Anyone have an insurance policy on there saws?

[TreeJunkie]

Someone awhile back was telling me you could take out an individual policy on chainsaws. Anyone do this? If so what does it cost? Also, what companies would you reccommend?

 

[rahtreelimbs]

A few years ago I had my chainsaws insured thru Farmers. It cost me about $200 for the year. I never got around to renewing it. It covered everyhting from fire,theft and the possible dropping the saw out of a tree (so I was told). The guy that I work for had all his climbing gear stolen from his pickup. It cost him $1600 to replace everything.


Something like that makes you reconsider!

 

[ROLLACOSTA]

I HAVE AN INSURANCE COVER I KNOW ALL THE CROOK'S IN TOWN ..they steer well clear of my KIT

 

[treeman82]

I remember looking into it once. After I got the price quote I reconsidered. However I don't have much equipment. If I had 20 saws, then I would definately get them insured. Simple reason being, SavATree had a break in a number of years back, the thieves didn't take some saws, they took ALL the saws.

 

[okietreedude1]

We had some things stolen several yrs back from some trucks on an out of town contract. (2-3 saws and a hyd. pole saw). I believe that since it happened out of town, they were covered. I think too though the deductible was almost the same price as the cost of the gear.

Funny thing here....this happened three times in close proximity. The third time, bossman loaded the truck w/ some junk saws. Idiot robbers took them and we later found them ditched in an alley way. They must have realized they were no good.

As for individual ins., Brandon, since your not a big time business, yours may be covered under your homeowners/tenent policy. If not you should be able to up an amount to cover them. I did that w/ my firearms collection....that is added more ins. to cover the cost of all of them.

 

[OutOnaLimb]

I had my whole kit stolen about this time last year. Saws, ropes, and climbing gear. It was covered under my Renters insurance and After its all said and done I should be getting a check from the insurance company in about two weeks. I have replaced all my kit, when I get the check its gonna to towards buying new saws. Im thinkin a new 200 and a 460 Stihl. If I have enough left over Im thinking about gettin a GCRS. It just disgusts me when I think about all the cool new gear I could have bought if I didnt have to replace everything that was stolen.

Kenn

 

[Dadatwins]

I added a rider to my business insurance that covers up to 5 grand worth of tools that are might be stolen from a jobsite. Added about $75.00 a year to my policy that covers general liability and loss or theft of my stump machine. 5 grand will not replace all my saws and gear but it will get me started again in case the worst should happen. Well worth it in my opinion. I am covered by Erie Insurance group, got them them from (thanks again) Daniel Murphy.

 

[OutOnaLimb]

I never thought I would be ripped off, but it happened twice last year.

Kenn

 

[TreeJunkie]

I remember someone telling me the coverage ran approx. $7 per 1,000 per year. Does this sound about right??

I know my renter's ins. would cover if the goods were stolen from around my house, however, what if they were stolen from the bed of my pickup while i'm out on a jobsite....

 

[Ax-man]

I think a guy would have to ask himself one question as to weather he needs to carry insurance on tools.

The question would be " Could I afford to replace all this stuff if it was stolen" with money I have on hand without it being an undue hardship to self or family. If you answer yes, then you don't need insurance, if the answer is no, then it is time for some insurance of some kind.

I had a truck ripped off one time and it was a good while to get all those tools replaced at some expense, the money could have been used elsewhere and for other things. Everyone has favorite tools they like to use, once there gone, they are gone for good and sometimes just really can't be replaced.

Larry

 

[Dadatwins]

I know my renter's ins. would cover if the goods were stolen from around my pickup

Something to think about, renters or homeowners insurance should cover you in the event of a theft, but they might not. If the insurance company finds out that the stolen tools were part of a business they might decline payment. Or they might make payment and drop policy. Be careful relying on the insurance company to do the right thing. If they determine that stolen items were used for a business, you might get screwed. Rember Harry the homeowner does not normally keep a few grand worth of climbing gear and saws locked up in the bed of a pickup truck. be careful.

 

[Stumper]

No but Harry Homeowner generally has a few grand of woodworker's tools (The same stuff professional carpenters use) in his garage. These threads always remind me that I HATE INSURANCE!. My Gen Liability just went up almost $150. AND I got a notice of a change to my Homeowners policy. One of those " Dear policyholder, We recently noticed that we failed to exclude a potential claim that might actually occur from your coverage when issued. We have unilaterally decided to change your policy to exclude such coverage in order to obviate any possibility of ever actually paying you for any claim. Please keep this with your records. Have a nice day. You may stand upright again at your convenience." type letters.

 

[Newfie]

I remember someone telling me the coverage ran approx. $7 per 1,000 per year. Does this sound about right??

I know my renter's ins. would cover if the goods were stolen from around my pickup, however, what if they were stolen from the bed of my pickup while i'm out on a jobsite....

The cost per thousand is going vary by area. It vary well might be $7 where you are. Wher I am it is more like $17 on large things that can't "walk" and $37 on the things that can.

What is covered and not covered by personal homeowners,renters and auto policies is going to vary from company to company,state to state, and policy to policy. It is safe to assume that business equipment will generally NOT be covered by a personal policy and if it is, in only a very limited fashion such as on your home premises.

Justin's letter is going to be the norm rather than the exception also. They really only want pay for a catastrophic loss from martian invasion but not if the martians turn out to be linked to al-quaeda.

 

[treeman82]

I will always remember this one year in particular. My gen liability for the year was $2,700. I wound up doing damage to a car, $2,700. I had a $500 deductable, so I wound up paying $3,200 for a $2,700 payout. It's funny too, I could have sent this woman to somebody I know, and it would have been quite a bit less than $2,700. Oh well, live and learn.

 

[rahtreelimbs]

My homeowners insurance (State Farm) won't cover anything in my home used for a business.

 

[TREETX]

If you have State Farm, they won't cover your pick üp if it doesn't have a commercial policy.....

 

[TREETX]

A few 020s, a 440, a 066. Aboot $3k in saws. If that is enough to put you under, it is time to consider you started a business seriously under capitalized. Using bandit signs should also be a red flag that you started a business seriously under capitalized........

 

[TreeJunkie]

who said anything about 3k putting you under? I personally just wonder if it would be worth insuring them. There are plenty of small companies running w/ fewer saws than that as well.

 

[Newfie]

I pay $170 a year for $6k of protection on my saws and tools. That works out to paying premiums for 35 years before I've spent more than the equipment is worth. Understanding that premiums will increase (as will replacement costs) over the years and change that analysiss somewhat I still think it is worth the peace of mind anf financial protection. Insuring equipment has nothing to do with proper capitalization.

 

[TREETX]

Insuring equipment has nothing to do with proper capitalization.

Nope, but insuring a handful of saws does