ThePoetSuede
03-25-2004, 04:58 PM
As I close in on my deal to open a mat in the Manhattan, NY area I am not clear on insurance issues. Can anyone give me some basic insight on coverage for a Mat. In particular some agencies and or basic quotes which have floated around. I am looking at an 1800 sq ft space leasing for 20 years. All new equipment. I have seen several posts where people were finding it hard to get insurance. What's up?
StoneColdKiller
03-26-2004, 02:03 AM
Main aspects are liability and personal property coverage. My new policy carries 2,000,000 / 4,000,000 liability coverage which you will have to figure out for yourself. I like the sound of it because the fine folks at Brodie would have us believe that the standard coverage is only at 1,000,000 / 2,000,000. As far as property coverage all of my policies have been insured at the replacement value and I think most insurers require that you rebuild vs. just writing you a check after you business mysteriously burns down. More than likely your equipment is financed through secure means and the lender will want to be declared primary loss payee and will also probably insist you provide proof of adequate coverages as per their own guidelines. All policies that I have reviewed or been pitched that were affordable are "bundled" into cookie cutter packages for the coin laundry business. They include lots of extra little things such as tenant liability. As far as I am concerned all this extra stuff is a bunch of crap, but I don't really believe in insurance and most things that I own outright are "self-insured". I do admit I carry the laundry insurance, however solely for the liability aspect. I couldn't care less about the equipment or loss of business income. I've spent between 2200 and 3200 annually for this coverage over the past 3 years, 2300 sq. ft. laundry.
petefritz
03-26-2004, 03:17 AM
CLA used to have a good insurance, now they basicaly act as an insurance broker, so you may or may not get insuarance from them at a price that is any good. Call around.
ThePoetSuede
03-26-2004, 04:34 PM
So far thanks to all. Very helpful. Anyone else with comments in the NY area? Any actual names where I can contact someone?