Insurance - Protecting your reef?

[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]

Originally Posted by 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.

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]

Originally Posted by 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.

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.