[Elecraft] Rig Insurance

[Bob McGraw - K4TAX]

Having had a recent loss of radio equipment along with other items, I 
would comment,  the insurance company strongly and aggressively pushed 
for a settlement under the loss definition of "power surge".   In this 
case they would only pay depreciated value for the equipment less the 
deductible  which was $1000.

While my loss was clearly due to a lightning strike, and I had service 
reports from 3 different servicing companies all stating "lightning 
damage" as the cause of loss or damage.   In this case the insurance 
company is required to pay replacement cost, less the deductible.

The insurance company kept trying to change the description of loss from 
"lightning damage" to "power surge" to lessen their liability.    I held 
my ground, provided them multiple times the copies of service reports 
stating in all cases "lightning damage". Final settlement was a bit over 
$12,000.

Yes equipment insurance is most valuable and worthwhile in all aspects.  
It is also very important to have available a list of model numbers, 
serial numbers, date of acquisition and price paid. Without this the 
insurance company will challenge ever item and every number.  Our job is 
to "prove it" while there job is to "deny it".  My EXCEL spreadsheet 
proved to be most valuable along with digital photographs.

73 Bob, K4TAX


On 8/8/2015 2:00 PM, Dauer, Edward wrote:
> The ARRL premium is relatively steep.  But that's probably because it has a $50 deductible and, according to some of the experiences posted on this thread, covers losses that may not qualify as covered "occurrences" under some homeowners' policies.  I just checked my own "scheduled personal property" endorsement.  The cost is on average $0.53 per hundred per year, way less than half of the ARRL premium, varying with the type of property insured.  And because it's an endorsement to a combined home and auto policy, it will cover losses no matter where they happen.   But the deductible is $500 per occurrence and I can't say that the endorsement would cover losses attributable to operator errors (e.g. frying a rig with a reversed polarity power connection.)   Since classically insurance is a way of covering large losses rather than small ones, for me the difference in deductible isn't worth a double or triple premium; but that's an individual preference.
>
> Ted, KN1CBR
>
> Edward A. Dauer
> Dean Emeritus and Professor Emeritus of Law
> University of Denver
>
>
>
> Message: 7
> Date: Fri, 7 Aug 2015 21:04:57 -0700
> From: "Richard W. Solomon" <w1ksz at earthlink.net<mailto:w1ksz at earthlink.net>>
> To: "'Elecraft List'" <elecraft at mailman.qth.net<mailto:elecraft at mailman.qth.net>>
> Subject: Re: [Elecraft] Rig Insurance
> Message-ID: <000f01d0d18f$64e2ad50$2ea807f0$@net>
> Content-Type: text/plain; charset="us-ascii"
>
> All I found was the rates, $1.40 per $100. Seems a tad steep to me.
>
> 73, Dick, W1KSZ
>
>
>
> Edward A. Dauer
> Dean Emeritus and Professor Emeritus of Law
> University of Denver
>
> ______________________________________________________________
> Elecraft mailing list
> Home: http://mailman.qth.net/mailman/listinfo/elecraft
> Help: http://mailman.qth.net/mmfaq.htm
> Post: mailto:Elecraft at mailman.qth.net
>
> This list hosted by: http://www.qsl.net
> Please help support this email list: http://www.qsl.net/donate.html
> Message delivered to rmcgraw at blomand.net
>
>
>