Either he got snookered, or the story is wrong. If you insure for half the value, you get paid for half the loss. $20,000 building, insured for $10,000: If the loss is $5,000, you get $2,500. If the loss is $20,000 (total), you get $10,000. Ran into this when PCA used to finance fishing boats- guys with $200,000 boats who owed $100,000 wanted to insure for $100,000, just to cover the loan. That worked fine if it was a total loss (lender got its loan paid), but left owner holding the bag for half of a partial loss.
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Today's Featured Article - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
... [Read Article]
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