reef tank insurance

[greg0385]

after reading of people's tank crashing and loosing thousands of dollars. why is not some type of insurance to help reimburse some of the lose. after seeing and reading about some people's tank and seeing what some corals cost, i would gladly pay a fee per month to help get back even some of the cost if something did happen and lost everything. just a thought, i have crazy thoughts from time to time.
let me know what you all think
greg

 

[KLR]

Good idea,but it would be kinda difficult to maintain, as so so so so so so so so many things can make a tank quickly crash..So the buisness might not make to much $.

 

[thewackyreefer]

I think it's waaaaaaay too risky for anyone to take on. I don't think there's any other reason. I'm sure you could find someone to insure you but it would cost as much as what you're buying.

 

[mdb_talon]

I imagine that is a nearly impossible business proposition other than maybe extremely large(expensive) policies. Fraud would be rampant. Would have to have specially educated agents for a very small market business. To top it off how would they base risk? I know i dont want to pay the same premium a the "average" person that starts a tank.

 

[greg0385]

well this is true, but most people don't have mutli crashes per year and if they did then they wouldn't qualify. i have paid way more than my truck is ever worth in insurance and they would only write me a check for up to 80% of the trucks value at the accident.

 

[greg0385]

oh well just a thought, people insured there pets and rings and all other stuff that cost as much as we spend on our reef tanks. as i said i have crazy thoughts from time to time.

 

[mdb_talon]

well this is true, but most people don't have mutli crashes per year and if they did then they wouldn't qualify. i have paid way more than my truck is ever worth in insurance and they would only write me a check for up to 80% of the trucks value at the accident.

To me that is a good reason not to have insurance. Clearly on "average" insurance is a bad proposition for the consumer as vast majority of people pay more in premiums than they ever get back. Of course with health insurance it best not to take the risk of being the average and not afford cancer treatment. Or for autos the liability of bankrupty. As for fish tank...it much more cost effective to save up money for replacement either before or after the crash you fear.

 

[AquaWorldPSC]

I agree with too much fraud. A person can go collect a bunch of dead coral skeletons and take their good coral and put it in a friends tank, and replace it with dead and etc.

Cool Idea though!

 

[fsu1dolfan]

Would be an awesome idea but to many variables that would never let this work. My 29g biocube is no where near worth as much as someone with the same tank but with a bunch of jason fox and tyree corals in them. You would have to take pictures and document every change...couple that with proving that you were running your tank properly. Imagine the restrictions and guildlines...Best bet would be to stick an "insurance payment" into a savings account and save for a rainy day!

 

[Electrobes]

From personally experience, coral farms (Like in greenhouses) or even LFS have a heck of a time trying to get insurance. It's borderline never going to happen. They'll insure your equipment, but that's about it. It was one of the main reasons why I went with rock making instead of coral farming... the cost of death is just too high!

 

[stylaster]

hehe good idea, but i dont even think loyds of london will touch that one ;)

 

[Tabasco1]

yeah, I'b buy into that!! :) I don't think it would be a very good business plan or premiums would be exhorbitant. I will be looking into getting additional insurance with my home owners to protect my home against damage from a leak or overflow.

 

[fsu1dolfan]

yeah, I'b buy into that!! :) I don't think it would be a very good business plan or premiums would be exhorbitant. I will be looking into getting additional insurance with my home owners to protect my home against damage from a leak or overflow.

Yeah Tabsaco that would be the best insurance to grab...i have wood floors and always worry about that possiblity.

 

[akabryanhall]

I think entering into an agreement with a friend with a similar collection to yours, if either one of your tanks kick the bucket, the other gets a frag of everything in the friends tank.

 

[mdb_talon]

I think entering into an agreement with a friend with a similar collection to yours, if either one of your tanks kick the bucket, the other gets a frag of everything in the friends tank.

That is a good plan....depending on your friends lol. I wonder if SexyCorals wants to be my friend......

 

[Der ABT]

the insurance company would be a hard one to do, i know for track insurance for racecars there was alot of new companies offering insurance for cars, basically you could pay per event or per year and you would get 80% of what you said the car was worth.
well a bunch of people started taking more risk because hey its insured (well i think thats why) and alot of Gt3s and other nice porsches/vettes/ferrari's etc got demolished....companies paid out...companies went broke and are basically no longer offering the service....harder to do fraud here but i think its a good point, whats to stop someone from buying corals putting them in a tank that did not crash and buying dead corals from whoever and quoting them in a crash..

would be nice though...still thought the thread was goign to turn into flood damage for a tank break.

 

[Electrobes]

aka is right on the money for hobby tanks. While I have never been a victim of total tank loss, two of my friend have been and I was their insurance at the time. Works out great for everyone, especially since I got some cool frags!

 

[SD Actuary]

I work in the insurance industry (health not property & casualty), and it would be pretty cool to see some type of insurance like this. Would definitely help me sleep easier at night, for now I just get to populate my friend's tanks with my backup frags.

 

[subdrive]

Best insurance in this hobby is to share my collection with other friend hobbyist.
So if something goes wrong, friends can frag it back to me for free.