Using insurance to make ISK?

Ok. So, I may be mistaken, but when you equip more/better items on a ship, that typically leads to a higher premium, but a also a better return. So, if you fit a ship with good stuff, then insure it, strip all the fittings, and finally go to a sector and get yourself shot to pieces by a friend, that'll get you more ISK than you would have spend on the ship itself right? Anyone know if this work or is legitimate?

No the mineral cost of the ship is barely covered and you are still losing the isk on the insurance....


say the ship cost 10 mil isk to buy
insurance is 4.5 mil (premium is usually about 45% of value)

it insures for 10 mil

so far you have spent 14.5 mil

you get the ship killed.... insurance pays you 10 mil

you are still out the 4.5 mil on insurance costs.

insurance is nice for helping you recover from losses it doesnt make a good way to make isk. Unless you are the guy issuing insurance

ALSO

tech 2 ships dont insure for anything near worth thier value....

example my paladin insures for around 100 mil insurance costs about 45 mil (paladin is a tech 2 Apoc think my mining ship you see all the time )

to buy a new paladin costs 680 mil.... to build a new paladin costs 590 mil roughly.

you will find it very rare that people insure tech 2 ships or capitals.... if you are losing captials quicker than every 3 months we need to refigure how we are fighting.