Insurance

[Insguy]

I own an agency. I have been doing comparisons with a few different guys that are in the aquarium field, insurance provided from there broker. They have found out that they have no coverage. For this hobby. Has anyone asked if they have coverage ?

[Coralgurl]

I have coverage for water damage and equipment, not livestock. Policy just renewed and double checked.

[Insguy]

You can buy coverage for you live stock but there are just a few different companies that will do it.

[ScubaSteve]

I'm covered for water damage and equipment as well as livestock in certain situations.

[mseepman]

I'm covered for water damage and equipment as well as livestock in certain situations.

Ditto on this...I check with them on every renewal.

[Scythanith]

I have damage and equipment coverage but not livestock. I was told there is no option for livestock coverage from my provider.

[LoJack]

To be honest … I don't know if I have any form of coverage at all

[sphelps]

Livestock coverage sounds like insurance shenanigans to me, how does it work? The value off an established tanks livestock can easily add up to tens of thousands and with really no way to appraise it, so I assume you'd just have make up a number for coverage. After all receipts are rare and value changes overtime plus many items can't be replaced.
And what kind of death is covered, accidental, suicide, murder.... Seems highly controversial.

Any home policy should cover water damage and equipment to a certain amount, that's basic stuff and you shouldn't need any extra coverage.

[Karsten]

I am covered for equipment and damage caused by euipment ie. flood.
Who can you get livestock coverage through?

[globaldesigns]

When I started the big tank, my coverage was for everything including livestock, if there was a disaster. No coverage if one fish dies. HEHE...

Now that has been many years now... I am still with the same provider, but your thread makes me want to contact them again, to reaffirm that they haven't changed anything.

[Insguy]

The insurance coverage varies from each company. I have seen policies that will specifically exclude coverage on an aquarium. What that means, let’s say you have a fire. The fire destroys half of the home and the aquarium at the same time. Most people would assume that their insurance would cover it, to some degree. That is not the fact with some insurance. I just thought that it might be a topic that causes some good discussion.

Your right Sphelps that the death of fish should not be covered for suicide and murder. However, let’s take accident for example. There are policies that would respond to this. I am not talking about an individual fish but the tank, all livestock.

How do you value the tank? We need some kind of proof of what was in there. Insurance companies don’t ask for receipts for everything. Nobody has that. The will ask for pictures to prove that it was in your possession. With this hobby it seems that everyone has at least a few shots of their tank.
Check your water coverage I bet that in the last year it has changed. With the Alberta flood that happened coverage is being restricted big time. I have seen companies that won’t offer sewer back up. They will also restrict the water leakage on the policy.
Check your policy and make sure that it hasn’t changed. I would bet that everyone will see some kind of change with their policy in the next year if it already hasn’t.

[Ryancw]

im curious in knowing what coverage on flood damage caused by equipment even adds to a yearly premium if somebody doesnt mind me asking?

[Coralgurl]

I do still have water damage coverage, that hasn't changed, but I got hit with a $700/yr increase and I will have to check but I have $1000 deductible, never had a house claim, even though all my neighbours have had hail damage repairs completed due to the 2012 storm, we haven't claimed.guess we should if I'm already paying for everyone else's.

[LoJack]

I understand them not covering a tank if it's your screw up, or if its a manufacturers defect that caused a failure.

But what if someone breaks into your house, and they are D-Bags and smash your tank because they can ... would insurance cover you then? For damage caused and replacing the tank? Just the damage?

[Insguy]

I sale policies that would cover it, but some don't. You would need to consult your agent. Check it out, worst case is that you find out what your covered for and find better insurance.