[TheForge] shop insurance

[Andrew Vida]

What type of insurance do you guys have on your tools/shop? Is =
homeowners
enough or does a person need a commercial/business policy if any of the
items they produce are sold?

	If you are operating as a business out of your home, a business policy
	for that operation is your best bet, IMO, not that I'm any type of
	insurance expert.  A homeowner's policy may cover some of your =
possessions
	in the event of a loss, but you have to be careful about the way the
	policy works.

	My house burned down on 8 May and I am getting a load of crap from
	the insurance company.  One of the unpleasant discoveries I have=20
	made, post facto (of course), is that my policy is structured such
	that material losses for contents (furniture, clothing, art, etc.)
	are paid out on a depreciation schedule, rather than cost-to-replace.
	All you homeowners out there should examine your policies and make
	sure you have a replacement cost arrangement.  On a depreciation
	schedule, those rat bastards (gee, I'm not bitter, am I?) will do
	everything they can to make certain that the lost items are depreciated
	as much as they feel they can get away with.

	Also, if available in your state and you incur a loss, hire a public
	appraiser.  They know the ropes, and while they typically take 20%,
	which is extortionate IMO, the adjusters at the insurance company
	will do everything in their power to screw you has hard as they can.
	This is why insurance is the most profitable industry in the world,
	despite their continual whining about how they are going broke.

	I know this isn't the sort of thing anyone wants to spend time on,
	but take it from someone who is currently going through it that you
	really DO want to have a competent, disinterested third party check
	out your policy for little gems such as this.

	And make sure you always pay your premiums and get your required
	paperwork signed and submitted on time because it is precise during
	a lapse that your damned house is going to burn to the ground and
	have not doubt in your mind that the insurance carrier will pass up
	no opportunity to rob you blind if they feel they have even the =
flimsiest
	formal basis for doing so.

	I'm in the process of suing these F(*&ing crooks.  I'd like to pound
	their asses into receivership, but that won't happen.  All I can hope
	for at this point is to minimiize the loss, which is going to be high
	even if I win in court because in NJ I cannot ask for costs, which
	strikes me as profoundly unfair.

	You do NOT want to be in my position.  It may take an hour or so to =
find
	someone qualified to review your policy and gain an understanding of =
it.
	Don't make the mistake I made; you may live to regret it.

 Also, I know my most homeowners insurance does
not cover antiques, how does that figure in when a lot of the tools I =
use
are old i.e. 80 yr. old powerhammers, old anvils, and one heck of a lot =
of
other old tools?

	See above.  In the case of antique value, I'm imagine you might have to
	prove that you were collecting these instruments as antiques and not as
	working tools.  This is the kind of loophole jumping the insuance =
companies
	MAY try to get you with.  Perhaps not all, but mine is an example of a
	bunch of rotten scoundrels who did not do their job properly and are =
now
	attempting to lay blame at my door.  I try not to think of this too =
much
	because I get to wanting to bite them in the knees.  Hard.

=09