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With equipment like that, chances are you'll have to pay extra to have it covered outside your premises. If you choose not to take that cover then..... If in fact they didn't have to pay you out according to the policy, but paid you $1k anyway, I'd say that's pretty nice of them. A lot of...

Like all industries, there are good co's and there are dodgy ones.

Yup! Plenty of numpties out there. They must expect it to be like a lottery win if it happens. :D I do similar to you BC, replacement building costs and add an extra 10-20% for cost over runs and things you don't think about like Wylie mentioned.

Hope he points out to them the error they're making? What sort of insurance are you talking about? People tend to overestimate things like building replacement a lot. Or worse yet, purposely exagerate in the mistaken belief they will receive a larger payout if the house burns down. ie. the...

Insurance is relatively cheap risk management. I pay a hefty total figure for all sorts of insurance cover each year. To me it's just another cost of doing business (or life). It's tax deductible and I'd much rather pay the premiums each year than risk being without the cover. You can plow...