Insurance - Protecting your reef?

[phi delt reefer]

Originally Posted by Parker

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.