokens will be delivered after the campaign is completed, and upon availability of the Tokens.  See Offering Summary below for additional terms.


COVR Tokens

Description: Our Ethereum-based COVR tokens act as incentive-based fuels for the CrowdCoverage insurance ecosystem. Within the CrowdCoverage ecosystem, COVR tokens act as service validators, claims-management incentives, and anti-fraud devices. Primarily, COVR tokens operate much in the same manner as tokens in an arcade, or as service validators. That is to say, tokens must be used to “run” the CrowdCoverage platform. As such, tokens are included in the price of purchasing an insurance policy on the CrowdCoverage platform; this nominal fee serves multiple purposes.

Primarily, COVR token fees compensate for the gas used in the sending and receiving of tokens. A minimal amount is also retained by the company and used for maintenance of the platform itself.

Second, COVR tokens are used to incentivize the efforts of tribunal members. Tribunal members consist of users trained by the CrowdCoverage team according to a standardized protocol of investigating and voting on claims; in essence, they decide whether policy stipulations have been sufficiently met, and thus whether a payout should occur in the occasion of a claim. This reward mechanic ensures that claims are handled both fairly and efficiently. We are proud to announce, however, that we do NOT require that deductibles and premiums be paid in COVR tokens; on the alpha platform our users will be free to pay insurance providers in Ethereum. Eventually we hope to expand our catalog of cryptocurrencies accepted in our payments, but this will be largely determined according to demand by insurance providers. COVR tokens will only ever be required for incentivization fees, and even then we may later allow for internal platform atomic swaps, which will allow users to pay for their entire premium in the cryptocurrency of their choice (and that cryptocurrency will be immediately exchanged into COVR and the currency of choice for the provider chosen). 


In an effort to promote community involvement, COVR tokens will also grant token holders special voting rights in Product Direction polls. At regular intervals, the CrowdCoverage team will hold votes asking its community to vote on, for example, the nature of product packages to be added to the platform, or which forms of insurance to include next. The more tokens a user holds, the more sway their vote will be given. Learn more by checking out our whitepaper. 


Please note that each investor's right to tokens is contingent upon the successful development of such tokens and to the extent applicable, the blockchain upon which they function.  There is no guarantee that successful development will ever occur. More can be read on this in the "risks" section of this document.

“Armed with the power of smart contract technology, our goal at CrowdCoverage is to guarantee faster, more trustworthy insurance at lower costs and in larger volume than could ever be dreamed of in the traditional insurance world.”

What Is CrowdCoverage?

CrowdCoverage is a startup that has built the future of the insurance industry. We are currently in the process of developing a platform that lets customers directly interact with insurance companies at more affordable rates and without much of the operational friction that plagues the modern insurance industry. The CrowdCoverage platform is simple, straightforward, and accessible.


We plan to have our alpha platform deployed and ready to be used as early as the third quarter of 2018—September, at the latest. By participating in this sale and receiving your share of COVR tokens, you can be one of the first to use it! 


All you have to do is provide some basic information about yourself and the item you'd like to insure, and you'll be immediately supplied with quotes from leading insurance providers, at rates far lower than otherwise possible. 


CrowdCoverage will begin by offering personal articles insurance, covering items you own in case of the worst. Users will log into the platform and 

input simple details about themselves and their articles, like price, size, age, use, etc. 

Based on those details, CrowdCoverage will show users automated policies generated by insurance companies competing for their business, allowing them to quickly compare premium prices without having to do all the work of shopping around on various websites.


This puts the power of choice back in consumers hands.

But if a user is unhappy with the automatically generated insurance policies, CrowdCoverage gives them another option. Some insurers will offer customers the opportunity to negotiate the prices and stipulations of their policies. Users will be able to offer their own policy rates and conditions, and companies can decide whether or not to accept. If an insurer agrees on negotiated terms with a user, the smart contract for that agreement becomes publicly available, and others are able to take similar deals.


To incentivize providers, CrowdCoverage allows insurers to split risk with one another to build a more diversified, risk-averse portfolio. With this, we hope to refocus the process of purchasing insurance on the consumer and make the experience as fair as possible. In doing so, we promote healthy competition and affordable rates. And though CrowdCoverage is only focused on personal articles insurance at the moment, we hope to be able to apply this powerful smart-contract model to all types of insurance as we gain market traction. We’ve included various stages in our roadmap where we’ll aggregate feedback from our users, and use this information to revise the platform, as well as decide what kind of insurance or exclusive deals to add next.  

Why Crowd Coverage?

