At 03:05 PM 7/3/2003 +0000, w7xu wrote:
>Assume your antennas and towers were destroyed by a tornado (as mine
>were last week). Would you expect your insurance company to pay only
>for the replacement costs of what you lost, or would you expect them
>to also pay for the towers and antennas to be erected by a commercial
>tower company?
Read the policy... Is it "replacement cost as installed" or "parts and
materials"? Say part of your roof had been blown off. Would the policy
cover the shingles, or the shingles and the labor to replace them.
Now check and see if the equipment is actually considered part of the house
or is it in the category of miscellaneous personal property (i.e. your
sporting goods were stolen from your back yard). A lot might turn on the
definition of words like "fixture" (i.e. permanently installed).
Also, was it "amateur radio equipment, antennae, cabling, and towers" that
were insured (i.e. a bunch of individual items) or "antenna system" (the
integrated whole), and is there backup for the latter position (i.e.
assessed valuation for property tax, construction plans, documented
evidence of the labor required, independent appraisals of value).
I'm drawing from experience with computer systems and the restoration
thereof after things like fires and earthquakes. Many times, a business
will have the personal property (that's what computers are) insured for the
value of the computer (and pay annual property tax on them, as well), but
won't have insurance for "data recovery and restoration". Sometimes, they
carry "business interruption" insurance which specifically covers
incidental and consequential losses.
You're kind of in a sticky situation.. on the one hand, you want to claim
that the system was worth a lot of money (no doubt a lot of value came from
"sweat equity") so that it can be appropriately valued and insured against
loss. On the other hand, you don't want it to draw the attention of the
taxing authorities. It's kind of like building an unpermitted addition to
your house... your property tax doesn't go up, but it's hard to get the
insurance company to pay off when it burns down. There's also kind of a
sticky problem you may be faced with when doing your income tax. You have
an "involuntary conversion" on your hands, and if you try to claim the
loss, you might also wind up with paying tax on the capital gains. (I had
this happen with a totalled car that had been depreciated to zero, but for
which the other driver's liability insurance paid out on the basis of
market value, which was non-zero.)
As I write this, I see the value in having some reasonably official looking
documentation of the entire system drawn up. You can then submit that to
your insurance agent when getting coverage in the first place, and then,
useful if you have to make a claim. In general, insurance companies like
to see lots of paperwork and documentation, particularly if you've spent
time and effort in scrounging things of high replacement value for small
capital outlay. (thought experiment... you are digging in the vegetable
garden and discover a 100 carat flawless diamond... how will the insurance
company handle it if it's stolen.. acquisition cost was very low, value is
very high. )
In any event, you're looking at tens of thousands of dollars, and it is
well worth getting some real professional advice from someone who knows all
the byzantine rules and ramifications peculiar to your situation (i.e. a
local attorney). It may grate to pay a few hundred bucks, but it might be
worth a lot more in the long run. (Insurance companies also treat anyone
who signs their name ABC,Esq., a LOT differently.. both to the good and
bad... so tread lightly.. you don't want your claim paid and your policy
cancelled)
> We're talking about a lot of work (3 rotating towers
>over 130 ft., plus 2 others damaged and 44 antennas destroyed.
>Negotiations with my insurance company are in progress.
>
>Thanks.
>
>Arliss W7XU
>_______________________________________________
>
>See: http://www.mscomputer.com for "Self Supporting Towers", "Wireless
>Weather Stations", and lot's more. Call Toll Free, 1-800-333-9041 with
>any questions and ask for Sherman, W2FLA.
>
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