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Thread: What's it worth

  1. #1
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    What's it worth

    New insurance carrier wants the values for me welders, so i thought I'd list them here

    Millermatic 210 - Great condition
    Millermatic 350P Great condition - With hand spool
    Hobart - Arc - Master - 500 - Good condition - With mig setup
    Lincoln - AC - 225 - Used, but clean

  2. #2
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    Re: What's it worth

    That depends on the insurance,,
    my homeowners insures for replacement value,,

    other insurance policies only offer the current value,,

  3. #3
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    Re: What's it worth

    Just a guess at current values, and these values will vary by region

    Millermatic 210 - Great condition $1000
    Millermatic 350P Great condition - With hand spool $4000
    Hobart - Arc - Master - 500 - Good condition - With mig setup Maybe $500
    Lincoln - AC - 225 - Used, but clean Maybe $100

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  5. #4
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    Re: What's it worth

    Quote Originally Posted by Louie1961 View Post
    Just a guess at current values, and these values will vary by region

    Millermatic 210 - Great condition $1000
    Millermatic 350P Great condition - With hand spool $4000
    Hobart - Arc - Master - 500 - Good condition - With mig setup Maybe $500
    Lincoln - AC - 225 - Used, but clean Maybe $100
    That sound legit. Maybe even less if out of warranty. Lesser yet is not supported by manufacturer for parts.
    Weld like a "WELDOR", not a wel-"DERR"
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  6. #5
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    Re: What's it worth

    Tell the the value is what ever it costs to replace them now.

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  7. #6
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    Re: What's it worth

    I'm not sure IF it works for all equipment, but, my neighbor owns the equipment and rents it to the business. Not familiar with that train of thought. BUT every insurance company on the face of the earth will do their darnedest to get out of paying a claim. Maybe you signed the contract on Tuesday instead of wednesday, maybe a bird was sitting on a wire when you spoke to the agent. They have their own way of lessening the payout, and maybe they will replace the equipment IF you pay enough in premiums.

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  9. #7
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    Re: What's it worth

    Quote Originally Posted by BillE.Dee View Post
    I'm not sure IF it works for all equipment, but, my neighbor owns the equipment and rents it to the business. Not familiar with that train of thought. BUT every insurance company on the face of the earth will do their darnedest to get out of paying a claim. Maybe you signed the contract on Tuesday instead of wednesday, maybe a bird was sitting on a wire when you spoke to the agent. They have their own way of lessening the payout, and maybe they will replace the equipment IF you pay enough in premiums.
    That's for tax purposes. Spreads out the income. I have a friend that owns a very large concrete business (32 million revenue last year). he owns several and they all have different end of year dates. He has a fulltime account that rolls the billing and income around on them all, so none of them ever pay any tax. He said there won't be any income tax until he shuts the business down. been doing that now for 20 some years

  10. #8
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    Re: What's it worth

    I'd insure em for new prices. Bet the premium won't be much different, but you'll be really happy afterwards if you find yourself in the unfortunate circumstances of having to make a claim.
    Murphy's Golden Rule: Whoever has the gold, makes the rules.

  11. #9
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    Re: What's it worth

    Quote Originally Posted by Munkul View Post
    I'd insure em for new prices. Bet the premium won't be much different, but you'll be really happy afterwards if you find yourself in the unfortunate circumstances of having to make a claim.
    No, they'll just do a search for used and you'll get that amount even if you insured them for more.

  12. #10
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    Re: What's it worth

    Read your policy... do they pay replacement or actual value? I have a hard time insuring any equipment for more than I paid for it. Anything worth less than $3k is hardly worth having on the policy. What's the deductible? If Louie's assessment is close, you might only have one machine worth insuring...
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  13. #11
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    Re: What's it worth

    cash value. agent requested. underwriter told her it didn't matter after she asked me for values

  14. #12
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    Re: What's it worth

    Most policies use "replacement cost" as the baseline when paying claims. The same amount it would cost you to buy another identical piece of equipment. This takes into account depreciation, and current market values.

    I carry a blanket policy on all shop equipment. One total amount. The incremental premium per $1000 covered is very small, so I cover it at what I paid for it. My agent spent an afternoon photographing all our equipment, including shop equipment. She was adamant about the need to take pics of tools. You have to have some proof of what you actually have. One rollaway could hold stuff worth 4-5 figures.

    I live in Tornado Alley. Mom,, when she was alive,, used to like to tell her favorite joke about insurance. "Every time a tornado comes through, the barns get rebuilt a little smaller than they were before". Insurance is legalized robbery.

  15. #13
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    Re: What's it worth

    Having lost one of these with the contents on our Central New York farm back in 2013 we have a good bit of experience with large insurance claims.

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    If your insurance policy doesn't specify "replacement cost' for everything it covers it will be only the current depreciated value they will pay for. Even if the policy does specify replacement cost they will only pay the depreciated value unless and until you replace the item at which time they will pay you the difference. The reasoning is that until you replace the item your actual insured loss is the depreciated value. When you buy new the difference between depreciated and cost value is now a loss so they will pay the difference.

    Make sure that you have some sort of record of all that you own. A lot of pictures or a video updated every now and then helps. For instance you may have no trouble finding the charred remains of your 3 hp router but what about the two tackle boxes of bits that you paid over $2K for over the years? Or the extra MIG guns, wire, regulators, hoses and cables, consumables, clamps, fixtures, welding table, carry cases, PPE etc you have?

    Small things add up so have some sort of pictorial or other record of hand tools, clamps, ladders, tool chests and boxes, power tools and accessories etc. It took us two years and four days to fully clear our claim. They paid for the building and cleanup costs within a month. The contents were a constant fight from day one.

    They will try to depreciate everything so be prepared for that and, for a big loss, consider hiring one of the many companies who will represent you in the claim. We paid 10% of the recovered amount on the $250K of contents and it was well worth it. For instance the insurance company wanted to depreciate almost everything based on age and not utility or condition. So they claimed a 15 year old shovel with a $30 replacement cost was worth only 20% of a new shovel. Our adjusters told them to explain in writing what a new shovel will do that an old shovel won't do to justify the high depreciation as the issue wasn't what I could have sold the shovel for it was whether the shovel was fit for it's intended purpose. That set the stage for us to recover a lot more money that we otherwise would have.

    Most of us have acquired our stuff over years if not decades. In the event of a catastrophic loss we don't have the luxury of doing that again. Give serious consideration to a replacement cost policy. If you price the difference you'll likely be surprised how little it is.

    Lastly, pay attention to clauses that limit or specify how much they'll pay for certain classes of items and be sure to get those limits get raised to your actual potential loss. It won't cost much and you don't want to find out that you lost $40K in tools when the policy has a $2K limit. Or, even if you raise the limit, that your trailer with $30K in gear got stolen on a jobsite when you policy states they will insure the $40 at home but only $20K if it's away from home. Read the fine print! It matters!

    Read the policy, talk to your agent and bite the bullet on any additional expense. In the event of a major loss you'll be damn glad that you did.

    Best regards to all,


    Lance
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