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Insurance company wants serial numbers for all equipment

Discussion in 'Business Fundamentals' started by joeyg999, Oct 21, 2014.

  1. joeyg999

    joeyg999 Member
    from Kansas
    Messages: 79

    I was called yesterday by my agent and they asked for serial numbers for every thing I have on my policy. I asked them if I could put my own number on some of plows and spreaders and they did not know. In the past I have just given them a list of what I own.

    Have any of you guys had to do this before and Does anyone know If I can put my own numbers on the older equipment?
     
  2. SnoFarmer

    SnoFarmer PlowSite Fanatic
    from N,E. MN
    Messages: 8,608

    They want a # that will hold up in court to identify your equipment when it gets stolen then recovered.

    operation ID or your DL #, some made up # would need to be logged to be a possibility.
     
  3. Citytow

    Citytow Senior Member
    from phila
    Messages: 548

    if its stolen , it gets pro rated anyway . did you actually get the policy yet ? never had to do that . you may be getting more than liability there.
     
  4. joeyg999

    joeyg999 Member
    from Kansas
    Messages: 79

    I have been with them for over 4 years now. I have full coverage on all of my equipment and keep adding more. There is a sticker on the wideouts with a serial type number that could be removed pretty easy. I'm going to engrave or weld my own I D numbers on and photo log it all then send it to them.
     
  5. Citytow

    Citytow Senior Member
    from phila
    Messages: 548

    then all you need is the official document to back it up if it disappears . the document is what they'll chase . then they'll pro rate the ballz off it . we cant win
     
  6. joeyg999

    joeyg999 Member
    from Kansas
    Messages: 79

    I hope it never comes to that. What would a pro rated uni-mount from the 90's be 300 if that minus the 500 deductable.
    I really cannot see them wanting to pay much for any of it seeing it cost under 100 bucks a year to cover 4 plows and 3 v boxes.
     
  7. plowguy43

    plowguy43 PlowSite Fanatic
    Messages: 5,269

    I can't speak for your agent, but when I write policies for my clients we always recommend keeping an inventory and picture records of all equipment. If scheduling tools or insuring pieces of equipment, getting a serial number is something we always try to have.

    Remember - your agent is on your side and is trying to make it easier for you to get more back in the event of a loss. You may want to look into a policy with Replacement Cost for your equipment as well - most carriers won't offer it, but there are a few who do. It will cost a little more in your premium, but you obviously get a lot more back if there is a loss.
     
  8. Mark Oomkes

    Mark Oomkes PlowSite Fanatic
    Messages: 10,915

    Do they ask you for your VIN on your truck?
     
  9. joeyg999

    joeyg999 Member
    from Kansas
    Messages: 79

    Of course they have the vin for the trucks.
     
  10. Mark Oomkes

    Mark Oomkes PlowSite Fanatic
    Messages: 10,915

    Then you answered your own question.
     
  11. plowguy43

    plowguy43 PlowSite Fanatic
    Messages: 5,269

    ^ Exactly.
     
  12. joeyg999

    joeyg999 Member
    from Kansas
    Messages: 79

    it sounds like they may have made some changes they are also asking replacement value on things too. Like I said before they just wanted year and make. Well now I have something else to add to my list of things to do.

    Thanks for some Answers.
     
  13. plowguy43

    plowguy43 PlowSite Fanatic
    Messages: 5,269

    Believe me, its worth the time to figure this out now (and keep a record of what you are sending them for values/serial numbers) rather than rush to do after a possible loss occurs.
     
  14. joeyg999

    joeyg999 Member
    from Kansas
    Messages: 79

    I'm due for renewal in January and they want it by then. I plan on doing a detailed list with multiple pictures of each item.
     
  15. AccuCon

    AccuCon Senior Member
    from CT
    Messages: 463

    This is just all around good information.

    Looks like I have some picture taking and inventory work to do...Joy
     
  16. allagashpm

    allagashpm Senior Member
    Messages: 704

    Makes sense to me. I gave them msrp and serial numbers for mowers and the model. Vin for trailers.I wouldn't make your own numbers
     
  17. plowguy43

    plowguy43 PlowSite Fanatic
    Messages: 5,269

    I usually set up an excel sheet for my clients : Name/Type of Equipment, Serial #, Year (age), Replacement Cost.

    Always good to have for multiple reasons. Years go by and you have tons of stuff that add up to the point you don't realize how much you actually have. If any of its damaged/stolen and you have to replace it, its surprising how quickly it adds up.

    Exactly. Give the info that is on their from the manufacturer.
     
  18. Ben/Insurance

    Ben/Insurance Sponsor
    Messages: 156

    Everyone, I would take a different approach to this. To keep things simple for you while providing superior coverage, I would write an "unscheduled equipment floater" with a catastrophic (cat) limit of whatever the equipment adds up to in an aggregate. I suugest that you buy "Agreed Value" or at least Replacement Cost coverage. This way, you don't need to update the equipment all the time with your insurance carrier but the equipment is fully covered. You must keep good records on your end however, to substantiate your claim in the event something happens. Here is an example. Lets say you own $100K in equipment. Instead of scheduling cataloguing) each item individually, you buy a $100,000 "floater" with no per item limit. We do this regularly here in NY and it works out great for the client provided they keep good receipts/records. Have your agent look into this. Good luck.
    Ben/Insurance
     
  19. Mark Oomkes

    Mark Oomkes PlowSite Fanatic
    Messages: 10,915

    Interesting and thanks for the info. But I do have a couple questions.

    1) Is this generally available from all carriers? It's never been suggested to me, so that's why I'm wondering.
    2) Would\do you add handheld equipment--trimmers, blowers, etc? I have worthless coverage for that right now, because it has to be a minimum of $500.
     
  20. Ben/Insurance

    Ben/Insurance Sponsor
    Messages: 156

    Mark, this is not available from all carriers. A good independent insurance agent that is familiar with contracting insurance should have the markets for this. Good ones too. I would not recommend that a client put a claim in for a trimmer, blower etc, even though it will be covered (remember.... it's unscheduled). Insurance should be used for catastrophic events. Just the big stuff. Take at least a $1K deductible on the floater. You are not putting in the smaller claims so why not save a few bucks?
    Ben/Insurance