Insurance for a framebuilder

[Marek]

Regards all, 

Although I build frames I must admit I haven't done this yet so I'd really appreciate it if someone can add tips for my insurance. What points do I need to cover? 

Injuries, cause of death, damages to the frame?

Thank you

Marek.

[good friend]

building for sale?    or for yourself ?     just family ? friends ?

some people think this might make a difference    =}

noMadic  Thomas

[Jon Norstog]

ISU insurance of Westlake CA has a standard package for framebuilders.  It will cost you the profit on 3 or 4 frames, but it is pretty comprehensive.

https://www.isuwestlake.com/

good luck!

jn

"Thursday"

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[Marek]

• It's for sale 
• I'll check with them what it means in particular
  
  thanks
  M

[Lora Van Dixhorn]

Thanks for the kudos, Jon.  John Parker (Yeti) was my first bike client when we shared a building in California 1987.. 90% of my clients are now in the biz, and my staff is super! I have you custom builders to thank! The policy should cover fire and theft of your tools and finished bikes, plus liability if even a friend, relative, or customer says they were injured on it. Call me for help. 818-439-5977.

Sent from my iPhone

On Oct 25, 2020, at 1:52 PM, Marek <marek....@gmail.com> wrote:



To view this discussion on the web visit https://groups.google.com/d/msgid/framebuilders/c56a3ca8-1cc0-4099-8000-72e9eff94c9an%40googlegroups.com.

[Big D]

Yes it has been something on my mind for a while.

I will call tomorrow.

Thanks!

---

From: frameb...@googlegroups.com <frameb...@googlegroups.com> on behalf of Lora Van Dixhorn <lo...@isuwestlake.com>
Sent: Sunday, October 25, 2020 3:43:28 PM
To: Marek <marek....@gmail.com>
Cc: Framebuilders <frameb...@googlegroups.com>
Subject: Re: [Frame] Insurance for a framebuilder

 

To view this discussion on the web visit https://groups.google.com/d/msgid/framebuilders/9130AA15-94E0-48E0-AAD4-4FFE38ADC4A3%40isuwestlake.com.

[Jon Norstog]

And for a little extra you can get terrorism coverage!  What's not to like!

To view this discussion on the web visit https://groups.google.com/d/msgid/framebuilders/9130AA15-94E0-48E0-AAD4-4FFE38ADC4A3%40isuwestlake.com.

[Alex Meade]

The biggest worry for most framebuilders is liability insurance.  Essentially your policy gets you a prepaid lawyer representing the insurance company, if you get sued.   I think you'll find that regardless of the agent you use, the policy will be underwritten by the same outfit - name I don't recall, and it'll be a standard policy.  There's only one underwriter for the bike biz that I'm aware of.  You'll find it covers more than you need (loss of income, fire, structure, . . . ) and you'll probably pay somewhere in the ballpark of $1800-$2200 per year.  If you're using a building (say a detached garage)  that's covered by your homeowners policy, you'll find that you need to cover the building with your framebuilders insurance policy, as HO insurance won't cover it if it's used for business.  This could vary by state though.  I only know that the two states I've lived in had the same rules.

Alex Meade

http://www.alexmeade.com/Tools.htm

[Peter Olivetti]

It looks like you might have this covered, but there arent a ton of tips so to speak. The insurance folks will walk you through most of it.  The poperty side of things is probably where I would say the most help is needed.  There are some nuances if you work out of a home shop.  Its worth asking the agent about it.  For my situation my home shop is a seperate building but still close to the main house.  So I was worried about if for some reason either building caught fire and burnt up the other one which insurance paid what.  I have my shop insured for everything inside and the building, plus the home owner has some semi redundant coverage on the building but nothing at all inside.  Then there is an umbrella policy in case the biz insurance decides not to cover part of the damage.  The personal liability side is fairly simple and just depends on how much $ you want to protect yourself against.  Again something the agent can walk you through.  

[Marek]

I see now, 

I think the procedure I and my wife follow is the right one now.

THe thing is that the building isn't a house but an industrial building. We partially have reconstructed the water mill. There's two stories above my workshop. 

 I'm in touch with an insurance agent to deliver the details. All we know now  we're due to two commercial contracts, quite costly contracts. But the only way.

Right> Fire, teft, equipment damage, flooding but most importantly consequences of frame or parts failure, ergo my responsibility for it. Second contract for building, windows etc. 

 thank you

Marek.