Is It Just Me or
Discussion in Striping & Marking started by lilinepainting (unclaimed legacy handle), Sep 21, 2006. 13 replies, last reply Sep 26, 2006.
I am out of the business only because some very low life stole all of my equipment and I am still fighting the insurance company for a reasonable settlement. They are wanting to give me $200.00 for my Graco Line Laser III 3900 with 2 guns. I told them I would take 10 if they could find me 10 good working ones at that price. I have not heard from them since. I am totally getting ripped a second time this time legally by the insurance company. I would prefer to still be striping.
Fine Line, Sorry to hear about you dilema. I recently had someone cut the locks to a gate and take a backpack blower, an 8 HP compressor, and my dry-cut dewalt steel saw. #%$@&!!!! Let me know when you get a "real" settlement from the insurance company. If at that time your ready to get a new Linelazer, Let me know what state your in and I'll help "find" a demo unit for you through a local distributor to try to save you some money.
It should make us all look at our insurance policies. I just recently had a site visit from my insurer, Nautilus. They took pics of all my stuff and documented serial numbers and stuff like that. I was suspicious at first. But the guy assured me that if I did have a loss. All this would help. He reminded me that they depreciate equipment in a loss. He encouraged me to get gap insurance. Its insurance for insurance. What a scam. Does anyone else have gap insurance for the losses a insurance company will not pay. Kind of funny to buy insurance for your insurance. I never have all my stuff in the same place at any one time. Some is on the road with crews some is in the barn, etc.... I would never experience a catrostopic loss, unless a very rare time when my painters are sitting idle.
Hey all, Insurance companies will depreciate but what you need to do is confirm that your provider has a replacement policy. My experience has been that the depreciation only becomes a factor if you are looking for a cash out option. Most losses where you want the equipment replaced will be covered. I actually had a loss in which I was able to replace my equipment cheaper than the cash out they were offering..... The other option is to buy a policy for a specific dollar amount and the insurance company will give you a quote based on a price per thousand on the coverage you need.
There is always a difference in types of insurance and you should know what you have. 1. The type that uses a "depreciation schedule" . If so KNOW THE SCHEDULE! It's not just equipment, my long-retired mother finally noticed one day that due to the depreciation of her little-used automobile the "payout" for full-loss on her "full-coverage" would be LESS than the extra annual premium for the "full-coverage". 2. Full replacement value. This type insurance is a good bit more expensive but will pay the actual replacement cost in the event of a total loss. Then you have the "gap" type insurance which may be a cheaper option than #2 depending on what you need covered. There are also a widely varying type of policies known as "umbrella" policies. These are often like 1 or 2 million in coverage and vary in what they cover. Sometimes they will only cover liabilities like you have $500K GL and an employee rams a van and creates $1.5 million in liabilities then the "umbrella" would pick up the other million after the $500K ran out. Other policies cover all other uninsured losses provided there was initial insurance. In those cases it would pay if the employee hit the van or fill the "gap"on your striping machine loss. Insurance is a minefield. You really need a GOOD agent with your interests at heart, not just selling another policy real quick, to help figure it all out & get what's best for you.
Back to stripers gitting out of the business? There were 4 machines on e-bay yesterday 1 "promark" went for $660, a 3000 went for $1262, there is anothe 3000 and a 3500 on there now, and a 5900 was sold yesterday but I am not sure for how much. Yes it is fall and people are selling there tools for money to get through the winter. in the spring these units would braing more money. So if you are in the market for a used machine now is the time to keep your eyes open if you can afford to tye up your money over the winter.
Dust3 wrote on Sep 24, 2006:Go to #12Hey Dwan i could not find those machines you where talking about on ebay where did you find them?
Search "striper" item #'s 260033890211, 320030836883, still active and these just sold, 280028116623, 170030194637. and I dont have the link to the 5900 as it sold and I was not watching it.
Cormac thanks for the info on the demo, the local SW sales rep found me one I have not bought yet waiting to settle with the insurance company. I can not believe how many hours I have lost filing claims, looking up receipts and the like.
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