anyvendingcom Posted May 24, 2011 Share Posted May 24, 2011 I use to get insurance for individual machines in 2005 if the location requested it, and that company is not around any more. Is there a company that insures individual machine or should I stick to the umbrella insurance as a whole? Link to comment Share on other sites More sharing options...
mission vending Posted May 24, 2011 Share Posted May 24, 2011 I use to get insurance for individual machines in 2005 if the location requested it, and that company is not around any more. Is there a company that insures individual machine or should I stick to the umbrella insurance as a whole? Not quite sure what you are asking. Do you mean a general liability policy that protects you and the location in the unlikely event someone tries to file a lawsuit or are you looking to insure the machines themselves from damage due to vandalism?? Link to comment Share on other sites More sharing options...
anyvendingcom Posted May 24, 2011 Author Share Posted May 24, 2011 The property management normally requires it, if you place a vending machine in a large building. Its insurance against damage caused by the vending machine. For example if the machine causes an electrical fire or if it falls on someone and etc.... Link to comment Share on other sites More sharing options...
mission vending Posted May 25, 2011 Share Posted May 25, 2011 The property management normally requires it, if you place a vending machine in a large building. Its insurance against damage caused by the vending machine. For example if the machine causes an electrical fire or if it falls on someone and etc.... That`s a general liability policy. The norm is a 1M per occurance and 2M aggregate. however, I have had 2 property mgmt companies up the coverage requirements this year to 2M per occurance and 4M aggregate coverage. Did you really purchase a separate policy for each location or did I misread your first post? If so, that is a terribly inefficient and costly way to get the coverage. I`d suggest finging a good independent agent and let him get quotes from several companies for you for a single policy. Most companies will accept a copy of the binder and declarations page. In some cases you will need to add them to the policy as an additional insured. Your agent can easily do this and the fee, if any, will be less than 100 bucks. My agent has had me with Hartford for the last few years. Let me know if you need more help. Link to comment Share on other sites More sharing options...
anyvendingcom Posted May 25, 2011 Author Share Posted May 25, 2011 That`s a general liability policy. The norm is a 1M per occurance and 2M aggregate. however, I have had 2 property mgmt companies up the coverage requirements this year to 2M per occurance and 4M aggregate coverage. Did you really purchase a separate policy for each location or did I misread your first post? If so, that is a terribly inefficient and costly way to get the coverage. I`d suggest finging a good independent agent and let him get quotes from several companies for you for a single policy. Most companies will accept a copy of the binder and declarations page. In some cases you will need to add them to the policy as an additional insured. Your agent can easily do this and the fee, if any, will be less than 100 bucks. My agent has had me with Hartford for the last few years. Let me know if you need more help. Thanks for responding and About how much is it per year? Link to comment Share on other sites More sharing options...
mission vending Posted May 25, 2011 Share Posted May 25, 2011 Thanks for responding and About how much is it per year? Premiums are based on number of machines and revenue so that the insurance company can calculate their risk exposure. For me its a little over 2K annually. Don't know anything about you and your business so I have no idea how much you could expect to pay. I know of others that purchased 1M liability policy that had less than 25K annual revenue for a few hundred dollars. Hope this helps. Mike Link to comment Share on other sites More sharing options...
anyvendingcom Posted May 27, 2011 Author Share Posted May 27, 2011 Premiums are based on number of machines and revenue so that the insurance company can calculate their risk exposure. For me its a little over 2K annually. Don't know anything about you and your business so I have no idea how much you could expect to pay. I know of others that purchased 1M liability policy that had less than 25K annual revenue for a few hundred dollars. Hope this helps. Mike Farmers is giving me a hell of a time with this liability. They just don't get the vending business and they want about 800.00 per year for 26 machines. Do you know any vending friendly insurance companies? Link to comment Share on other sites More sharing options...
RJT Posted May 27, 2011 Share Posted May 27, 2011 Farm Bureau does GL policies for vending. Link to comment Share on other sites More sharing options...
mission vending Posted May 28, 2011 Share Posted May 28, 2011 Farmers is giving me a hell of a time with this liability. They just don't get the vending business and they want about 800.00 per year for 26 machines. Do you know any vending friendly insurance companies? Unless you are doing pretty big sales #'s that sounds high. My suggestion go find an independent agent that can get you quotes from several companies and see what comes back for quotes. Try Farm Bureau like RJT mentions as well, those guys are "captive" agents, they only sell Farm Bureau policies, so they won't be able to get other quotes for you. Link to comment Share on other sites More sharing options...
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