Hi,
Firstly, there are several threads on this topic but all of the information seems outdated because I've called those companies and have been told I am SOL by all but one (still waiting from a call back from Federated)
Anyhow, I am in the process of buying my first machine, a new VF-2. I financed about half of it, and the bank needs an insurance policy to cover Fire/Theft/Liability on the machine. I asked for clarification by asking:
“The insurance company has asked me if the equipment needs to be named specifically on the policy (serial number, etc) or if it can be labeled generically (by model) and covered under a “business personal property” policy.”
And they replied:
“As insurance goes, sometimes they require, sometimes they don’t care. As long as Banterra is listed as loss-payee that is fine. If you give us your agent’s name we can give them a call ourselves. We do it all day!”
Well, so far I can't find anyone who is really even interested in talking to the bank.
So for all you guys with a financed machine in a home shop, who are you currently using?
Dead ends so far: Sentry, Farmers, Hartford Steam & Boiler.
Haven't yet heard back from my Allstate agent (where i have homeowners and auto) or another guy that I found on youtube (HA!)
I know when I have to explain what a CNC is that I am talking to the wrong person.
Note I have zero employees and largely make stuff for myself but will be expanding to doing "customer parts to print"
Does anyone have any advice?
Firstly, there are several threads on this topic but all of the information seems outdated because I've called those companies and have been told I am SOL by all but one (still waiting from a call back from Federated)
Anyhow, I am in the process of buying my first machine, a new VF-2. I financed about half of it, and the bank needs an insurance policy to cover Fire/Theft/Liability on the machine. I asked for clarification by asking:
“The insurance company has asked me if the equipment needs to be named specifically on the policy (serial number, etc) or if it can be labeled generically (by model) and covered under a “business personal property” policy.”
And they replied:
“As insurance goes, sometimes they require, sometimes they don’t care. As long as Banterra is listed as loss-payee that is fine. If you give us your agent’s name we can give them a call ourselves. We do it all day!”
Well, so far I can't find anyone who is really even interested in talking to the bank.
So for all you guys with a financed machine in a home shop, who are you currently using?
Dead ends so far: Sentry, Farmers, Hartford Steam & Boiler.
Haven't yet heard back from my Allstate agent (where i have homeowners and auto) or another guy that I found on youtube (HA!)
I know when I have to explain what a CNC is that I am talking to the wrong person.
Note I have zero employees and largely make stuff for myself but will be expanding to doing "customer parts to print"
Does anyone have any advice?