Kokua, I went back and added that correction in edit mode then you reread it.
As far as the system being discussed here… yes, it’s like what my dog has under his skin. A really valuable tool toward relocating a member of our family should the unthinkable happen.
I think the product is worth considering, especially for high volume manufacturers that will reap the benefit of after sales information that the manufacturer can provide them. The additional plus is the policy for recovery (insurance) backed by Lloyd’s, but I have to ask if the statement that the insured has the stolen item replaced by the SAME manufacturer is mandatory or not? What if the insured doesn’t want the same surfboard builder to replace that make or model of board?
Insurance is about ‘peace of mind’. I know all too well about this promise that insurance uses to appeal to the consumer as I was in the business which I view as a necessary evil, sometimes a scam (AIG bailout?), and additional expenditure based on an event that most likely will never happen. Insurance was created by the Venetians in early day Italy as they sailed for distant lands to plunder riches from others. Insurance works on the same basis (that) casinos operate: the law of large numbers, which states that more people will lose than win.
All that aside, the product is well thought out and should appeal to people that want a sense of security should their surfboard be stolen. It should also appeal to LARGE manufacturers that want to collect (even more) data on the consumers they sell to. Although this isn’t as invasive as what the I Phone and similar products are doing as they store a year’s worth of data on EVERY move you make as a consumer, even with the phone(s) turned off.
For me personally, I’ve looked at my position in the industry (after decades… including having to go sell insurance for backup - which I found the most anal boring job in the world) in a whole new light. Our industry, like most others, is now about branding in order to capture some percentage of market share. If you are a professional intent on being around for awhile, you crunch your numbers to build the type of product you want, calculate overhead, how hard you want to work, and arrive upon a net profit that either works for you or doesn’t. Once you have your ‘business reality check’, you decide whether you can engage in the business full time, need a trust fund or another job to supplement it, do it as a hobby, or give up altogether.
I’m not a good candidate for this company’s product because I have cut back EVERY expense that impacts price while delivering good service and delivery at a competitive price. To achieve this is very difficult, and even then the rewards are not great. For me pennies equate to dollars once you mark up the product to the consumer or the retail store offering the product. This has resulted in a lean manufacturing position for me that cuts out waste, middlemen, commutes, employees, and other factors that take away from paying myself a fair wage in order to make a living at my passion. If you cannot ‘pay yourself first’, then you are a goner in this business. If you have a wad of cash and want to design a line, advertise it and want to employ people in Vietnam to build your stuff, go for it.
For me, the product represents an unnecessary expense, but that doesn’t mean it doesn’t have a perceived value. I maintain it does, I’m simply not in a high volume position that I once was, and I’m realistic enough to state it.