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Insurance Price of 100 E International Track Loader

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Tony Godsey

02-10-2001 07:24:33

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HI, I hope someone can help me out on this issue. We had a 1974 100 E International track loader that got a wire shorted out and burned( total loss). The insurance company says that the value of the machine is $6600 + $2000 salvage(total $6800). The insurance coverage was for $18000( we were buying it ). The loader was in perfect shape with a 4 in 1 bucket. We have a lawyer to take the insurance to court. What we need is a place ( web site or phone number) of a good company to get a dependable price range of this machine. WE WOULD APPRECIATE ANY AND ALL HELP.
Thanks, Tony

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OzDozer

02-14-2001 19:34:22

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Re: Insurance Price of 100 E International Track Loader in reply to Tony Godsey, 02-10-2001 07:24:33

The key word in any insurance contract is "indemnify".
This is interpreted to mean "to cause no loss" or,
you are to be in the same position, financially and assetwise after the event, as before the event.
I had a friend who lost his Landcruiser in a harvest fire, and it was near new, and the insurance company took the same line as they are taking with you, offering way under the true replacement value. So he said "I can't buy a replacement vehicle with the money you are offering. I elect to take an identical replacement vehicle". They soon came good with the right amount.
As Bill says, it all hinges on your contract wording.

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John C.

02-12-2001 08:08:19

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Re: Insurance Price of 100 E International Track Loader in reply to Tony Godsey, 02-10-2001 07:24:33

Tony,
A lot depends on your location and how your policy is written. As Bill stated in his post Machinery Trader is a good place to start. Look for machines being sold by dealers or private sellers that are as close to the condition as your machine was as possible. It sounds like the insurance company is using auction values for your machine because of its age and the number of machines built.

It will also help if you call your state insurance commissioners office and ask for the regulations that are used to determine Fair Market Value or Actual Cash Value. They may have a ruling that states how you are supposed to determine those values.

Your policy probably also states you have go through the appraisal process in the event of a dispute. Check out>Link

Good Luck

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Bill

02-10-2001 21:33:28

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Re: Insurance Price of 100 E International Track Loader in reply to Tony Godsey, 02-10-2001 07:24:33

That is going to be a tough one. Machinery Trader.com will have some prices on those but will not have all of the prices. It will not reflect private sales and the condition of the machine.

Ibdozing.com is a large site for guys with IH equipment.

Their is a blue book service Like kellies that does it for heavy equipment. Rock and Dirt if I remember right that does have a lot of info. They are used a lot by the salvage guys.

One of the problems with insurance will be as to the type of policy it is. Replacement or something else. There is the question as to when you purchased the policy how was it represented, a replacement policy or just cover you for the depreciated value of the equipment at the time of a covered loss. Is there any coverage for loss of use or inablity to perform your job(s) with the machine.

The alternative is not to let the Insurance Co have the machine and you part out the UC, tranny and what ever else can be parted out.

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