[TheForge] shop insurance
Peter Fels and Phoebe Palmer
[email protected]
Mon Aug 12 03:54:00 2002
At 05:02 PM 8/11/02, you wrote:
Say Andrew:
We ought to know who the insurance company is that messing you around, so
we can get messed around by a different insurance company instead....Pete
>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
> 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.
>
>
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