Insurance Again

[kyle mcpeck]

I am once again in the market for insurance for my two unattended mats in Ohio. Does anyone have any suggestions?

[Anonymous]

I just got a quote of $1068/yr from safeco for an unattended 1200 sq ft mat I'm buying in Illinois. Sounded pretty reasonable to me.

- John in Illinois

[dougyg]

I have my policy through Safeco and the rate seems good. I used the CLA Insurance service to get the original quote.

[RAM]

I am in NJ and my store is unattended for that reason i am not able to get any insurance from any insurance co.my previous insurance from CLA st Paul exp.10/6/04 there renewal quot was $16,400 from CLA,
I have tried at least 10 different insurance co.so far have not had any luck with any one
I have got quot from $16,000,$18,236,$13,870,$28,469, and $38,000 from different insurance co.
ANY HELP WILL BE GREATLY APPRECIATED

[JBTcajun]

Is that rate because you are in NJ or because you are unattended. What would it be attended?

[MichaelCa]

The lowest rate i found - and i *AM* a shopper - was through a broker, whose carrier was SAFECO, i did not take it though, but instead took the next slightly higher one. (nothing wrong with it, it was based on personal relations).

RAM, what are you basing your insured costs on ??

For instance, I only insure the cost of the eqpt. (if new-@ cost, if used, 75% of new - i like buying good used), the cost of install - you can use $300 for dryers & $200 for hardmounts, DONT count the cost of plumbing, electrical, even structural, as those are fixtures (o.k., it is when convenient, heh heh)
Water damage coverage should be very low.
Also, remember, fire is covered under building/structure insurance of landlord.
As for liability, the basic min.(1mil) is fine if you have a separate LLC or Corp.
I checked 'partly attended' owing to my daily appearances + part time janitor. - Try that.

I was surprised just how low the amount Totalled to. And your premium should be too, if you picked a low carrier.

BTW, when i was shopping, CLA WAS THE HIGHEST.

[Quartermaster]

Be sure to check "www.badfaithinsurance.com" before signing on with SAFECO.

My agent wanted to sign me up with SAFECO stating "they are one of the best companies we deal with." I looked them up and they were one of the worst companies for paying claims. My agent must have liked them because of a high commission or else a kickback. Anyway, he found me a different company with a similar package and rate....and a far better rating on badfaithinsurance.

[Andy]

Saturday I received a non-renewal notice. I have had two claims in seven years.

[laundryboy]

This is why you should be prepared to shop for insurance every year. Just because you have been faithful to your carrier year after year, do not expect your carrier to be faithful to you. There are many reasons why insurance companies stop writing certain types of policies.

I know of one nationwide company that will not insure laundries simply because a new CEO don't understand the industry (laundries) and didn't want to take on the risk. He was acting on information based on the design of front loaders. He was told a story by someone, also not understanding the industry, that commercial laundry equipment could not be opened once started. Unlike a top loader!!!!! ANd, there is no EStop (emergency stop) mechanism.

Go figure. Amazing how the uninformed can effect the lives of so many.

[pete f]

This is why you should be prepared to shop for insurance every year. Just because you have been faithful to your carrier year after year, do not expect your carrier to be faithful to you. There are many reasons why insurance companies stop writing certain types of policies.

I know of one nationwide company that will not insure laundries simply because a new CEO don't understand the industry (laundries) and didn't want to take on the risk. He was acting on information based on the design of front loaders. He was told a story by someone, also not understanding the industry, that commercial laundry equipment could not be opened once started. Unlike a top loader!!!!! ANd, there is no EStop (emergency stop) mechanism.

Go figure. Amazing how the uninformed can effect the lives of so many.

And he is right. But how many kids lock thier siblings in a f/l that happens to have the full amount of coin inserted by a mom who does not watch her kids and lock the door?

[pete f]

I just got my renewal today for my 3 mats, I sort of expected a NON-RENEWAL!! And to my supprise, I have terrorism coverage for only $28 more! Can it get any better??

[CharlieS]

Pete - I know you do a lot of unattended mats. Who is your carrier?

Thanks
Charlie