Re: Machinery Insurance Question

Posted by MikeinKy on October 28, 2015 at 16:45:22 from (184.45.33.53):

In Reply to: Re: Machinery Insurance Question posted by OH Boy on October 28, 2015 at 12:05:27:

I had a neighbor that bought a combine and had to insure it due to it being financed. Now this started a long time ago. Several years after it was paid off, it burned. He was upset at having to borrow money to replace it. His wife said it is insured, I have been sending the premium every year. He told her he thought that stopped when it was paid off. She said she was never told to stop. He called the insurance company and was told it was insured for a certain value and he would be receiving a check, which was about double the value of the combine at the time it burned. That helped a lot with the down payment.

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