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Band Saw Insurance ????

Started by MAI, May 08, 2013, 12:19:21 PM

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MAI

FYI:  Just wanted to pass along what happened last week to a person who needed band sawmill insurance.  When I returned from lunch I had a voicemail from a person who was at the dealer needing insurance IMMEDIATELY in order to take delivery of her new mill.  I called her back promptly and she had already contacted her auto insurance agent who told her the mill WAS covered.  She then proceeded to drive 375 miles back home in the SNOWSTORM that hit the Midwest last week.   

Not too long after she arrived home her agent called her back and said that her mill was NOT insured.  Apparently the underwriters at the insurance company had an issue with insuring the mill. 

Just a bit of advice for our members, MAKE SURE YOU HAVE VALID INSURANCE.  If you're given verbal confirmation from your agent request it in writing or better yet, ask for an insurance binder with the mill listed on it.  This mill was valued at $27,000 and was being financed with a bank.  WHAT IF SOMETHING HAPPENED?  That's a lot of money to take a chance with.

PS:  She called me shortly thereafter, still quite upset and we wrote a policy for her effective the next day. 

beenthere

MAI
When you wrote that policy for her effective the next day, how do you know that the mill is ok, and has not recently been wrapped around a tree or something?  Just curious.
south central Wisconsin
It may be that my sole purpose in life is simply to serve as a warning to others

francismilker

Just out of curiosity, what's it cost to insure a $27,000 mill for a year?
"whatsoever thy hands finds to do; do it with thy might" Ecc. 9:10

WM LT-10supergo, MF-271 w/FEL, Honda 500 Foreman, Husq 550, Stihl 026, and lots of baling wire!

5quarter

Beenthere...Just a guess, but I would assume that Mai would require a police report detailing the incident. If the date on the report was prior to the effective start date of the policy, the claim would be denied.

Mai...very good info.
What is this leisure time of which you speak?
Blue Harbor Refinishing

MAI

5 quarter that's a pretty good answer.  An thorough investigation would be conducted by the insurance company.  Insurance fraud is a serious charge.  In all the years I've been involved with band sawmill owners I can honestly say we've not had an issue. They're good people.  Also, by signing and dating our application the person is agreeing that all the information is true and correct and providing false information is fraud.

MAI

francismilker,
Property (physical loss) coverage would be approx. $527/yr. plus any applicable state taxes or fees.
If you have any further questions please give me a call.
Thanks,

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