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London, Ontario, Canada | Depends on Insurance company.
We had a $50,000 floater policy on shop tools. Had a break in and a lot of tools were stolen. Insurance company demanded purchase receipts for tools as they were going to depreciate the tools to pay out. WTF? How is a 20 year old 1" wrench any less valuable than a new one? After much back and forth they paid us 20 cents on the dollar. So my point is that on a $50,000 umbrella policy they would never ever had paid us any where near that if our shop had burnt down and left all tools in a melted heap in the middle of the floor. I considered it theft on there part as selling a policy they never intended to having to pay out on.
Needless to say we are no longer with that company. Ask a lot of questions as to what you are getting and how various situations would affect a payout. | |
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Insurance umbrella policy
