On Mar 2, 2004, at 6:12 PM, Randall Young wrote:
>
>> I'm struggling a bit with how to value each of these items on the
>> inventory list. If I buy a power tool on sale, do I put the sale price
>> or the regular retail price? That value of course will change a bit
>> over
>> time. I do have replacement value insurance, but I was just wondering
>> how to properly document this stuff?
>
> Not sure this is right ... but it seems to me that you should record
> the
> actual price you paid and the condition of the tool (new, used, broken,
> whatever). Since you do have replacement value insurance, your
> property
> will have to be re-evaluated after a loss, to decide what the insurance
> actually pays. You may have bought that Starrett 5-6" mike for $15 at
> a
> yard sale, but it's "replacement value" is a whole lot more than that.
>
> Personally I've done nothing whatever yet, but my plan is to take a
> whole
> bunch of digital photographs, store them on a CD and put a copy in my
> safe
> deposit box. If I do have a loss, and we can't read the logo on the
> tools,
> then of course that was a Snap-On wrench, not a Crapsman; and of
> course that
> was a Hardinge lathe, not an Atlas.
You want as much documentation as you possibly can have. That includes
pictures, receipts and detailed inventory. The insurance company isn't
going to pay for anything they don't have to. If you can't prove those
were Snap-On wrenches, they'll pay you for chinese shit (craftsmen, if
you're lucky, nothing at all if you're not.) I've been through this,
and it's a royal pain in the ass. It's worse if you don't have
documentation.
DAvid
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