Contents coverage wouldn’t apply because the adjacent structure doesn’t share the same foundation as the dwelling. If not scheduled, tools would be subject to deductible. If scheduled, not subject to deductible with broader coverage. How do you respond to a customer who has thousands of dollars in tools in a shop separate from foundation of dwelling that uses them for hobby only as opposed to business purposes? Also, what coverage applies to tools if removed from premises to do work in woods/ friends house/ etc.?

Newly licensed agent. Started in the business in January and absolutely loving what i do. No one grows up wanting to be an insurance agent, but God has blessed me with an opportunity and He has given me this unquenchable thirst to learn as much as I can and i have fallen in love with the material. I never realized how much HELP and support an agent could provide. Since I’ve started, i haven’t tried to be the cheapest, i want my customers to feel valued and 100% at peace in those times of a loss. I want them to just know that they are taken care of bc every i and t has been dotted and crossed to insure that i haven’t left them exposed with ANY gaps of coverage. The mentor i have is the smartest guy i know and he knows so much about the business and the industry. I want to be as knowledgeable as he is when i take over his book one day. This website literally just gave me a very competitive edge in the market to be able to provide knowledge and comfort to my customers that the “policy fat trimmers” and quick sellers can not provide. Looking very forward to learning from and hopefully one day being knowledgeable enough to return the favor on this website. With every question answered, there will be a new one to follow. Thanks for the help and guidance!

  1. 1844 POINTS
    David W. Clausen
    Chief Executive Officer, Coastal Homeowners Insurance Solutions, Rocky Point, NY 11778
    Many carriers will allow for scheduled BPP (Business Personal Property) on the homeowners policy. If truly used for personal use, they should be covered under the Personal property Section on a named peril basis (check the form). If taken off-premises they may be covered for theft if you do not have the Off-Premises theft exclusionary endorsement on the policy (of course subject to the policy deductible). Otherwise there is worldwide coverage on contents on a named peril basis if you do not add the Special Form to PP (some companies will limit this to a % or total coverage). Please realize this is all assuming an ISO form written on a standard HO-3 in NY. Hope this helps.
    Answered on June 18, 2015
  2. Did you find these answers helpful?

Add Your Answer To This Question

You must be logged in to add your answer.

<< Previous Question
Questions Home
Next Question >>