Insuring an action

[Wimblees@AOL.COM]

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In a message dated 10/28/01 9:21:19 PM Central Standard Time, 
erwinpiano@msn.com writes:


> Good advice that filled in the blanks where I left off.  The problem I have 
> is that often times I may have 100 to200 thousand dollars worth of rebuilds 
> going at one time and if the client has this kind of insurance it doesn't 
> seem to make sense for them to pay for extra insurance when it is'nt 
> needed. Give me your thoughts on this as it's always a sticky 
> wicket/annoyance. 

>From what I understand the way the insurance on the pianos in your shops is 
this way. The insurance company will only pay the amount of the value of the 
piano at the time of the loss. Lets say you bring in a M&H A that needs to be 
completely rebuilt. The value of that instrument when it first enters the 
shop is $3000. But then you take it apart. What is the value then? Maybe 
$1000? But as you start the rebuilding process, adding new parts, refinishing 
the case, etc., the piano becomes more and more valuable, until it reaches 
it's full value at the end. So what happens if your place burns down when you 
have it 50% completed. The way I understand it, you'll receive half the value 
of the piano. 

If you are constantly working on 10 or 15 pianos at the same time. You need 
to have insurance that covers the full cost of all of them. When I had my 
store and rebuilding shop, I was covered for the wholesale value of all the 
new units, and the value of 3 Steinway B's. Not that I had 3 B's in my shop 
all the time, but at any given time, I might be working on that much worth of 
pianos, in the form of other actions, etc., at any one given time. But one 
time I had to take 2 6'4" Pertofs to New Orleans and San Antonio on a 
trailer. I asked my agent to put a rider on my policy that covered those to 
pianos fully, liability and collision, for the days it took me to deliver the 
pianos. When I got home, he took the rider off. 


> I know when I leave my car at the dealers for repair that their signs 
> specifically state
>  that they are not responsible for items left in the car but where does 
> there or our responsibility lie. I guess I'm curious as to what I'm really 
> liable for if a complete loss occured.
>     

The car dealer is not responsible for items left in your car. That takes them 
off the hook in case someone's lap top, cell phone or other personal effects 
wind up missing after the car has been serviced. (Although a smart lawyer can 
probably get the car dealer to pay for what ever is missing.) The dealer 
doesn't say, however: "we are not responsible if the car is damaged or 
stolen." You can be sure that your car is covered in the event it is damaged 
or stolen, just as he is covered for all the cars on his lot, in his show 
room and in the service bays in the event the place burns down, or gets hit 
with a hale storm. 

Wim




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