The insurance industry, like many other aging industries, is hamstrung by conglomeration and monopolization. As the number of major insurance providers collapses, competition decreases, prices increase, and friction grows abundantly. With fewer providers, customers are forced to go with sub-par plans containing terms and conditions set against them from the outset. 


That's why CrowdCoverage is approaching this relatively traditional market with groundbreaking new ideas, and we aim to do it equitably. But how will we take care of that?


Smart contract and blockchain technology will ensure the platform remains transparent, accessible, and secureMoreover, these technologies remove much of the operational friction present in the insurance industry, too. 

Less friction means an instantly smaller footprint. CrowdCoverage cuts administrative costs for insurers and allows them pass savings onto consumers, making the insurers more competitive. Smart contracts also allow CrowdCoverage to cut out brokers, claims managers, and bankers, and with them, their associated fees:



Brokers are eliminated by our automatically generated policies, delivered in simple terms, and specifically created for each customer.

Claims Managers are replaced with our innovative investigative tribunal process that incentivizes trained users to judge cases fairly in exchange for tokens.

Bank Administrators are rendered unnecessary thanks to the automated, trustless, and decentralized blockchain ledger.



Our goal is to provide our users with a functional platform at launch with which they can purchase insurance and receive policies immediately after. Because of this, if a user breaks their insured item that night, they'll get paid the next day. It’ll be that fast. CrowdCoverage aims to provide consumers with the fastest, easiest, most affordable insurance options in the marketplace.

What We've Accomplished So Far

As it stands right now, the platform architecture is finalized, and development is just about ready to begin. Pending the availability of funds, we're hiring top-of-the-line solidity developers to turn these outlines into a reality. We plan to also source competitive consultation work as well as smart contract audits from numerous leading firms. At each stage of development and funding, our team is set to expand; this will happen very quickly. In just the next few months, we plan to hire a full-time solidity developer, an insurance liaison, a marketing coordinator, a solidity contract team, an auditing team, three legal and financial consultants, and as many insurance providers as possible. For more information on developmental timelines, please see our roadmap below. 

The CrowdCoverage Community

To make CrowdCoverage the truly revolutionary insurance platform we know it can become, we must first build a robust community around it. We're intending to build that community in two primary ways:


The first is this campaign. We hope that by giving users a stake in our vision, we can incentivize input from the people who matter most: our shareholders. By allowing token holders to vote on product direction decisions, we also hope to ensure that each of our platform user's voice is heard, and taken into consideration when we make the large-scale decisions that are so often relegated only to private board-room meetings. See, we don't play like that. This is a platform by the people, and for the people. 


The second manner of community building is through the platform itself and its revolutionary tribunal system…

The Tribunal System

In today's insurance industry, claims are accepted or rejected by policy managers. Policy managers are major sources of operational friction for two reasons:

Policy managers often receive more work by denying claims. Insurance providers don't want to pay out and are more likely to employ stingier managers.

There's always the risk of collaboration. Though insurance companies go through great lengths to ensure this doesn't happen often, policy managers are still individuals who hold great sway over thousands or millions of other lives. They are always sources of insecurity.

How do we ensure that our claims are handled in an unbiased and equitable way? By incentivizing unbiased, equitable decisions!


Claims are handled through a tribunal system that, depending on the size and value of the item, will assign a number of algorithmically-selected members to investigate and render a decision. These tribunal members will be trained according to specific protocols on how to investigate claims and must apply for the position. Properly vetted decisions will in turn reward tribunal members with tokens. Tribunal members will be rewarded with tokens for properly vetted decisions, and can receive bonuses for going the extra mile, such as contacting parties involved in the claim.


In this way, token economics are leveraged to promote community collaboration and the development of a better environment for all those who are insured through the CrowdCoverage platform.

About CrowdCoverage

CrowdCoverage was born out of a platform to incentivize eye witnesses to provide their videos of newsworthy events directly to news channels. Our aim was to create an environment for better quality, more truthful news. Put another way, we sought to create a platform that encouraged objectivity and fact as much as possible.


That search for unbiased truth brought us to the Decentralized News Network and the possibilities presented by new technologies like smart contracts and blockchain. It also got us thinking about which industries were most ripe for the new “decentralization” ethos and radical approaches of crypto-based startups. 


The insurance industry made perfect sense. Operational friction has long been a drag on the evolution of this industry, and the trust gap between insurers and the insured is precisely the kind of thing for which smart contract and blockchain technology offer a solution.


But thanks to smart contracts' ability to reduce friction immensely, and our unique tribunal system to remove bias, and the possibility for collaboration, we've developed a platform that overcomes all the issues currently facing the industry. At CrowdCoverage we aim to bring real, positive change to the insurance industry.

