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Equipment Insurance for Antique Shows

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Frank in WV

03-13-2003 07:32:04

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What types of insurance would be recommended to cover your equipment against vandalism, theft, etc. while one is displaying it at county fairs and antique tractor shows. Any companies the readers recommend?
Thanks Frank

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Dan 41 B

03-13-2003 12:32:41

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Re: Equipment Insurance for Antique Shows in reply to Frank in WV, 03-13-2003 07:32:04

I'm a insurance agent for a direct writer company and what a lot of folks don't understand is that when they purchased their automobile policy they didn't purchase a replacement cost policy like they did on their Homeowners policy! They get an actual cash value policy, which means that they get paid on a depreciated basis. You can get what is called a stated value policy,which then is is insured for a specific amount. Usually the company requires a certified appraisal for the value of the vehicle.
I have my 41 B John Deere insured for $5,000 and I have Bi/PD limits of 100/300/100, 0 ded Comp,and 100 Ded Coll , UM and that cost me $76.00 yearly. It is insured just like an auto policy. Chuck W is correct in that there are exclusions for such things a competition events, tractors pulls etc. Just READ your policy. As John T said read what is NOT covered. Just my 2 cents.

Dan 41 B

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Mike N - Peoria, IL

03-14-2003 06:29:02

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Re: Re: Equipment Insurance for Antique Shows in reply to Dan 41 B, 03-13-2003 12:32:41

Dan 41 B,
Your description makes it sound like you purchased a state value auto policy(?). I know this works for antique autos, but the auto policy definition of a covered auto would exclude vehicles not primarily intended for on road use, and those not registered with the DMV (wording not actual policy wording, but the intent is there.)

Am I misguided in my recollection?

Why doesn't coverage C of the homeowners policy provide replacement cost coverage for a tractor when my riding lawn mower is covered, and section II provide liability while parading? It protects me when I slice a golf ball onto main street from the 8th tee at the local course and hit a car.

I haven't been forced to read any personal lines policy language for several years, but it seems there should be some level of coverage. I don't remember any sublimits. By the way, I am an actuary. I started out in personal lines pricing, but have worked in commercial lines and ag equipment warranty pricing during the last 6 years.

Thanks

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Dan 41 B

03-14-2003 07:58:38

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Re: Re: Re: Equipment Insurance for Antique Shows in reply to Mike N - Peoria, IL, 03-14-2003 06:29:02

Mike
The auto policy with our company is such that it doesn't exclude coverage from the policy because it is a farm related vehicle. Even though it is not licesened for road use. The coverage B on the Homeowners policy is entented for Farm vehicles used only on your premises only and not entented for farm use. The general entent of the policy excludes farm use from the policy. Acutally the policy states that coverage for motorized vehicle that can be registered at DMV is excluded from the Homeowners policy. The Sec II excludes coverage Liab from motorized vehicles off premises.
Hope this clears up any misunderstanding.
Thanks Dan 41 B

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Mike N - Peoria, IL

03-14-2003 10:53:55

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Re: Re: Re: Re: Equipment Insurance for Antique Shows in reply to Dan 41 B, 03-14-2003 07:58:38

Thanks Dan. I think it is time I read my policy again. If nothing else, it should end that insomnia problem.

I think I might try to write and publish an article about insurance for our equipment. I would be interested in hearing from any of you about how you have provided coverage for your equipment. It seems there is a general lack of understanding of the coverages (me included.)

