Mark was asked by his accountant and insurance company to print off an up to date copy of all his shop equipment for year end. Although Mark runs a progressive shop, he failed to keep an up to date record of all of his tools and equipment with their value.
After TIAS completed an appraisal for him in 2006, he discovered that he was over-insured by over $65,000 and that his accountant had not been depreciating his equipment accurately.
He contacted his insurance broker about securing insurance for his tools. He was told in order to be covered he would require an accurate value on his tools. When we asked how much he thought he owned he said “28k … I think”.
After contacting TIAS and completing an appraisal on his tools, it turns out Peter Black owns over 42k and now has adequate insurance on his tools.