i was thinking of making an insurance type company on the fourums so if you pay me a certain amount of credits per week if your character gets deleted or banned i would pay you the amount of money you had on that ship and the ship cost it self it would cost more depending on the amount you have and the ship it is.I was wondering if this has been done before or if its even allowed or not
Interspace Commerce by lore is and insurance and loan company. I would suggest you read on its lore to figure out how you can proceed with this idea. There were attempts of insurance RP around, but it didn't stick as it's more of a hassle imho.
INRP insurance against piracy losses sounds like a fun idea, as Snak3 that's really the sort of thing IC should be doing.
OORP insurance against deleted/banned ships or accounts is definitely NOT a good idea. That basically amounts to paying people to get sanctioned.