Yes willie,,, same situation. But its real life episode's like this, thats shared in a forum like this, that may teach one or two, not to make the same mistakes. I know i've gleaned my fair share of info off this forum ... what about you?Originally Posted by willie59
Gramps, it seems we're getting an insurance edumacation at your expense. Is this related to what you said last night about always getting the shaft?
I treat everybody the same...... I give em all grief.
Honestly, I knew nothing about this until you brought the subject and circumstances up.
A good mechanic isn't expensive, he's priceless!
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This is the state of insurance today. All you contractors need to go thru your insurance policies and make sure the value you have your machine's insured for is very close to their actual value.
Over insuring you don't get paid, underinsuring you don''t get paid........... if you overinsure they accept your pre
mium,, if you underinsure, they take your premium... ..
I treat everybody the same...... I give em all grief.
You must put business ahead of friends-saves alot of money!!!!
Depends on how your coverage is written.
Mine was written for full replacement on my shop and contents when we had a fire two years ago. Got current day replacement cost on the building and total contents. Nothing depreciated etc.
Very pleasant surprise.
Equipment you got to be real careful how coverage is written
Adjusters are nothing more than a licensed agent acting on behalf of a client. States usually regulate and license them through some sort of insurance control agency of the state. There are two types of adjusters. Independent adjusters work for insurance companies and may set values and negotiate settlements. They are not employees of the insurance companies, just independent contractors. Public adjusters may work for either the insurance companies or the claimants. Public adjusters can act as a agent for the claimants. They usually get paid by the hour or by a percentage of the money they save the claimant.
In my experience neither type of adjuster needs to know anything about the equipment they are negotiating claims on. I haven't heard of many successful pubic adjusters and they usually work on huge claims. Disasters on large buildings and industrial plants come to mind. There isn't much money in handling a settlement on a car, bulldozer or excavator. When there are claims of loss, the either adjuster will first try to bluff and then call people and business entities that will give them the answers that support their side of the negotiations. If you are the claimant, you will have to do the same homework to make your case.
Claims adjusters don't usually have a long career. The job is extremely frustrating and stressful. Your frame of mind has to get tilted in order to work for the insurance companies.
The other thing to get straight is about agents. "They are not your friend"!!!! They are agents for the insurance company. They are paid a commission or a salary by the insurance company to get your business. When things go bad, they are legally required to represent the interests of the "insurance company". You cannot ever trust them. Most will not show you a sample policy when you make the purchase. You have to know the risks of your business, ask questions and then weigh everything they say. When you get your policy you need to go back to that agent and make them explain how everything works.
I was just reading about this at the end of last month because I know my insurance payment is about to come up. I can't tell you how many times I've read over the types of insurance for businesses to make sure I wasn't getting swindled by my agents. I finally decided they were a decent bunch of folks, because they helped me keep from over insuring - at least that's my understanding. I don't feel like I'm getting the short end of the stick, at least.
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