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Posted: 11/3/2012 9:49:17 AM EST
I know that insurance companies will sell damaged cars at auctions for salvage, but what about guns that are covered under a home owners policy that get damaged by flood, fire, theft recovery etc?
Link Posted: 11/3/2012 4:20:30 PM EST
Originally Posted By james47401:
I know that insurance companies will sell damaged cars at auctions for salvage, but what about guns that are covered under a home owners policy that get damaged by flood, fire, theft recovery etc?


Hmmm. I never thought about that. I wonder if the ins. co's have a ffl so they can take posession.

Link Posted: 11/4/2012 5:15:14 AM EST
Most insurance companies only cover a small amount for guns, jewelry, etc., like $2,500 or so. Anything you feel has more value needs a separate policy. Read your policy & know exactly what your exposure is.


Link Posted: 11/4/2012 5:48:28 AM EST
Originally Posted By SamK:
Most insurance companies only cover a small amount for guns, jewelry, etc., like $2,500 or so. Anything you feel has more value needs a separate policy. Read your policy & know exactly what your exposure is.

I think he's wondering what happens to guns that the owners feel are "ruined" which are replaced by insurance, i.e., do they put these up for sale?

Thats a very interesting question.
Link Posted: 11/4/2012 10:15:30 AM EST
Presumably they are destroyed.

I can imagine an INSURANCE company being willing to take the liability of selling a firearm that could blow up due to fire damage.
Link Posted: 11/4/2012 11:22:31 AM EST
I had to get a seperate personal articles policy that covers guns and jewlery..... Etc.
Link Posted: 11/4/2012 12:33:05 PM EST
I work for an insurance company. If an item is damaged or has total loss...the item is destroyed.
Link Posted: 11/4/2012 12:59:45 PM EST
What about a $1000 gun stolen with a $500 theft deductible. If it is stolen and recovered undamaged after $500 was paid by the insurer, the insurance company has a $500 interest in the gun as does the policy holder. What happens? The insurer has no right to destroy property when the policy holder has a 50% ownership interest unless they wish to buy him out.
Link Posted: 11/4/2012 1:02:46 PM EST
[Last Edit: 11/4/2012 1:05:39 PM EST by 4bangin]
the 2k sub limit is for THEFT. fire etc is covered up to the Cov c limit at replacement cost if a replacement cost policy. don't let em shortchange you on a burned collection..

eta ins companies may also abandon their salvage rights. cost more to haul a way a hail damaged propane grill than its salvage is worth etc.
Link Posted: 11/5/2012 4:49:29 AM EST
Originally Posted By j_king:
Originally Posted By SamK:
Most insurance companies only cover a small amount for guns, jewelry, etc., like $2,500 or so. Anything you feel has more value needs a separate policy. Read your policy & know exactly what your exposure is.

I think he's wondering what happens to guns that the owners feel are "ruined" which are replaced by insurance, i.e., do they put these up for sale?

Thats a very interesting question.


Ooops. My knee jerk response anytime guns & insurance come up in the same sentence.
Link Posted: 11/5/2012 4:00:57 PM EST
Originally Posted By 4bangin:
the 2k sub limit is for THEFT. fire etc is covered up to the Cov c limit at replacement cost if a replacement cost policy. don't let em shortchange you on a burned collection..

eta ins companies may also abandon their salvage rights. cost more to haul a way a hail damaged propane grill than its salvage is worth etc.


+1

Link Posted: 11/5/2012 5:19:56 PM EST
Originally Posted By MatthewCourtney:
What about a $1000 gun stolen with a $500 theft deductible. If it is stolen and recovered undamaged after $500 was paid by the insurer, the insurance company has a $500 interest in the gun as does the policy holder. What happens? The insurer has no right to destroy property when the policy holder has a 50% ownership interest unless they wish to buy him out.


Here's what happened out our office....................... A Glock Model 20 was stolen from a person and the insurance company paid a claim to the owner. Later the firearm was recovered as a stolen article and placed into evidence. After the court settled the case the judge allowed the insurance company to obtain the firearm since it was their property now but it would have to go through an FFL as a transfer. The insurance company asked if they could just sell it through a transfer FFL and the judge agreed. I, being a licensed dealer, was given the opportunity to purchase it. The insurance company wanted $175.00 for this Glock model 20 in mint condition so I jumped on it!

