Re: Grain Bin Value-- Totaled in vehicle accident

Posted by wisbaker on June 09, 2014 at 18:55:14 from (173.30.33.15):

In Reply to: Grain Bin Value-- Totaled in vehicle accident posted by Tramway Guy on June 09, 2014 at 17:42:36:

First the one thing insurance companies like almost as much as collecting premiums is to deny or shave claims. If the driver that they insured took it out while drunk they need to make it right with you. Yes they're trying to low-ball you, that's the way the game works, if 2% accept the low-ball claim they just saved money. Snakes bite and insurance companies shave claims, if you handle snakes expect to get bitten a time or two, if you're dealing with an insurance company expect to play the game or not get what you deserve.

Value, most obvious question to ask are you involved in any kind of farming? If so what is you book value of this asset? Remember if you collect more than it's on your books for you might have to pay capital gains tax on money above book value. How does your state do property taxes, is the bin a listed item on your property taxes, if so for how much?

Is the bin insured under your property insurance? If the drunk's insurance company doesn't want to get right with you in it turn it in to YOUR insurance company. They might actually treat you decent on this, as they know they'll recover all expenses from the drunk's company (only glitch might be if you both have the same company). I've found insurance companies that are normally PITA to deal with get polite and courteous when adjusting a claim some one else is paying for. I think they figure they'll treat you nice on a competitor's dime to make brownie points with you that they'll call in when they have to pay a claim to you on their money.

In many states the drunk will need to get a release from the owner of any property damaged in the accident as part of his plea agreement or sentence. You signature becomes a "No Tickey no shirt" type situation for him. If he hasn't had previous DWIs he might need the release to stay out of jail, get into a program or keep/get an occupational license. In some states (like Wisconsin)the state or District Attorney will send you a release to sign.

Negotiation tactics- tell the it's one your farm books for what you want for it. (yes I know that's lying, but it's to an insurance adjuster so it doesn't count) Do you have a mortgage on the property? Explain to them the bin had a lien on it (mortgage) and you'll need XXX to pay on the loan to remove the bin from the mortgage documents. Heck I'm guessing if it had a slab under it it'll cost you more than $500 to get the slab ripped up, carted away and landscaping restored. Mention that if you'd really like the bin to go away. If you're okay with the bin gone price the removal and site restoration, also price repair with a used or new parts, and replacing the bin with a new or used bin, get everything including transport, site work (removing old bin to install replacement bin) assembly and dis-assembly (for a used one) and if it has a fan, lights or an outlet on it, price the electrical work to restore what you had before it got wrecked.

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