I was encouraged to establish a complete inventory by my insurance agent, just in case something terrible happens. I have a spread sheet set up. For tools, accessories and supplies it's pretty easy. I can readily find a replacement nail gun or for nitrile gloves. But when it comes to the jigs I've made over the years I'm not at all sure how to establish a value. I have 3 different cross cutting gigs I've made. A gig to make mortises with a router and so on. I have NO idea about the cost of the material I used nor the labor involved...but I have 15-20 so it's worth getting it together. Any suggestions?
Thanks for reading.
Inventory
Moderator: admin
Re: Inventory
If you don't know the insurance company won't know either. I would jus pick a reasonable number on the lot and if you don't get carried away the insurance company should not balk. Emphasis on the word should.berry wrote:I was encouraged to establish a complete inventory by my insurance agent, just in case something terrible happens. I have a spread sheet set up. For tools, accessories and supplies it's pretty easy. I can readily find a replacement nail gun or for nitrile gloves. But when it comes to the jigs I've made over the years I'm not at all sure how to establish a value. I have 3 different cross cutting gigs I've made. A gig to make mortises with a router and so on. I have NO idea about the cost of the material I used nor the labor involved...but I have 15-20 so it's worth getting it together. Any suggestions?
Thanks for reading.
John & Mary Burger
Eagle's Lair Woodshop
Hooper, UT
Eagle's Lair Woodshop
Hooper, UT
Re: Inventory
What about finding similar commercial products, at least as close in function as possible, to establish value? A lot of us spend a significant amount of time building jigs and such, that if multiplied by even minimum wage might result in costing around the same price or more than commercial equivalents.
Roy
Mark V/510, Mark V/500 with parts for 510 upgrade, bandsaw, jointer, belt sander, DC3300 w/1 micron bag
Sawstop 3HP 36" PCS w/router table insert
Home designed and built CNC router, another CNC router
desktop size, Avid 5x10 Pro CNC w/ATC, CNCed G0704 milling machine
Laser engraver
Way too much other stuff and not enough space
Mark V/510, Mark V/500 with parts for 510 upgrade, bandsaw, jointer, belt sander, DC3300 w/1 micron bag
Sawstop 3HP 36" PCS w/router table insert
Home designed and built CNC router, another CNC router
desktop size, Avid 5x10 Pro CNC w/ATC, CNCed G0704 milling machineLaser engraver
Way too much other stuff and not enough space
-
robinson46176
- Platinum Member
- Posts: 4182
- Joined: Mon Mar 09, 2009 9:00 pm
- Location: Central Indiana (Shelbyville)
Re: Inventory
I was once told by an insurance adjuster to "Just take a lot of pictures".
.
.
--
farmer
Francis Robinson
I did not equip with Shopsmiths in spite of the setups but because of them.
1 1988 - Mark V 510 (bought new), 4 Poly vee 1 1/8th HP Mark V's, Mark VII, 1 Mark V Mini, 1 Frankensmith, 1 10-ER, 1 Mark V Push-me-Pull-me Drillpress, SS bandsaw, belt sander, jointer, jigsaw, shaper attach, mortising attach, TS-3650 Rigid tablesaw, RAS, 6" long bed jointer, Foley/Belsaw Planer/molder/ripsaw, 1" sander, oscillating spindle/belt sander, Scroll saw, Woodmizer sawmill
farmer
Francis Robinson
I did not equip with Shopsmiths in spite of the setups but because of them.
1 1988 - Mark V 510 (bought new), 4 Poly vee 1 1/8th HP Mark V's, Mark VII, 1 Mark V Mini, 1 Frankensmith, 1 10-ER, 1 Mark V Push-me-Pull-me Drillpress, SS bandsaw, belt sander, jointer, jigsaw, shaper attach, mortising attach, TS-3650 Rigid tablesaw, RAS, 6" long bed jointer, Foley/Belsaw Planer/molder/ripsaw, 1" sander, oscillating spindle/belt sander, Scroll saw, Woodmizer sawmill
Re: Inventory
I have to say, as I got into this, that I started talking lots of quick shots with the phone. I have a android, so then I've been moving them to a Google Album. As I move through this process, I tried to open a drawer every couple of days, spread the contents on the bench and take a few shots. I can't believe how much I've accumulated. I don't think I'm in the 'hoarder' class but there's lots
Re: Inventory
Berry,
I have been in insurance property (homeowners) claims management for years. I would just locate a commercial product that performs the same or similar function and use that price. You are not likely to get any push back and if you do then put the ball in their court as to the value of the jig.
Jack
I have been in insurance property (homeowners) claims management for years. I would just locate a commercial product that performs the same or similar function and use that price. You are not likely to get any push back and if you do then put the ball in their court as to the value of the jig.
Jack