Discussion in 'Business Operations' started by AK Lawn, May 1, 2002.

  1. AK Lawn

    AK Lawn LawnSite Member
    Messages: 186

    Do your insurance companies cover stolen items, i have shoped and shoped and have never found any company that will even come close to covering any stolen items, and am still pay insanely high rates so what do you guys have?
    AK Lawn
  2. LawnLad

    LawnLad LawnSite Senior Member
    Messages: 738

    Boy oh boy... could you imagine them paying replacement cost on stolen equipment? "Um, Mr. Agent - my back pack blower got stolen off my truck.... I need a new one!" Talk about an invitation for insurance fraud.

    You're better to keep your own "insurance" fund in your bank account. The grand a year you'd pay or more, could be invested into CD's etc and give you some return, seeing as you most likely won't need it. In the past eight years off of three crews, we've lost more things than we've had stolen (I'm embarrassed to admit). We've had a line trimmer and a back pack blower stolen - that's it. I've heard of guys having whole trailers stolen (truck maybe too!). I guess being aware of what's around you and keeping a guy in the front of the property at "all" times has kept this problem to a minimum.
  3. prairie

    prairie LawnSite Member
    from kansas
    Messages: 115

    I'm from Topeka Kansas and I know a guy that stole $20k in tractors and other equpt. form a local John Deer dealer. was caught 30days later and now is in jail..............

    Best to put you extra $$$$$$$$$$ in an Annuity or something taxed deffered...At least you wont be paying taxes on the intrest each and every year...That your saving for those very rainy days.
  4. rodfather

    rodfather LawnSite Fanatic
    Messages: 9,501

    I had 2, 16' Pequea, Deck Over Trailers stolen the week after last Thanksgiving. They were chained together in my equipment yard that I rent.

    They were 97 and 98 with railings. I was reimbursed full amount less $100 deductable and yearly depreciation.
  5. Raven

    Raven LawnSite Member
    from NE Ohio
    Messages: 14

    LawnLad -

    I just replied to another post concerning insurance. Thought you might be interested since we're from the same area. I've had Grange Insurance for the past six years. I pay $352 annually for $1,000,000 / $2,000,000 business liability and have $15,000 of coverage for stolen equipment included. It paid off last fall when I had a walk-behind blower and a backpack blower taken from my truck. I do have a $500 deductable, but a check for $700 was sent to me from Grange within two weeks.

    Six years ago I could only get $5,000 worth of theft coverage, but my coverage allowance has increased each year since. Check with a local Grange agent if you're interested.

    What you said does seem logical, but if one becomes an insurance abuser, they lose their coverage or pay dearly for it!!!
  6. DLCS

    DLCS LawnSite Platinum Member
    Messages: 4,386

    AK Lawn,

    I have all my equipment that I carry on my trailers insured through State Farm Insurance. That covers theft and damage due to vandalism or accidents while on the road. I think they charge so much per thousand dollars of value. I have a $250 deductible on my policy. It paid off last year when my backpack blower got stolen.

  7. Shadetree Ltd

    Shadetree Ltd LawnSite Senior Member
    Messages: 390

    I also have all equipment insured, the insurance cost me 2% of the total value.

  8. Shack

    Shack LawnSite Member
    Messages: 119

    It is called inland marine insurance.(pretty cheap)

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