[TechAssist] Re: Home-based business insurance
- From: "markbrock" <markbrock@xxxxxxxxxxxxx>
- To: <techassist@xxxxxxxxxxxxx>
- Date: Fri, 24 Dec 2004 09:44:12 -0600
I have not been following the thread much on this topic but here's my two
cents, I had a couple rental properties along with my electronics business,
insurance of 2 million on my electronics shop which was a requirement by
Sears and several other mgs's and ext warranty, ( now its dropped to
500,000) one of my rental's caught fire, there was no servitors, cause was
production of methemphetamines, parents of the kids sued me for 10.5
million, two years ago we're still in court and they said they would settle
within the limits of the policy, ( less than 2 mil.) any more would be on
me but gave me a dead line, my insurance co says its up to me. but there
not covering any more lawyer fee's, of course I should settle so not to
loose any of my assets but they will drop me as soon as the settlement is
made. I personally don't think they stand a chance to win ( we requested a
jury trial) but, food for thought, most insurance policy's will offer you
a " duty to defend" clause, be sure to take this no matter what, that
means that if you get in a law suit your insurance ( no matter what its
for ) will supply you a lawyer and cover his/her expenses, ( basically they
have a lawyer on retainer all the time and for a couple bucks a month you
can use them in a suit ) glad I had it, not sure how its going to turn out
but so far I've lost $25,000, and the house itself, and the future income,
all my savings and the amount that was in my checking account at the time of
the suit is frozen, 6500.00, my lawyer says if I go ahead and fight it I
have to pay the $125.00 per hour, so there goes that money as well.
there's a judge and two lawyers in my family they said I'd more than likely
win, but a judge will only award you as a winner, you'll have to figure
out your own way to collect what you've lost, and the parents don't appear
to have anything, so I'm up that famous creek, something to look into, if
you don't have " duty to defend" I'd certainly look into it.
Merry Christmas
Brock Electronics
R.R.4 box 237
5208 cr.3385
Independence Ks. 67301
620-331-0235
fax 331-7191
markbrock@xxxxxxxxxxxxx
Zenith*Philips*Peavey*Fender*Crate
we work on all brands,makes,models
of anything that plugs in the wall
----- Original Message -----
From: "larry" <schntv@xxxxxxxxxxxx>
To: <techassist@xxxxxxxxxxxxx>
Sent: Wednesday, December 22, 2004 9:41 AM
Subject: [TechAssist] Re: Home-based business insurance
> I try to play the game by the rules, I am incorporated, and
> also carry 1 million liability insurance, it is a requirement,
> to be a authorized service center, for many manufacturers.
> If i am the blame for their home burning to the ground i
> should pay for it, and with out insurance, i could not.
>
> but, the guys that dont follow the rules make hard competition
> for the others.
>
> i hoped this forum was for professionals, all playing by the
> same rules.
> just my opinion.
> Larry
>
>
>
>
>
> Jerome Silverman wrote:
> > They, their insurance company, or their lawyer definitely will blame it
on
> > you, and every servicer or electrical device that was involved for the
last
> > several years. You have two choices - buy insurance or run bare. Right
now
> > you are running bare. If you have no assets you can just run bare. In
the U
> > S, forming a corporation shields you from personal liability for
everything
> > except fraud. Sometimes you have to provide proof of insurance in order
to
> > do business with many companies or to get a business license.
> > Jerry Silverman
> > Greentron Inc
> > 4 Newland Ave Greenville SC 29609
> > Fax/Phone 864 232 3889
> > greentron@xxxxxxx
> >
> > ----- Original Message -----
> > From: <tvman@xxxxxxxxxxxxxxx>
> > To: <techassist@xxxxxxxxxxxxx>
> > Sent: Tuesday, December 21, 2004 8:28 PM
> > Subject: [TechAssist] Re: Home-based business insurance
> >
> >
> >
> >>Hi Ed they may blame it on you
> >>Eric
> >>E M Electronics
> >>Deer Lake NL
> >>Canada
> >>tvman@xxxxxxxxxxxxxxx
> >>eric.manuel@xxxxxxxxx
> >>----- Original Message -----
> >>From: "Ed Gaidies" <teltek3@xxxxxxxxxxxx>
> >>To: <techassist@xxxxxxxxxxxxx>
> >>Sent: Tuesday, December 21, 2004 9:51 PM
> >>Subject: [TechAssist] Re: Home-based business insurance
> >>
> >>
> >>
> >>>My question..if I just repaired someone's TV...and their house burns
> >>>down...why would I worry about my Insurance covering them?
> >>>
> >>>-Ed-
> >>>Ed Gaidies
> >>>Tel-Tek Electronics
> >>>Ontario-Canada
> >>>teltek3@xxxxxxxxxxxx
> >>>teltek@xxxxxxxxx
> >>>
> >>>
> >>>On 21-Dec-04, at 7:12 PM, Old TV Man wrote:
> >>>
> >>>
> >>>>I think insurance companys run the country. Like the doctor standing
> >>>>over a patient and says "your insurance company says you are well".
> >>>>
> >>>>Max Bonnell
> >>>>Bonnell TV
> >>>>Robinson, IL
> >>>>
> >>>>Sender: techassist-bounce@xxxxxxxxxxxxx From: kevintv@xxxxxxx(Kevin)
> >>>>Date: Tue, Dec 21, 2004, 3:25pm (CST-2) To: techassist@xxxxxxxxxxxxx
> >>>>(TECH-ASSIST) Subject: [TechAssist] Home-based business insurance
> >>>>Reply=A0to: techassist@xxxxxxxxxxxxx
> >>>>
> >>>>I just found out from my insurance company that I am not covered for
> >>>>any
> >>>>professional liability, i.e. if I have just fixed a TV for a customer
> >>>>and their house burns down, I have no insurance coverage. The only
> >>>>things that my insurance covers are my tools and if a customer gets
> >>>>hurt
> >>>>on my property.
> >>>>
> >>>>Things have changed in the insurance industry. My first policy in 1998
> >>>>had $1 000 000 liability insurance for only $150. Now they want $700
> >>>>more for commercial insurance, to cover the same things. What a
> >
> > racket.
> >
> >>>>Earlier this year I was forced by the insurance company to upgrade my
> >>>>electrical service from 70 amp to 100 amp, even though I have no
> >>>>problems with my electrical.
> >>>>
> >>>>Kevin Wilks
> >>>>Kevin's TV & Video Repair
> >>>>Penticton BC Canada
> >>>>kevintv@xxxxxxx
> >>>>----------------------------------------------
> >>>>
> >>>>
> >>>
> >>-----------------------------------------------------------------------
> >>
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> --
> Schneider TV & Electronic Inc.
> 5415 N. Wooster ave.
> Dover, Ohio 44622 www.geocities.com/schntv2000/
> 330-343-0768 FCC. first class & Extra class K8WLY
>
>
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