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Thread: Insuring our shed and tools
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26th February 2019, 10:48 PM #16
You figure out three things:
(1) The cost of replacing the materials (including consumables) that went into the creation of the tool.
(2) The amount of time it would take to recreate the tool (include testing and adjustment/recreation time if that's applicable) and then figure a proper hourly rate on that time.
(3) You figure out whether any specialist input is required to recreate the tool (e.g. CNC machining, or specialist drawings etc) and factor in that to the amount.
Additionally, if you're talking about business interruption purposes, you figure out the lost income for not having the tool available to do the work you'd otherwise have done had it been available for the period of time it will be missing for (a.k.a. the recreation time).
Having done all that, you will probably figure out too that if you have some really esoterical specialist stuff, the replacement value/cost on some of this sort of stuff will be incredibly high, and your insurers may well balk at your numbers.
It all comes down to the simplest of questions - "Business or pleasure?" If it's pleasure, you're more likely going to wear a technical loss as opposed to insuring stuff. If it's business, and it's crucial to income...
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27th February 2019, 12:13 AM #17GOLD MEMBER
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Peter, it took me weeks, firstly to compile the inventory then to price it all from the internet and then to recover from the shock of how much in dollar terms was there. I must admit to being negligent with the latest additions and some I have sold so I have to bring it up to date.
CHRIS
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27th February 2019, 07:33 AM #18Member
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I too keep a spreadsheet of (almost) all my tools. I have a variety of categories and subcategories. Each tool then gets a unique identifier. Plan is to engrave this on everything.
The spreadsheet also details when I bought the item, how much for, who from, warranty details as well as the serial number if it has one.
It is kept on my Google drive cloud account so that even if the house burnt down I still have a record. I also take photos of all receipts and this goes onto the cloud as well. Much easier if I ever need to provide proof of purchase.
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27th February 2019, 01:44 PM #19GOLD MEMBER
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had a similar experience with NRMA after I calculated how much stuff was in my workshop.
If anyone wants it, i produced a list of equipment by category, both for insurance purposes and to assist whoever gets to dispose of my stuff, assuming it's not me.
It's a Word document, so I don't think i can attach it here. But I'll email it to anyone.
I
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27th February 2019, 05:35 PM #20Member
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On another note, how much detail have those who have got some kind of record got?
I wonder, if there was some kind of incident would simply having an item such as "assorted drill bits" for a couple hundred dollars be reasonable? I know I have a variety of large sized bits that are easily upwards of $50 a piece.
Of course one could simply itemise each and every bit, however that seems extremely time consuming. Would the insurer accept this?
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27th February 2019, 07:33 PM #21
Hi Deverell
This is a really grey area with many interpretations.
Most insurers require you to individually list all "high value items" above a specified value, perhaps $500. If a "high value item" is not listed then there are two possibilities:
- it is not insured, or
- insurance cover is limited to the $500.
On the issue of your $50 drill bits, there are several options:
- it is covered as a $50 bit, or
- it is a component of a "high value item", a set of drill bits, which set must be separately listed, or
- its a consumable, and not covered.
As Malcolm Fraser famously said "Life was not meant to be easy"!
Cheers
Graeme
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27th February 2019, 07:34 PM #22GOLD MEMBER
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I did drill bits by sets except for the Morse taper drills. On the machines and electrical items I logged the model & serial numbers and found a price for each item. I must admit that screws and fixings got ignored though there is a considerable amount of money tied up in them.
CHRIS
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27th February 2019, 08:06 PM #23
Depends on your risk. The QBE people were very happy for a very detailed list. They wouldn't cover trivia like screws and nails, nor timber (they said it could not be "replaced", though they did see the value of it, but "Soz").
They were quite pleased to have super dooper detail. I honestly believe they found the conversations refreshing. The fact I had a spreadsheet with great detail removed any and all hesitation. I'd imagine they have a nightmare job with post-loss claims where people were certain that the Matisse, Gauguin and Picassos were on dining room walls....
