Equipment Insurance

[danz]

Gday guys i am just wondering how i would work out the full value of my equipment for insurance when some things are a few years old so i would not know exactly how much there worth? is this the right way or am i missing something?

[Bgs]

I would work out how much it will cost to replace each item with a brand new machine and insure for that much

[Mrs HMS]

I would work out how much it will cost to replace each item with a brand new machine and insure for that much

You should always insure new for old replacement value. No point in insuring a piece of equipment for it's "trading post" value of $50 if it gets stolen and a new one sets you back $500!

[danz]

Thanks Bgs and Mrs Hms, is there anything else i should know or should have in place? Does my trailer have to be a fully lockable one etc?

[Bgs]

Thanks Bgs and Mrs Hms, is there anything else i should know or should have in place? Does my trailer have to be a fully lockable one etc?

My insurance did say my items had to be secure, I said I have a ute is a padlock and chain ok and they said yes,