Posted by mannyc on Saturday, June 09, 2007 at 08:26:09 :
In Reply to: Appraisal posted by APB on Friday, June 08, 2007 at 18:00:42 :
arthur - being that you live on a smaller and safer island than i do (long island) your biggest exposure is likely a flood and not theft or collision. wouldn't someone have to take your truck off the island on a ferry? aren't you and your truck considered 'locals' out there? wouldnt the ferry operators inflict a beat down on someone else driving your rig off the island or at least call you?? my point is your risk is likely low for everything except for flooding. the insurance guys like to say they cover everything but usually exclude flooding somewhere in the 'weasel words' part of the contract no one ever reads. the most important insurance to me (we're in the trucking / warehousing business) is liability. you need as much as you can afford. get 500k at a minimum and have a large umbrella policy that covers losses over 500k to how ever many millions you can afford / want. as far as replacement insurance and collision its your call. you can either self insure (take the money you would spend each year and invest it and have the money later in life) or pay the insurance company to do their thing and help you sleep at night.
mannyc
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