CrowdCoverage's Key Features

CrowdCoverage aims to provide features that existing insurance companies simply can't match. Because of our size and approach to insurance, CrowdCoverage will reshape how the average consumer thinks about insurance:



Reduced Fees

CrowdCoverage reduces fees for users and friction for insurance providers by implementing smart contracts and blockchain technology to remove unnecessary administrative burdens.

Compare Quotes

The platform will present users with a number of uniquely generated coverage options and the ability to compare or negotiate company quotes.

Complete Transparency

CrowdCoverage is transparent at every step to increase trust and understanding between users and insurance companies. Furthermore, public ledger technology assures that all policy stipulations are made available and easy to browse for users purchasing insurance on the platform. 

Automated Underwriting

CrowdCoverage aids insurance providers with the underwriting process via algorithmically-guided automation. Providers can opt to undergo a series of company-provided calibration exercises which will better allow Crowd Coverage to estimate how much they may charge in a variety of different user circumstances.

The Road Ahead

CrowdCoverage might only be focused on the personal articles insurance market for now, but that's just for our proof of concept. The big stuff is coming soon:


  • Our goal is for CrowdCoverage to become a hub for all kinds of insurance. From the start, we’ve built our platform to be easily adaptable to various industries.

  • Though we're using our proprietary automated-claims system to generate claims for insurance companies now, we're hoping to be able to write our own terms and conditions in the future.

  • While it won't be available in our alpha, we're working to quickly implement our comparison and negotiation systems.

  • We're always refining our underwriting process' detail collection to give us a greater ability to provide quicker estimations and contracts. Pretty soon, quotes will be immediate and interaction with insurance providers will become easier.


As we gain additional market traction and continue development of our platform, we believe that Crowd Coverage has the potential to completely disrupt the insurance industry. 

Why Now Is the Time to Invest in CrowdCoverage

The insurance industry has to change; there's no question.

 

We created CrowdCoverage to make an insurance industry that benefits everyone, not just a couple of corporate giants. We want to give the world the fair, equitable, and affordable insurance options it deserves. We want it to happen securely, transparently, and easily.  


We want to make it happen, quickly.


That's why now is the perfect time to invest. By investing in CrowdCoverage, you have the opportunity to join the first wave of positive change in the insurance industry. It’s needed change that, in the eyes of many, has been long overdue. Your investment is a chance to take control of a market for yourself and your community. It represents a stake in a company that will shake the insurance world to its core. Help us make better insurance for everyone.


Invest in CrowdCoverage!

Offering Summary

Maximum 107,000* shares of Common Stock ($107,000)

*Maximum subject to adjustment for bonus shares. See 10% Bonus below

Minimum 10,000 shares of Common Stock ($10,000)


Company
CrowdCoverage Inc.
 

Corporate Address
3010 Scenic Valley Way Henderson, NV 89052
 

Description of Business
Armed with the power of smart contract technology, our goal at Crowd Coverage is to guarantee faster, more trustworthy insurance at lower costs and in larger volume than could ever be achieved by traditional insurance.
 

Type of Security Offered
Common Stock and COVR Tokens
 
Purchase Price of Security Offered
$1.00
 

Minimum Investment Amount (per investor) 
$100












Perks*

For every $1 invested, the Offering includes 80 COVR Tokens. ($0.0125 / per Token)

For easy reference:

Amount Invested
Bonus Awarded (in COVR Tokens)
$100
8,000
$500
40,000
$1,000
80,000
$2,500
200,000
$5,000
400,000
$10,000
800,000


*All perks and tokens will be delivered after the campaign is completed, and upon availability of the Tokens.


Terms of Tokens

COVR Tokens: 
Description: COVR tokens operate in much the same manner as tokens in an arcade, or as service validators. That is to say, tokens must be used to “run” the Crowd Coverage Network program; as such, tokens must be used to propose a policy; this nominal fee serves multiple purposes. First, it operates as a first- defense vetting device—it prevents an excess of fake or half-hearted proposals. Second, it compensates for the gas used in the sending and receiving of tokens. Finally, a minimal amount is used to incentivize the upkeep of the platform itself. COVR tokens are also used to incentivize the efforts of tribunal members. This ensures that claims are handled both fairly and efficiently. 


  • Initial Blockchain: Ethereum
  • Migration to Alternative Blockchain:  n/a
  • Expected Network Launch date: Alpha V1 Launch September 2018
  • Total amount of Tokens authorized for creation: 400,000,000
  • Amount of Tokens or Rights to Tokens already issued: 17% (68,000,000)
  • Will they be listed on Exchanges:   The token may be listed on exchanges should it be deemed beneficial and prudent. Currently, there are no plans to do so.

