Equipment Insurance

Discussion in 'Heavy Equipment & Pavement' started by qps, Aug 28, 2007.

  1. qps

    qps LawnSite Bronze Member
    from Indy
    Posts: 1,484

    My recently fired insurance agent has told me all along I had replacement value on my equipment...skidsteer, mini and so forth, after a lengthy converstation with new agent...same carrier...I'm told it ACV or actual cash value..so my question is why do we pay a premium based on cost when its value drops every year...not to happy with my ex-agent to say the least:angry: ..........Is this the norm???? I don't really mind that it's ACV but if that's the case, yearly I would be looking over my equipment list and reducing dollar amount....
     
  2. ksss

    ksss LawnSite Fanatic
    Posts: 7,126

    Tim if it is ACV then you need to adjust it yearly. My agent and I get together every year and go over everything I own. I adjust accordingly. I had a terrible agent before this one. The company I am with now is squared away. You really need to have an atleast year conversation with your agent. My agent also writes my bonds so it works well.
     
  3. qps

    qps LawnSite Bronze Member
    from Indy
    Posts: 1,484

    Tis the reason I fired my agent...found out after three months he still hadn't added the mini to my policy...what an a$$wipe. when I finally called him out on it he found the note from 5/25/07, can you believe that crap...his response was if something had happened he would have covered it because he had my note...what if it came down to his word or mine...I'd be eating a
    50K mini....your absoultely right on reviewing every year....since my old agent stated it was actual replacement cost I never worried about it, thinking I was insured to the max, lying scumbag...I don't mind paying..just hate a s.o.b. piece of.............ugh......good news is...aren't you home shane???:waving:
     
  4. ksss

    ksss LawnSite Fanatic
    Posts: 7,126

    I fly out Saturday. I wont soon forget my experiences here but I am happy to be going back to my side of the Rockies. That and although not a bad paying gig, this is not filling my bank account like one needs this time of the year when you live where I do. A lot of work to go back to so I am thankful for that.
     
  5. qps

    qps LawnSite Bronze Member
    from Indy
    Posts: 1,484

    Your guy gonna be there...starting Mon....??????:weightlifter:
     
  6. ksss

    ksss LawnSite Fanatic
    Posts: 7,126

    I will be there, Mrs Kaiser and I have some things to do before I climb on a piece of iron.:clapping:
     
  7. qps

    qps LawnSite Bronze Member
    from Indy
    Posts: 1,484

    Heard that:cool2:
     
  8. dozerman21

    dozerman21 LawnSite Bronze Member
    Posts: 1,170

    I do the same thing to make sure everything is on the uppity up. If I add any equipment, I call all the info in and it's covered. After that, I'll get an audit in the mail with a price increase for whatever I purchased, that way I have proof that it's covered, both on paper and in my checkbook!:hammerhead:
     
  9. RockSet N' Grade

    RockSet N' Grade LawnSite Silver Member
    Posts: 2,454

    KSSS......you talkin' about taking Mrs. Kaiser shopping or what? As far as insurance goes, it is interesting to me that right when this thread came up I was talking with my insurance guy.........well, it's been a week plus and I am the one doing all the calls to him with a hem-haw attitude on his part and the proverbial "I'm on another call right now........will get the paper work together so we can review it.....will call you tomorrow"........yada-yada-yada. Last year my insurance lapsed because he went on vacation and "forgot" to do his part of the paper work. I'm fed up and shopping for another agent starting now.
     
  10. qps

    qps LawnSite Bronze Member
    from Indy
    Posts: 1,484


    Hey....we must have the same agent:hammerhead:
     

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