Sunday, November 3, 2013

Assurance Of Your Insurance

       If you got the call that your maintenance facility was destroyed by a fire or flood and all your equipment and inventory was lost are you prepared? With our company doing yearly inventory this past week, one of the things I thought about was how important, and sometimes taken for granted, it is to have your records up to date. Do you really know what you have on site and it's current value.
       Have you had the chance to review your facility's insurance policy? Do you have a current value for replacement costs for your equipment? I know in just a one piece policy claim, I have seen it take weeks to get exactly what dollar amount was to be reimbursed. If your policy was for an 11 foot rotary that you bought 5 years ago, are you covered to purchase a new unit at the current sale price or will you be scrambling try to find a used unit. May sound crazy but it happens. Maybe an excellent project for your assistants over the winter......This could be even a win/win where your records are up to date and they will get the opportunity to learn more about the dollars behind all that equipment!


WJC

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