What good machine tool insurers are out there? Since we switched banks, they want us to have our machines insured. Where can I get the best cost coverage/ value?

Thanks for any input.

Jimmy

Start shopping.

We went thru a number of independant agents until we found a guy who dealt with a broker who specialized in insuring small machining companies. They are/were selective and audit us yearly but they do offer coverage based on yearly sales.

I would also think that your bank might have some recommendations for agents - the SOB's force your hand, surely they might have someone "lurking", vultures tha they are.....

Like the bank pres. brother-in-law who also sells mortgage insurance.

I would start with who ever you have your liability insurance with for your business. I have mine with the same company I have my home and auto insurance with. Dont know if its the best way but when I did mine two years ago they told me just to pick out a number that would cover all 3 cnc machines and my manual equipment and they would do it as balloon coverage. Just like your wife's diamond ring you just have to give them an appraisal and you pick the $$ amount and start paying. Do know if this helps. But this way all of the products that I make and customers that come to my shop are covered along with my equipment. And yes my liability coverage is based on yearly sales and is on a seperate policy then the equipment.

Look Up Boilers Insurance. It (depending on the plan selected) will cover Operator Error unlike some of the other coverage plans I've seen.

The Hartford