Re: appraising antique tractors

Posted by Mike (WA) on September 25, 2005 at 09:11:36 from (209.213.153.116):

In Reply to: Re: appraising antique tractors posted by farmerboy on September 23, 2005 at 17:14:41:

Back in the days when I was working for a company that financed fishing boats, we called that a "friction fire"- from heat caused by the insurance policy rubbing up against the mortgage. The problem with overinsuring is that the insurance game is one of actuarial tables- "odds", if you will. What are the odds that there will be a fire (or that I'll die, or whatever). If the amount of insurance didn't affect the odds, then theoretically, it would be OK to insure for any amount. But by grossly overinsuring, you have the added risk of the owner torching the item, which stacks the odds. Insurance companies who allow customers to set their own values on major items (especially personal property), are soon toast.

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