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27th February 2019, 10:12 PM #24GOLD MEMBER
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Well I certainly can't say I'm as fastidious as Deverell. I haven't noted down serial numbers or even model numbers for most of my power tools, but I think I might just do that now as it seems like a good idea. I also didn't bother with any individual items under about $100-, but maybe I should motivate myself to do that too - they would certainly add up if you needed to replace them. Although, (knock on wood), I wouldn't have thought that a thief would even bother with the small stuff though and would target the more attractive, higher value items that are easier to sell? Although I could be wrong - I hope I never find out.
Also, I hope that insurance would cover the items for their replacement cost/value rather than the purchase price. A lot of my stuff would cost 30%+ more to replace now than when I purchased it. Anyone have any experience with this? My last insurance claim was for a bicycle written off in a crash during a race and the insurance company paid the replacement cost rather than the purchase price - which makes sense to me.
Has anyone ever heard of people stealing larger machine tools from someone's home workshop? Like 200+kg tablesaws, thicknessers etc? Are thieves that organised that they would pull up with a truck or large ute, have several people and actually load up large equipment from a residential property? Even thinking about all this kind of stuff makes me mad to be honest...
Cheers,
Dom
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27th February 2019, 10:23 PM #25GOLD MEMBER
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27th February 2019, 10:27 PM #26
Hi,
Thieves are not the only risk, your shed could burn down and being too heavy to carry out the door don't worry fire.
RegardsHugh
Enough is enough, more than enough is too much.
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27th February 2019, 10:31 PM #27GOLD MEMBER
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I guess the small stuff is the hardest as Dom suggests. I have a mechanics tool box with spanners and sockets in it that would be picked up by two blokes so I listed everything in it which came to many thousands of dollars and the price of good tools these days is absolutely frightening compared to when I bought them decades ago.
CHRIS
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27th February 2019, 11:02 PM #28Senior Member
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Hi all. Unfortunately I can speak from recent experience. I'm in townsville, and had over a metre of water through shed. My range of tools isn't massive, but I had a big bandsaw thicknesser jointer drill press festool vacuumbut it adds up pretty quickly. Lots of old power tools especially. Then there was fishing rods and camping gear. The assessor saw it all in place, and wrote it off on the spot due to black water. He did ask about whether it was a hobby or business. I had heaps of contents cover. That was the secret apparently. I took photos but he didn't need to look.
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27th February 2019, 11:02 PM #29GOLD MEMBER
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Does your wife/partner have access to your spreadsheet??? If Blokes told their other half what they really paid for tools etc, I think most would be in the doghouse!!!
Thanks for the details of your spreadsheet. It's a good idea to take note of Serial Numbers etc, as in the event of theft, the Police will have a record of tools, equipment taken. In the event of finding stolen property, the items can be traced back to the owners.
Same as for heavy machinery, have details and photo's of the items, even though they might not be stolen, in the event of a fire, damaged machinery can be replaced. No point in not insuring them, have a fire go through, and the machinery is damaged beyond repair. Heat can do strange things to machinery, even though it doesn't look damaged.
A friend of mine had a fire go through his shed and part of his house. All that was left of his tools was molten lumps of plastic or aluminium. He had 5 Chainsaws in total, all that was left recognizable of them, were the bars, the rest was molten lumps.
The other thing is, it's better to be over insured than under, and make sure that it's new for old replacement.
KrynTo grow old is mandatory, growing up is optional.
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27th February 2019, 11:34 PM #30Senior Member
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I have enquired from several insurance companies when trying to insure my significant investment in tools and machines. At that time only the NRMA would cover me- this is as mentioned before- non commercial.
Fortunately I fit that category, otherwise insurance is either unaffordable, or if you are a tradie, limited to $3000 (at that time)
I would endorse the idea of a register of your possessions. If you have power tools record serial numbers.
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