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 Posted: Tue Apr 01, 2008 12:38 pm Post subject: insurance for tools |
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I have a unique situation. I have a 30 x 50 metal building that is insured for $25000-i think. In this building I have various types of farm equiptment-I think it is additionally insured. I am trying to get insurance for a lot of tools that are also stored in this building. What kind of policy and coverage should I be looking for?
This is a large amount of tools collected by a mechanic over his 28 year career. I have reciepts for over 18,000 in tools. They have been stolen before during a theft to the dealership and the dealership replaced $11,000 worth at that time and additional $7,000 have been purchased since that theft. What do I need to know |
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LMAbernathy
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Joined: 08 Jan 2008
Posts: 12
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| Posted: Tue Apr 01, 2008 1:15 pm Post subject: |
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| Quote: | | What kind of policy and coverage should I be looking for? |
IMO an inland marine would give you the best coverage.
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Lori
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Posts: 6810
Location: Missouri
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| Posted: Wed Apr 02, 2008 3:58 am Post subject: |
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A couple questions would need to be answered.
Is the metal building on the same property as your home?
How are the tools used? Commercially(for business) or recreationally?
If the building is on the same property as your home, you could see about increasing some limits on your home policy for tools coverage, if they are used recreationally.
If the building is at a different location, coverage could be purchased for the building and the contents, the type of policy would again depend on the use of the tools.
A stand alone inland marine policy could also be an option. Generally, on an inland marine policy, you'll need to schedule all tools costing over $500 and lump all the tools under $500 into a miscellaneous tools limit. |
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MBTexas
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Joined: 11 Mar 2008
Posts: 93
Location: Magnolia, TX
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| Posted: Wed Apr 02, 2008 7:10 am Post subject: |
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Hi Guys..
| Quote: | | I am trying to get insurance for a lot of tools that are also stored in this building. |
Wouldn't a condo insurance help under such a circumstance? I have heard that a condo covers each listed item separately with premiums in proportion to the choice of the applicant. Thats why I have this feeling...since I believe each of his tools have different in worth..
Or is it that a Condo is not applicable to such inmates (eg. tools)!
Regards, Plasmahectic
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Plasmahectic
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