Inland Marine insurance costs

[DPatton]

What kind of rate per thousand are you paying on your inland marine insurance policy? I recently received a quote for inland marine insurance on my sawmill and associated tools. The rate is $52.50 per every $1,000.00 of total insured value. This number seems high to me so I could really use member advice to make a sound determination. Your input greatly appreciated.

[Cjross73]

I'll have to check to be sure but Farm Bureau NC is charging me $12-$13 per thousand 

[Mossy Chariot]

I am paying the equivalent of $25.52 per thousand through Berkley. 

[terrifictimbersllc]

Liberty mutual $15.74/thousand on my new LT70 super. 

[barbender]

Are these prices per year?

[SawyerTed]

Mine is $285 per year for the sawmill and associated tools.  Ironically, or maybe not, it's the same for my tractor.  

[DPatton]

Are these prices per year?

barbender, great question and I should have clarified that in the original post. My quote of $52.50 per thousand is for an annual premium.

[DPatton]

Mine is $285 per year for the sawmill and associated tools.  Ironically, or maybe not, it's the same for my tractor.  

SawyerTed, now that sounds real reasonable. My quote for inland marine coverage was $1,706.00 for $32,500.00 of total coverage on my sawmill and associated tools like chainsaws and blades. Me thinks Somebody's looking to get rich off of me.

[DPatton]

I am paying the equivalent of $25.52 per thousand through Berkley.

Mossy Chariot, thanks for your input. Can you please verify is that an annual premium?

[DPatton]

Liberty mutual $15.74/thousand on my new LT70 super.

terrifictimbersllc, is that an annual premium cost?

[DPatton]

I'll have to check to be sure but Farm Bureau NC is charging me $12-$13 per thousand

Cjross73, same question goes for you. 

[terrifictimbersllc]

Yes, per yr, total replacement with 1000 deductible and a bunch of side coverages. I don't know where I would rent an equivalent machine but it would cover that too

[Sixacresand]

I was disappointed that the big name insurance companies operating in Georgia would not insure a sawmill.  I didn't know about Liberty.  It might be time to "bundle and switch".  

[Mossy Chariot]

Yes @DPatton that is per year with a $1,000 deductible.  I was shopping for General Liability for the sawmill, which was not easy to find, and added Inland Marine with the GL. 

[Cjross73]

Mine is per year ss well. Pretty good policy,  even covers mysterious disappearance... I've switched everything to farm bureau now 

[WV Sawmiller]

   I think I pay about $650/yr for $2 million worth of liability and I think they wanted about that for $30K inland marine which I thought was excessive for the amount of coverage so I declined and just got the liability. It would be painful but not catastrophic if I lost the mill but I could stand it but could not for the liability plus some customers and such require proof of insurance to saw or do demos and such. Good luck.

[Redhorseshoe]

$450 per year for $45,000 worth of coverage.  That is for my mill and tractor, purchased through Country Financial.  I also have liability through them so I think I get a little break on the inland policy.

I got one quote from a company out of Texas, they wanted over $1,300 for GL and nearly $2,500 for the inland policy on my mill (LT15) alone.  I think you just need to shop around a bit trying to insure these things.

[boonesyard]

$600/yr for $1,000,000 GL
$1,013/yr for $100,000 inland marine
Nationwide