Insurance - Protecting your reef?

[michika]

Just curious is anyone else has rider policies, or additional insurance held on their tank in the event of catastrophic failure?

I'm in the process of getting my new system quoted and wanted to know if it was common, or what others found worked/didn't work for them.

[Parker]

My tank, equipment, and house are coved in the event of tank rupture but the contents of the tank are not. A rider policy wasn't required with my insurance company ( Meloche Monnex ) I did however have them send me a letter stating everything was covered. My rates didn't increase at all.

You will have a much larger tank then I have so the potential damage is far greater then it is for me, I'm not sure if that will factor into your coverage.

[Lance]

My tank, equipment, and house are coved in the event of tank rupture but the contents are not. A rider policy wasn't required with my insurance company ( Meloche Monnex ) I did however have them send me a letter stating everything was covered. My rates didn't increase at all.

You will have a much larger tank then I have so the potential damage is far greater then it is for me, I'm not sure if that will factor into your coverage.


Same for me. Tank, equipment and water damage are covered for no extra charges. Will not insure contents.

[Delphinus]

Interesting question. Did you guys approach your adjusters and ask for specific coverage or did you just read the policy and find the info?

I'm curious now because water damage from an aquarium, particularly a DIY unwarrantee'd non-UL non-CSL approved e,i,e,i,o's, I could see being a problem in the event of an incident. Or do they simply say "it's fine until you make a claim but if you do make a claim boy howdy are we gonna gitcha on your rates" (they might phrase it somewhat differently in insurease-speak).. ?

[Lance]

Interesting question. Did you guys approach your adjusters and ask for specific coverage or did you just read the policy and find the info?

I'm curious now because water damage from an aquarium, particularly a DIY unwarrantee'd non-UL non-CSL approved e,i,e,i,o's, I could see being a problem in the event of an incident. Or do they simply say "it's fine until you make a claim but if you do make a claim boy howdy are we gonna gitcha on your rates" (they might phrase it somewhat differently in insurease-speak).. ?


Before I bought the 225g I went to my Agency and went over it with them quite extensively. They will not cover livestock or contents. Everything else is insured, including water damage, except in the case of earthquake as I do not have quake insurance. (Earthquake insurance out here on the coast is ridiculously expensive). Also will replace the tank and equipment with new not pro-rated prices.
Dave (Mrfish55) I believe has bought special insurance on his tanks and I think his contents are covered.

[Parker]

Interesting question. Did you guys approach your adjusters and ask for specific coverage or did you just read the policy and find the info?

I'm curious now because water damage from an aquarium, particularly a DIY unwarrantee'd non-UL non-CSL approved e,i,e,i,o's, I could see being a problem in the event of an incident. Or do they simply say "it's fine until you make a claim but if you do make a claim boy howdy are we gonna gitcha on your rates" (they might phrase it somewhat differently in insurease-speak).. ?

Tony,

I did the same thing as Lance, I approched my carrier and went over everything and had them provide me a letter stating I was covered. We've all dealt with insurance companies and know what they are capable of so I made sure I had it in writing.

Years ago I have my car broken into in my garage and my insurance company got into an fight with themselves over who should pay, the house and car were covered by the same company. Each division ( Home & Auto ) thought the other should pay out the claim. We never did reach a settlement and I left and went elsewhere.

[phi delt reefer]

Tony,

I did the same thing as Lance, I approched my carrier and went over everything and had them provide me a letter stating I was covered. We've all dealt with insurance companies and know what they are capable of so I made sure I had it in writing.

Years ago I have my car broken into in my garage and my insurance company got into an fight with themselves over who should pay, the house and car were covered by the same company. Each division ( Home & Auto ) thought the other should pay out the claim. We never did reach a settlement and I left and went elsewhere.

I would be weary of the letter. Like with all insurance - loopholes are their saving grace. They will say yeah we cover x y and z. BUT - they won't pay out until they investigate and put you through months of red tape.

I compare it to life insurance - everyone will insure you - when it comes time to pay out they will say "oh btw you didnt tell us you got a paper cut in 1995 - thats an exit clause in our policy" then they will refund your premiums with a little bit of interest and call it even. CLASSIC insurance strategy.

I'm not saying don't get it - just make sure you review the companies "exit clauses". Sometimes a policy will refer to a document that you never receive so just make sure you getting the entire picture and get some sort of managerial sign off - not just a broker. I'm sure you could get your livestock covered as well but with stuff dying and being introduced into our tanks all the time i doubt its worth going through the hassle of sending them an update each time something changes in your tank. This would probably fall under a specialty insurance program which means the cost could outweigh the benefit in a year or two.

[michika]

We've approached our broker who is discussing it with our house insurance (S.G.I). Under just our house insurance in the event of a failure insurance would cover restoration services, but would not replace equipment related to the tank. So if the unthinkable happened they'd restore my basement, but nothing in my tank room, or anything related to the tank.

With a rider policy we're trying to get replacement of equipment included in the event of a failure. From what I understand nobody will cover livestock.

When I start actually adding up the cost of all my equipment, even if most of it was acquired second hand, or DIYed, its still quite up there and I know I would forever be upset and miserable if my tank went and my equipment wasn't covered.

[phi delt reefer]

We've approached our broker who is discussing it with our house insurance (S.G.I). Under just our house insurance in the event of a failure insurance would cover restoration services, but would not replace equipment related to the tank. So if the unthinkable happened they'd restore my basement, but nothing in my tank room, or anything related to the tank.

With a rider policy we're trying to get replacement of equipment included in the event of a failure. From what I understand nobody will cover livestock.

When I start actually adding up the cost of all my equipment, even if most of it was acquired second hand, or DIYed, its still quite up there and I know I would forever be upset and miserable if my tank went and my equipment wasn't covered.

With that giant amazing tank your building I would make sure all your permits and sign offs are in order and well documented. A fire caused by DIY wiring in your basement would null and void the policyt - like i said... loop holes :) DIY it but make sure it all meets current codes.

[michika]

There is no DIY wiring in my house, my other half is an electrician so its all covered off thankfully. Its things like this awesome beast of a Ca reactor I have, and my monster 6ft skimmer that I'm calling DIY.

[phi delt reefer]

There is no DIY wiring in my house, my other half is an electrician so its all covered off thankfully. Its things like this awesome beast of a Ca reactor I have, and my monster 6ft skimmer that I'm calling DIY.


If he's licensed then I wouldn't worry. Just be upfront with the insurance company so they can tell you what they can and will cover under what circumstances so you can accommodate accordingly. Your build pics/receipts should be enough for them to determine an adequate policy for you.

[globaldesigns]

I deal with ING/INTACT, and when setting up mine, they said I am fully covered for my tank and house and any damage it may cause to the house, this without a rider. They won't cover a fish dieing on its own, but will cover tanks and all contents if the tank leaks and causes damage to system or house, or if it just lets go, destroying everything around.

Great question though, something everyone so make sure they are covered for. In my case, I think I am lucky, as I did call to do a rider and then found out I didn't need one.

Thanks to my wife, she handles the insurance for everything. She is a BI adjuster for a larger Insurance Firm, so I leave this to her, as she knows how to talk the talk. HEHE.