Workshop Insurance

[John Saxton]

I'm currently in the market to upgrade my insurance on my workshop and have been having some problems with my current arrangement whereby I am thinking of changeing for a better deal as I am in the process of updrading some of my stuff in the workshop and my insurer is trying to tie me down to a time when this would be maximised.
Have any of you folk out there experienced this?
Primariy I have two concerns one in that I don't want to rush with the upgrading as I am persuing the usual methods employed in reseach i.e. cost,availability,practibility,and the long term employment of the upgraded tooling/materials, and two the amount of depreciation that is reckoned in the scheme of things by the powers that be in the average (backyarder)home craftsperson.
With the usual nonchalance the reckoning on an establishments worth is generally left to the individual unless he has the readies to accommodate an insurances assessor!Is replacement cost enough to consider or is it the bane of all insurers to overinsure in the unfortunate event that lightening strikes more than once in their locale?!!
TIA cheers


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Johnno

[ubeaut]

G'day John

This'll be a big help to you, I'm sure. NOT!

After 10 years of rediculous insurance fees and no claims I decided to go without. It has now been over 15 years since my last insurance premium and I reckon I am in front by many thousands of dollars. What I have saved and paid out in wasted premiums could almost have fitted out a pretty good workshop.

At one stage we were running as many as 12 lathes, 2 radial arm saws, 2 bandsaws, half a dozen routers, sanders and drills, a thicknesser, buzzer and other bits and pieces. In 25 years the only thing I have had to replace was 2 crappy Bosch random orbital sanders (my own fault for buying rubbish).

I reckon I am miles ahead. However, I am also a gambler and probably pushing the odds a little.

The only claim I have had in 30 odd years of insurance including auto, home & contents, public liabilities, and special workshop insurances, ended up costing me more in the following years premiums than the payout I received.

I will continue to play the odds, and (touch wood) no bad stuff will happen.

I realize, having said all this, that I am going to blow up a lathe and radial arm saw tomorrow, run the van into a tree on the way to WA next week and have my house burn to the ground whilst I am away. Oh well, ya can't help bad luck. Eh.

Cheers - Neil

[John Saxton]

Neil,I have always considered insurance an evil option, and in my case having had a fire in my workshop many years back,I guess I now prefer to err on the side of caution.Besides her indoors won't let me consider otherwise.
Like you I could of saved heaps over the years but I suppose a little bit insecurity has crept inyo our lives here after that unfortunate incident.

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Johnno

[Iain]

Human nature, the reality is, is that you won't put the money aside for when something will go wrong, you will wind up out of pocket, I realise there are a few pedants out there who will, but the majority will see the premium as a little extra surplus cash. At the end of the day the insurance samaritans will be smiling and you will have your equipment covered.