Link Posted: 11/21/2012 10:39:04 PM EST
i would like to ask something while everyone is talking about insurance...
can a person have the same gun insured by two different carriers? and say it burned up or got stolen, can you collect from both carriers?
say i have my homeowners and also coverage by NRA or someone else?
Link Posted: 11/22/2012 7:03:14 AM EST
[Last Edit: 11/22/2012 7:03:52 AM EST by Phil1712]
I see guns come in that have been through fires at my shop, in fact, we have a load of them right now that are waiting to get worked on.

If the gun was in the fire itself, most likely it cannot be saved because of extensive damage to the metal. If the firearm was in a fire but never received any heat damage, just damage from water and smoke, the insurance company will pay us to refinish the firearm and the refinish the wood (or replace the stock if it's plastic). Customers usually bring us the firearms and we go over the guns with the customer to see which ones can and cannot be saved.

Same with water damage. If the firearm can be saved, we save it, we replace the rotted parts, we refinish the wood and we reblue the firearm back to its factory finish the best we can.
We try our very hardest to save as many guns as we can when they have been in fires and floods. I've seen guns come in with nothing more then just rust around the edges and damage to the wood while others (specifically an original Winchester '73) that was beyond repair because of the fire it had endured, the customer took it back, what he did with it, I'm not sure, but it wasn't destroyed.

Insurance companies have been good with us about this kind of stuff, mainly because we give them a pretty good quote before all the work starts.
Link Posted: 11/22/2012 8:25:28 AM EST

Originally Posted By Northerner:
i would like to ask something while everyone is talking about insurance...
can a person have the same gun insured by two different carriers? and say it burned up or got stolen, can you collect from both carriers?
say i have my homeowners and also coverage by NRA or someone else?
they will share the payment. no double dipping. be sure you have equal limits with both or a fucked up reduced payout will occur

insurance companies are ghey ( i am an agent)

Link Posted: 11/22/2012 5:10:10 PM EST
Originally Posted By supv26:
Originally Posted By MatthewCourtney:
What about a $1000 gun stolen with a $500 theft deductible. If it is stolen and recovered undamaged after $500 was paid by the insurer, the insurance company has a $500 interest in the gun as does the policy holder. What happens? The insurer has no right to destroy property when the policy holder has a 50% ownership interest unless they wish to buy him out.


Here's what happened out our office....................... A Glock Model 20 was stolen from a person and the insurance company paid a claim to the owner. Later the firearm was recovered as a stolen article and placed into evidence. After the court settled the case the judge allowed the insurance company to obtain the firearm since it was their property now but it would have to go through an FFL as a transfer. The insurance company asked if they could just sell it through a transfer FFL and the judge agreed. I, being a licensed dealer, was given the opportunity to purchase it. The insurance company wanted $175.00 for this Glock model 20 in mint condition so I jumped on it!



And one of the shops I work for has either bought, or sold on consignment, several firearm acquired by insurance companies in similar situations.

Link Posted: 11/22/2012 5:15:34 PM EST

Originally Posted By GunCat:
Originally Posted By supv26:
Originally Posted By MatthewCourtney:
What about a $1000 gun stolen with a $500 theft deductible. If it is stolen and recovered undamaged after $500 was paid by the insurer, the insurance company has a $500 interest in the gun as does the policy holder. What happens? The insurer has no right to destroy property when the policy holder has a 50% ownership interest unless they wish to buy him out.


Here's what happened out our office....................... A Glock Model 20 was stolen from a person and the insurance company paid a claim to the owner. Later the firearm was recovered as a stolen article and placed into evidence. After the court settled the case the judge allowed the insurance company to obtain the firearm since it was their property now but it would have to go through an FFL as a transfer. The insurance company asked if they could just sell it through a transfer FFL and the judge agreed. I, being a licensed dealer, was given the opportunity to purchase it. The insurance company wanted $175.00 for this Glock model 20 in mint condition so I jumped on it!



And one of the shops I work for has either bought, or sold on consignment, several firearm acquired by insurance companies in similar situations.


Same thing happens with cars. One of our investigators bought an polished aluminum Audi TT that way. Kind of stuck out in a parking lot of conservative soccer mom type cars.
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