Other Material Terms:

  • Voting Rights: Voting Rights limited to matters regarding Product Direction
  • Restrictions on Transfer: None, assuming baseline regulations have been followed and one year holding period achieved.
  • Dividends/Distributions: Not at this time
  • Redemption Rights: Only limited to one-year restriction
  • Other: None


The Company currently does not have a functional distributed ledger based business model nor a blockchain based token and there is no guarantee that such will be developed in the future. The promise of future tokens is contingent upon the successful development of such items.  There is no guarantee that successful development will ever occur.  The right to receive future tokens and the offering of future tokens is being offered as part of this offering exempt from registration under Regulation CF.  

Tax Advisory: Investors should consult their tax advisors with respect to the tax basis for each of the common stock tokens and the JonCoin tokens, since they will trade independently.

Jurisdictions: No Investor who (i) resides, (ii) is located, (iii) has a place of business, or (iv) is conducting business (any of which makes the Investor a “Resident”) in the state of New York will be accepted in this offering.


The 10% Bonus for StartEngine Shareholders

Crowd Coverage will offer 10% additional bonus shares for all investments that are committed by StartEngine Crowdfunding Inc. shareholders (with ≥ $1,000 invested in the StartEngine Reg A+ campaign) within 24 hours of this offering going live.

StartEngine shareholders who have invested $1,000+ in the StartEngine Reg A+ campaign will receive a 10% bonus on this offering within a 24-hour window of their campaign launch date.  This means you will receive a bonus for any shares you purchase.  For example, if you buy 100 shares of Common Stock at $1 / share, you will receive 10 Common Stock bonus shares, meaning you'll own 110 shares for $100.   Fractional shares will not be distributed and share bonuses will be determined by rounding down to the nearest whole share.

This 10% Bonus is only valid for one year from the time StartEngine Crowdfunding Inc. investors receive their countersigned StartEngine Crowdfunding Inc. subscription agreement.

Irregular Use of Proceeds

The Company will not incur any irregular use of proceeds.

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Most recent fiscal year-end:
Prior fiscal year-end:
Total Assets
$0.00 USD
$0.00 USD
Cash And Cash Equivalents
$0.00 USD
$0.00 USD
Accounts Receivable
$0.00 USD
$0.00 USD
Short Term Debt
$0.00 USD
$0.00 USD
Long Term Debt
$0.00 USD
$0.00 USD
Revenues And Sales
$0.00 USD
$0.00 USD
Costs Of Goods Sold
$0.00 USD
$0.00 USD
Taxes Paid
$0.00 USD
$0.00 USD
Net Income
$0.00 USD
$0.00 USD

Risks

A crowdfunding investment involves risk. You should not invest any funds in this offering unless you can afford to lose your entire investment. In making an investment decision, investors must rely on their own examination of the issuer and the terms of the offering, including the merits and risks involved. These securities have not been recommended or approved by any federal or state securities commission or regulatory authority. Furthermore, these authorities have not passed upon the accuracy or adequacy of this document. The U.S. Securities and Exchange Commission does not pass upon the merits of any securities offered or the terms of the offering, nor does it pass upon the accuracy or completeness of any offering document or literature. These securities are offered under an exemption from registration; however, the U.S. Securities and Exchange Commission has not made an independent determination that these securities are exempt from registration.


Updates

Notice of Funds Disbursement

19 days ago

[The following is an automated notice from the StartEngine team].

Hello!

As you might know, CrowdCoverage has exceeded its minimum funding goal. When a company reaches its minimum on StartEngine, it's about to begin withdrawing funds. If you invested in CrowdCoverage be on the lookout for an email that describes more about the disbursement process.


This campaign will continue to accept investments until its indicated closing date.


Thanks for funding the future.

-StartEngine

Notice of Material Change in Offering

2 months ago

[The following is an automated notice from the StartEngine team].

Hello! Recently, a change was made to the CrowdCoverage offering. Here's an excerpt describing the specifics of the change:


CrowdCoverage has extended their offering end date to September 14th, 2018.


When live offerings undergo changes like these on StartEngine, the SEC requires that certain investments be reconfirmed. If your investment requires reconfirmation, you will be contacted by StartEngine via email with further instructions.

Notice of Funds Disbursement

4 months ago

[The following is an automated notice from the StartEngine team].

Hello!

As you might know, CrowdCoverage has exceeded its minimum funding goal. When a company reaches its minimum on StartEngine, it's about to begin withdrawing funds. If you invested in CrowdCoverage be on the lookout for an email that describes more about the disbursement process.


This campaign will continue to accept investments until its indicated closing date.


Thanks for funding the future.

-StartEngine

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