Documenting For Insurance Porpoises

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alexdingley
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Documenting For Insurance Porpoises

Post by alexdingley » Tue Sep 23, 2014 5:12 am

I've had renters insurance on my place for years, but I've (sadly) never gotten around to thoroughly documenting all items of value. I always start the process every year, but I get pulled away.

I'm trying to figure out a really fool-proof documentation method that is safe, in the event of a fire/disaster/total loss.

Has anyone used social media for this? I'm thinking that I could create a tumblr account for this purpose. Those can be set to "private" so that it's not being broadcast to the world... technically speaking, it's still out there but it seems like a good method. You can photograph & tag items right from a smart phone... and you could put replacement costs in the descriptions.

I was trying lightweight database software like Bento (which was just killed off by apple) but the setup of the database was a slowdown... and then entering in each item & connecting photographs to it was slow. I think Social Media platforms offer the perfect workflow for this, but I"m not sure if there are any major security issues or fatal flaws in the thought process.

Ideas on Social media as a platform? which one would you use? Any other software platforms that you like for this?

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Post by RoyMatthews » Tue Sep 23, 2014 7:00 am

Why not use email? It'll live on the company's servers so would be retrievable from anywhere pretty easily on pretty much any device.

You could even create a new email address that isn't linked to a mail program so there isn't a risk of accidental deletion.
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Post by Waltz Mastering » Tue Sep 23, 2014 10:27 am

Best to keep any and all receipts and take photo's of the gear in your place.. ..and store the photos on hard drives/website/cloud

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Post by vvv » Tue Sep 23, 2014 12:10 pm

Waltz Mastering wrote:Best to keep any and all receipts and take photo's of the gear in your place.. ..and store the photos on hard drives/website/cloud
This.

I'm kinda in the insurance industry. Whenever you make a claim, it's all about the evidence (as well as the coverage, of course.)

Photos are invaluable; try and have a date stamp on 'em, altho' the meta-data helps, too.

And of course receipts, altho' if yer like me I have none for my older gear; that's where the pics come in to prove value, as well as actual possession.

Be especially careful with renter's insurance. There's a thing called "scheduling" and depending on the carrier/policy you might have a problem if you haven't provided a list (a "schedule") of the items you are claiming. Another issue can be the use to which you put the gear; if it's used commercially and you don't advise the carrier, they may try to use that as a defense of "no coverage". This, BTW, can include simply using your guitars for gigs ...

Ask a lot of questions of your agent regarding the coverage. Keep in mind that he is typically your agent, not the carrier's. If there is a screw-up in the coverage, for example, you might have to sue him/her, not the carrier.
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Post by digitaldrummer » Tue Sep 23, 2014 5:37 pm

lots of receipts fade (the thermal transfer kind) with age, but it seems like everyone I know has a phone (I know because I see them driving and talking/texting...) so why not take pictures of those too?

I also keep a spreadsheet of everything of value along with where I got it, serial numbers, value and/or replacement value. I then send a PDF copy (w/o the sreial numbers) to the insurance company when they are trying to figure out how much to insure my gear for - it seems to speed up the process greatly.
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Post by vvv » Tue Sep 23, 2014 5:56 pm

I should be so organized ...

FWIW, sometimes receipts can work against you, like when you were smart enuff to get a really good deal.

I know a guy bought a Mesa Boogie Mk II for US$150 and a 1/2 a bag of weed, when I, eh, he ran into a guy travelin' to Cali with no room in his Datsun ...
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Post by floid » Tue Sep 23, 2014 6:14 pm

a few years ago i had to deal with the cops over a stolen guitar. i'd paid 80 for it, it was hanging in the pawn shop for 250, you could find the same basic type on ebay for 100ish. they (the cops) made a big distinction between replacement value and resale value, and in the end i got lucky b/c they were willing to agree this particular guitar really was worth the pawn shop's ridiculous price when setting the punk thief's restitution. point being, know how value is being defined in yr contract.
sounds like your agent will be easier to deal with than those damned tricky insurance dolphins we've got around here.
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Post by vvv » Wed Sep 24, 2014 4:16 am

Keep in mind, 99% of the time yer agent makes $$ by selling you the policy on commission. His motivation is different than yers, and his ethics and willingness to gamble can be a factor.

Also, what floid is referencing above is "replacement value" vs. "actual value"*; ask about that, as it is defined and treated in various ways, on some policies without yer ability to choose between or how.

(*ex.,That old keyboard/mic/guitar may be only actually worth $100, but try replacing it for that.)
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Post by digitaldrummer » Wed Sep 24, 2014 7:07 am

that's why I put "replacement cost" in the spreadsheet I send. for example, I have some Yamaha PM1000 channels that i racked. since I cannot simply go to Banjo Center and buy a new one, how do I replace it? So I assigned a value that I thought was fair based on cost of parts and labor. Of course I hope I never have to make a claim on that, but I do have receipts and such to show the parts cost.

Insured dolphins indeed... :wink:

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Post by vvv » Wed Sep 24, 2014 7:33 am

And that's the smart way to do it because you shift the burden to the carrier to set the price of insurance based upon the scheduled value. Doesn't mean they can't/won't fight you should a claim be made, but you have strong evidence of the claimed value, and you paid premiums based upon charges presumably based upon that declared value.

Part of the problem becomes, tho', when you have a "replacement value" policy, and you want the PM's replaced, and they say "no" and "go get some Behringer."
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