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 Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
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