Either he got snookered, or the story is wrong. If you insure for half the value, you get paid for half the loss. $20,000 building, insured for $10,000: If the loss is $5,000, you get $2,500. If the loss is $20,000 (total), you get $10,000. Ran into this when PCA used to finance fishing boats- guys with $200,000 boats who owed $100,000 wanted to insure for $100,000, just to cover the loan. That worked fine if it was a total loss (lender got its loan paid), but left owner holding the bag for half of a partial loss.
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Today's Featured Article - A 1937 John Deere Unstuck - by Gary Hickman. Here is my story of how I got the pistons out of a 1937 JD B that the engine had been stuck for about 14 years: About 12 years ago my Dad gave me one of the tractors I ran as I was growing up on our farm in central Nebraska. The engine on this tractor, a 1937 John Deere "B", had been stuck for 2 years before he gave it to me. This last spring (1999) I hauled the tractor to our 2 acre lot in St. Libory Nebraska where it joined my antique machinery collection, at that time a 1929 Caterpillar T
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