insurance- what does it cover?

[Matt Shade]

I read that thread in the general forum about having knives stolen. The one story about that poor guy who had his whole years work stolen got me to thinking. Chances are he had insurance on his bussiness, or at least chances are most knifemakers do, to cover liability, property, and stuff like that. The knives that were stolen should fall under propery, but what would he get compensated for? The amount that he valued the knives at, the amount it would cost to buy materials to make/replace them, something else?
That would really suck to only get money for the materials and not all of your time, but it wouldn't surprise me to see an insurance company do that, and then say you got what you payed for the knives.
I'm not a professional maker (maybe a professional screw up but not a professionanl maker

)And I'm not selling any knives so this doesn't really effect me, it just got me to wondering

Anyone know?

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Fix it right the first time, use Baling Wire !

 

[TANGUS]

Here's the difference, whether the maker has a commercial policy or whether it is simply a homeowner's insurance policy. If his finished product is stolen and he turns it into his homeowner's policy, there is compensation. The amount of the compensation is the question. If the maker can substantiate that he has sold his finished product for xxx amount of money, then he can recover at least that amount if its like, kind, quality for the stolen pieces. If he hasn't sold anything yet, and hasn't got any pictures of what he made, and hasn't showed it to anybody outside his family, then you don't give the adjuster much to go on. Many times if you'll just put yourself on the other side of a situation and ask the questions, it makes sense. You might even be lucky to draw an adjuster that does have an interest in knives and could be helpful in your determination of value.

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