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Easydoesit

03-14-2003 11:26:22

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Re: Re: Re: Re: Re: Equipment Insurance for Antique Shows in reply to Mike N - Peoria, IL, 03-14-2003 10:53:55

Mike, I wish someone would write an article for GM or where I would see it. I assumed that if I did something at a show on my tractor that my auto policy would cover....guess that I was dreaming... I have $100k+ in tractors & junk but I don't really want to pay $1000/yr for some new ins liability (It's hard to sell ins to engineers anyway). If the barn burned I have accepted the loss but the liability is somthing else. Knowing the options would be good but I really need advice. easy

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Will P

03-13-2003 14:14:50

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Re: Re: Equipment Insurance for Antique Shows in reply to Dan 41 B, 03-13-2003 12:32:41

I went to the web site that you posted. It stated "no farming" I play on 10 acres of land. Plow, disk and that sort. I also have a restored 1924 Case thresher I would like insured. But I run it at antique shows. Is there any chance of insurance? Just in-case someone is "stupid" enough to get too close. Thanks for your time.

Will P

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Larry

03-13-2003 12:24:06

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Re: Equipment Insurance for Antique Shows in reply to Frank in WV, 03-13-2003 07:32:04

Frank, I agree with the other posts. The only thing I can add is I have my tractors insured on a FarmMutual policy. I am strictly a hobby collector and do not farm. I provided a complete list including model, serial number, and appraised value. They are suppose to be cover for anywhere, anytime. I have NOT had any claims however, Thank God. I have gotten info recently from a specialty insurer. You can check out at www.TSIcollectorcar.com. I am not endorsing anything just providing info. Also suggest you have everything appraised so their are no questions. Their are people like myself, although I am NOT intending to sell my wares so to speak, who are trained and certified antique appraisers. These people have been trained to provide you with a written report of values exclusively for you with comparisons, etc. just like real estate appraisers. Anyway, Good Luck

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Ray

03-13-2003 12:06:53

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Re: Equipment Insurance for Antique Shows in reply to Frank in WV, 03-13-2003 07:32:04

My standard farm coverage covers my tractor no matter where it is,but I've got $500 deductable
so I'm pretty much on my own.If you have a rare
high dollar tractor you will need a policy just
for it or the insurance company will back out of any claim that's not in line with common farm
tractor prices,such as a JD 330,high crops etc.
Several years ago a friend of mine had a Dodge
Super B that he restored.He had over $10000 invested,it was stolen,the insurance company said
it was a 1969 model and was only worth a few hundred dollars.

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Chuck W

03-13-2003 09:35:40

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Re: Equipment Insurance for Antique Shows in reply to Frank in WV, 03-13-2003 07:32:04

I'm an independant insurance agent and have my tractors scheduled on an equipment floater to my homeowner policy. I schedule them based on what I believe the market value to be. The floater provides perils such as fire/theft/wind/collision/overturn. I spoke with the company underwriter and they know I hobby with old equipment. One thing to especially keep in mind is liability exclusions. Personally I see coverage for normal activities, parades, shows. However most policies have a competition exclusion(such as tractor pulls/competition. So those risk would be on one's own dollar). I also have my vehicle/trailer coverages all with the same company. Work with your local agent. As long as you remain in a hobby capacity you're probably okay, but if you run a business forget any of the above. good luck

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John T

03-13-2003 08:15:21

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Re: Equipment Insurance for Antique Shows in reply to Frank in WV, 03-13-2003 07:32:04

Frank, I posed that question to my local independant (seems like it was Ohio Farmers Casualty or Erie the underwriter??) agent once, and he proposed a rider to my farm owners policy. However, any time you have any specialty type or non standard equipment like an antique tractor etc. they (some agents at least, not all), may hum and haw around as to its value and replacement or repair cost etc etc etc blah blah blah, lol, so I suggest if you get some coverage, have plenty of close up detailed dated pictures of the tractor when coverage was bound, cuz if you ever have a claim, I can just imagine having to obtain estimates of value and damage and repair costs on and on and on. If you have a good agent and good coverage, Im sure you will get satisfaction should you have a claim, Im just saying read the coverage fine print, especially whats NOT covered and the exceptions, cuz Im a lawyer and cant hardly understand them dern insurance policies myself.

Good luck n God Bless, let us know what type you decide on, but shop around.

Ol John T Nordhoff

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