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 - The Nuts and Bolts of Fasteners - Part 2 - by Curtis Von Fange. In our previous article we discussed capscrews, bolts, and nuts along with their relative hardness and thread sizes. In this segment we will finish up on our fasteners and then work with ways to keep them from loosening up in the field. Capscrews, bolts and nuts are not the only means of holding two parts together. When dealing with thinner metals like sheet tin, a long bolt and
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