Looking For An Insurance Company

[Michele]

Here's the problem: My current insurance company just informed me that the $500 deductible is on a per claim/per occurrence basis, but I've got Amerivend tri-vend bulk machines and each one (unless there are significant modifications) is not worth more than the deductible. So it doesn't make sense to make a claim (basically, there would have to be a claim per location in the event of multiple machine thefts as each machine theft at a different location is considered a separate claim) when the deductible per claim is more than the value of the machine stolen. Accordingly, having property insurance under my business liability insurance is like having no property insurance at all, except for its coverage of my machines warehoused in the same location).

So, what I need to know is, does anyone have business liability and property insurance with a deductible that's lower than $500 per claim or an annual aggregate deductible (rather than a per-claim deductible)? Please be specific as to company names, if you would. I know that the industry theft rate of machines tends to be on the order of 1 to 4% (some may have been lucky enough to never have a machine stolen), but I would like to get insurance for this eventuality if possible. And prior postings seem to be about insurance for liability from people suing you, not this issue. Thanks in advance.

[rdendy]

I know that the industry theft rate of machines tends to be on the order of 1 to 4%

I have often heard these numbers mentioned so I believe they are probably accurate. My question is of the ones that are stolen is there a percentage of the types? An example is I would think that a single would be stolen before a heavier double or triple and a triple would be stolen before a rack, etc....etc.... Does anyone know what the theft rate percentages by type are?

[sherlock]

I don't know of anyone that does annual aggregate deductibles on a business owner policy.

However, I think most carriers would do $250 deductibles...you just had to ask.

That was the case when I was shopping for a policy.

Have you asked to lower your deductible with your current carrier?

I am with The Hartford.

Make sure you tell them you want a $250 deductible.

Otherwise, they will automatically quote you $500 deductibles because that's standard.

Your premium will go up with a lower deductible.

So consider whether it's worth having property coverage at all with your set-up.

[mission vending]

I don't know of anyone that does annual aggregate deductibles on a business owner policy.

However, I think most carriers would do $250 deductibles...you just had to ask.

That was the case when I was shopping for a policy.

Have you asked to lower your deductible with your current carrier?

I am with The Hartford.

Make sure you tell them you want a $250 deductible.

Otherwise, they will automatically quote you $500 deductibles because that's standard.

Your premium will go up with a lower deductible.

So consider whether it's worth having property coverage at all with your set-up.

Agreed,

With full line equipment most operators self insure simply because its not worth it. With the money that I would pay in premiums I could buy around 2 machines a year. I would think that it wouldn't be much different for bulk machines.

[Rick]

Agreed,

With full line equipment most operators self insure simply because its not worth it. With the money that I would pay in premiums I could buy around 2 machines a year. I would think that it wouldn't be much different for bulk machines.

Yep! Whatever quote the insurance company gives you, set that aside every month and there's your insurance.

Insurance companies are in business for a reason.

[How2vend com]

Here's the problem: My current insurance company just informed me that the $500 deductible is on a per claim/per occurrence basis, but I've got Amerivend tri-vend bulk machines and each one (unless there are significant modifications) is not worth more than the deductible. So it doesn't make sense to make a claim (basically, there would have to be a claim per location in the event of multiple machine thefts as each machine theft at a different location is considered a separate claim) when the deductible per claim is more than the value of the machine stolen. Accordingly, having property insurance under my business liability insurance is like having no property insurance at all, except for its coverage of my machines warehoused in the same location).

So, what I need to know is, does anyone have business liability and property insurance with a deductible that's lower than $500 per claim or an annual aggregate deductible (rather than a per-claim deductible)? Please be specific as to company names, if you would. I know that the industry theft rate of machines tends to be on the order of 1 to 4% (some may have been lucky enough to never have a machine stolen), but I would like to get insurance for this eventuality if possible. And prior postings seem to be about insurance for liability from people suing you, not this issue. Thanks in advance.

Im not going to repeat the great responses the other guys have posted. Iam sad to report I have had a Candy machine stolen large bulk racks stolen and even a couple successful arcade game thefts.

With that said I dont think there is a type of machine that is safer than another. Not in my experience. As they say, "California is a sunny place for shaddy azzz people."

[dogcow]

Im not going to repeat the great responses the other guys have posted. Iam sad to report I have had a Candy machine stolen large bulk racks stolen and even a couple successful arcade game thefts.

With that said I dont think there is a type of machine that is safer than another. Not in my experience. As they say, "California is a sunny place for shaddy azzz people."

how did they steal the arcade games? i mean did they just grab them up on a dolly and walk out?

that is ballsy if so.

i have some cranes going in unattended mats, i am bolting them down, hopefully

that will be enough.

[peteradams589]

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