Value of classic computers

From: Erik S. Klein <classiccmp_at_vintage-computer.com>
Date: Mon Nov 18 11:46:01 2002

I'm not an insurance expert but my past experience with other insurance
claims (and my innate cynicism) leads me to believe that the insurance
company in question will do the minimum due diligence to determine the
actual replacement cost of the unit and if the unit is indeed a complete
loss. They will then offer you something less then its determined value
(assuming they don't claim it's reparable) to see if you'll bite.

Whatever they offer is typically negotiable to a point and they pretty
much expect you to challenge their valuation. The burden is then on you
to prove your figures.

If you do accept a payment for the unit then it becomes the property of
the insurance company. You do have the option of asking for the remains
back, but you'll be charged what the insurer thinks they are worth.

If you have a "declared value" policy (which is common with classic
automobiles) then you don't worry about the initial negotiations. The
insurer will pay the declared value upon a loss. You then just have to
negotiate to get what's left back which can be just as challenging.

   Erik
   www.vintage-computer.com


-----Original Message-----
From: cctalk-admin_at_classiccmp.org [mailto:cctalk-admin_at_classiccmp.org]
On Behalf Of Hans B Pufal
Sent: Monday, November 18, 2002 1:55 AM
To: cctalk_at_classiccmp.org
Subject: Re: Value of classic computers

Mike Ford wrote:
>> For a working IBM 1130 we have set an insurance value of $50,000
>> (fifty thousand) on the grounds that any damage which makes the
machine
>> inoperable will probaly be irrepariable and the machine will become
>> just another inert museum exhibit.

> How would a claim actually work, ie a forklift hits a bump and the
> shipping pallet tips over. The damage appears cosmetic, but when the
> unit is powered up, the sparks fly and magic smoke is released. Board
> "c" is toast, and none are know to exist as replacements.
>
> What happens?
>
> Do they get a chance to make repairs, as they see fit.
> Do they cut you a $50k check, AND let you keep the inert system?
> Something else?

Good questions, I hope I never have the opportunity to reply form
experience!

If thaere are any insurance experts around I'd be interested in their
comments.

   -- hbp

        
Received on Mon Nov 18 2002 - 11:46:01 GMT