Appraisal by Insurance Co.

[Dink]

My insurance company wants an appraisal on my shop and machinery. Does anyone know who or how to find someone that can do a knowledgable appraisal on leather machinery and tools?

Thanks

Dink

[Johanna]

Oh, yuck. I remember when my insurance company wanted the same thing. It satisfied them to have a video and a list of tools and leather with approx retail value. I remember inventory was tedious, and enlightening. We found things we had forgotten about! We ended up settling on a policy of what we figured we needed in case of fire, or whatever, and a minimum liability policy to satisfy the state. I don't know anyone who appraises leather shops, or anywhere one could be certified to do that. I know a few of us could walk a shop and take a good guess. Maybe ask if a set amount can be agreed on for a price, after you figure out what your shop is worth. (That's so much fun!) The good news was that since I had documented the shop in Georgia, when I moved to Ohio, my homeowners added a rider covering the shop, not as a business, but because it is an uncommonly big asset kept in the house. They accepted the paperwork my policy in Georgia was written on as the value of the shop, and I didn't have to do it all again. (I don't run the shop as a business now, so I didn't need any more than regular homeowner's liability insurance.)

But hey, for a free vacation to Colorado, I'll be happy to print you up a shop appraisal and sign it with a list of my credentials.

Johanna

[Dink]

Thanks for the info, it may come down to trip to colorado, Or I wonder if I was to provide an inventory and pictures to a select group of people for opinion and credentials. Maybe this could be done through the mail.

Thanks

Dink

[Art]

Hey Dink,

You have to look at the insurance thing by comparable sales, because in case of claim, you want to replace the equipment, not the depreciated value. Look at what it would cost to replace equipment from someone like Melanie Machine or in the case of hand tools, the new value. Replacing something costs more than what the insurance companies will want to pay you for used or older equipment even if it was in perfect shape. Get a replacement value policy.

Art

Thanks for the info, it may come down to trip to colorado, Or I wonder if I was to provide an inventory and pictures to a select group of people for opinion and credentials. Maybe this could be done through the mail.

Thanks

Dink