What description of insurance do I want if I enjoy a warehouse that stores consignment items for adjectives public sale?
Answers:
Well, angelic luck on that.
You're not "required by law" to own ANY insurance. But the problem is, you're conversation roughly USED GOODS. The values are HIGHLY subjective, and HIGHLY flexible. Most insurance companies are NOT going to want to tender you ANY coverage at adjectives.
Luckily, you're not asking more or less "liabiltiy" coverage - just physical despoil. Because product liability for "old" stuff is pretty much not available. The organize paint issue, and construction issue, and possible recall, etc. So, next to no coverage if someone get hurt, one and only coverage for the "stuff" - it's STILL going to be mongo expensive - I don`t know 25% of your declared expediency. The warehouse will enjoy to enjoy fire & mugging alarms, and be elevated over flood areas, and own a sprinkler system, and you're probably looking at a $2500 deductible per claim. The LAST time I tried insuring consigned merchandise, the PROPERTY coverage (with alarm warranty, NO THEFT, and no flood, of course) be $7500 for $50,000 goal. That be on a monthly reporting form, so every month, you own to distribute surrounded by a current inventory.
You'll own to contact a local, independent agent for a quote in your nouns. But expect it to be big. It's exceptionally large risk, and companies are NOT falling all over themselves to write this. If you can find TWO different quotes, you're doing great.
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