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  #1  
Old 10-04-2012, 10:14 AM
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Insurance claim ????

I am dealing with the insurance co. on our recent theft. I am submitting our claim soon. Can anyone here help me on thing I might have forgotten or didn't know about?

Here is the coverages on my policy:

Building - Actual cash value limits $160,000
Business Personal Property - Replacement Cost - $61,800
Business Income and extra expense
Equipment Breakdown
Products - Completed Operations Aggregate $500,000.

Any help would be appreciated.

I don't know if the policy includes 15 years of lost files.

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  #2  
Old 10-04-2012, 10:48 AM
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Do those lost files put a damper on your income stream? Are they for example templates and other formats that you routinely use to create new print jobs? If so I'd think you could put a dollar value on them.
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  #3  
Old 10-04-2012, 11:26 AM
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Originally Posted by elchivito View Post
Do those lost files put a damper on your income stream? Are they for example templates and other formats that you routinely use to create new print jobs? If so I'd think you could put a dollar value on them.
Absolutely. each file took from 15 minutes to several hours to create. Without those files, I will have to create them again costing me 1000's of production hours. I calculated that over the last 15 years, that at 5 files a day = 23,400 files that I would have to recreate. How would I put a value on those files?
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  #4  
Old 10-04-2012, 11:33 AM
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Originally Posted by The Clk Man View Post
Absolutely. each file took from 15 minutes to several hours to create. Without those files, I will have to create them again costing me 1000's of production hours. I calculated that over the last 15 years, that at 5 files a day = 23,400 files that I would have to recreate. How would I put a value on those files?
Not being in your business I don't know, but I bet someone here does. Maybe it's all in how you word the claim you file. Perhaps you can get by with estimating the value of lost production hours caused by the loss of the files, rather than placing a dollar value directly on the files.
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  #5  
Old 10-04-2012, 11:37 AM
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Originally Posted by elchivito View Post
Not being in your business I don't know, but I bet someone here does. Maybe it's all in how you word the claim you file. Perhaps you can get by with estimating the value of lost production hours caused by the loss of the files, rather than placing a dollar value directly on the files.
I was thinking about that, I estimated that out of every 10 files, that three took over an hour to create and three took over 30 minutes to create and four too 15+ minutes to create. That sounds fair to me.
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  #6  
Old 10-04-2012, 11:43 AM
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Unless they can prove you can buy a complete commercial package to replace them in my opinion. You may have quite a claim.

Of course they would purchase the package if commercially available. It to me is like loosing propietory stuff if not available from an outsource.
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  #7  
Old 10-04-2012, 11:54 AM
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At the formula that I posted above, based on $40 an hour, the total would be $515,400. I'm not holding my breath though. We asked the adjuster if we had intellectual property coverage, and he said no. Is there a different way to word that question to the adjuster? I suspect that he isn't going to be forth coming with any help.
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  #8  
Old 10-04-2012, 12:11 PM
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Originally Posted by The Clk Man View Post
At the formula that I posted above, based on $40 an hour, the total would be $515,400. I'm not holding my breath though. We asked the adjuster if we had intellectual property coverage, and he said no. Is there a different way to word that question to the adjuster? I suspect that he isn't going to be forth coming with any help.
Required working tool perhaps? Intellectually designed or constructed by you perhaps but still just a tool. I have to wonder if the adjuster could use a new car.
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  #9  
Old 10-04-2012, 12:14 PM
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Required working tool perhaps? Intellectually designed or constructed by you perhaps but still just a tool.
In layman's term please... I'm not the brightest bulb.
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  #10  
Old 10-04-2012, 12:30 PM
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In layman's term please... I'm not the brightest bulb.
Needs a legal definition in my opinion. Basically everything we have or use was originally created by the intellectual process. In this case it was created intellectually by you. This to me overall is somewhat irrelavent.

The end intention and use was as a tool is the important factor. Tools used as a product of your day to day operations where insured. You did not loose the intellectial creation process. You lost the propietary tool resulting from it.

Really needs a site lawyer to comment. I never even rose to the staus of being a jailhouse lawyer. This post is from another lower lumens output type of bulb by the way. You do seem to get into some interesting situations though.
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  #11  
Old 10-04-2012, 03:30 PM
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I talked to another insurance agent, and he said to not ask for a ton of money because it would make us looking like we are trying to take advantage of them.
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  #12  
Old 10-04-2012, 04:07 PM
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Competent on-site PC help costs from 50-150 / hr + expenses for this kind of thing.
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  #13  
Old 10-04-2012, 05:57 PM
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Originally Posted by The Clk Man View Post
I talked to another insurance agent, and he said to not ask for a ton of money because it would make us looking like we are trying to take advantage of them.
Not really the current issue yet. Your insurance company is taking the stance it is worthless because it is intellectual property. Sounds like the second insurance guy like myself feels it is a tool. There will be a sensible way to estimate it's worth out there. For example if I wanted to buy the package from you what would it cost me.

Insurance companies are your friend until you need what you paid for sometimes.
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  #14  
Old 10-04-2012, 09:29 PM
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Originally Posted by barry123400 View Post
Not really the current issue yet. Your insurance company is taking the stance it is worthless because it is intellectual property. Sounds like the second insurance guy like myself feels it is a tool. There will be a sensible way to estimate it's worth out there. For example if I wanted to buy the package from you what would it cost me.

Insurance companies are your friend until you need what you paid for sometimes.
The company is Auto Owners Ins. They were great on the only other claim that I had. I'm just afraid that I will leave money on the table.
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  #15  
Old 10-05-2012, 01:15 AM
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They probably will show some sensitivity when and if they enter the modern world. Adjusters get more work from shortchanging claimants far too often.

This adjuster should have realised you are not going to walk away from that particular issue. It is pretty certain he was either b -ll Sh---ing you or was out of his depth.

If for example you lost the programming for a cnc machine. It too is just a tool. Plus subject to coverage the same as the machine is.

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