Shop Inventory

[Michael Dromey]

What are some of everyone's thoughts about keeping a log of what is in your shop for insurance purposes?

[Warren Johnson]

Sounds like an excellent idea. I would back it up with some photos.

[Todd Burch]

I've asked my insurance agent this question. She said easiest thing to do would be to shoot video and narrate.

However, I think a video would miss items unless you took everything out of drawers and cabinets and boxes to "document" on the video. If you go to this trouble, might as well just write it out.

Perhaps they (insurance co's) like the video method as you will miss stuff? ;) (flame retardant underwear are now on...)

[John Lanciani]

Pictures (or video) are important to show everything in the same place (your shop) at the same time. It is much harder for the ins. co. to dispute photographic evidence than it is for them to pick apart a list that you've written down. Photos also help to remind you of everything you had, not just the large or expensive stuff.

Twice a year I take an hour and take overview and detail shots of everything (house, shop, and storage sheds) and burn them onto two CD's. One CD goes in my firesafe and the other goes off site just in case.

[Stew Hagerty]

I actually did both. I took a video (and yes I did open all of the drawers) for an overview. Then I took photos of all of the more expensive, important, and/or irreplaceable items. My insurance company (you're in good hands with them) has an app specifically to catalog things this way.

[Charlie Ross]

I take pictures. I try to update about once a year to show any new tools:)

[Jon McElwain]

Pictures/video/lists are all a really good idea. I had a flood claim about 4 years ago on my shop and tools. The thing they really wanted even more than photos and video were receipts. Keep all your receipts stored together some place - these will be the fastest and easiest way to process a claim accurately.

I had replacement value insurance (make sure you have this otherwise your insurance is virtually worthless) so in an instance where a tool was destroyed, they simply bough me a new one. They sent a guy out to take some pictures - I think he took about 5 photos of the whole mess. They used those to verify some of the larger tools. The only problem I had was with some of the higher end tools. They wanted to replace them with cheap tools. I was able to dispute those by going back and taking some pictures of the damaged tools after the fact.

One thing I will say about keeping a list; when you make a claim, you will have to write down everything that was damaged or destroyed in order to get compensated by your insurance company. Making that list following a catastrophic event is a HUGE task!!! It took me countless evenings to write down each item that was damaged by flooding - even with all the receipts I had. I had to try to remember what I paid for each item, and then I had to determine its replacement value - what it would cost to buy a new one at today's prices. The majority of my tools had rusted or had become otherwise corroded. Think of writing down every screwdriver, socket, accessory, all your hardware inventories, clamps, every piece of lumber in board feet, every power tool and accessory, router bits, drill bits, collets, old/antique tools, and on and on. Insurance will pay for it if it is damaged, but you have to be prepared to document everything you want them to insure.

Also, since we are on the topic of insurance, be sure of three things. 1) Buy replacement value insurance. If you don't have this, they will only insure the value of the item at the time of the insurance claim. So, that $3000 table saw that only goes for $1000 on craigslist or e-bay? You only get $1000 towards a new one unless you have replacement value insurance. In that case, they will buy you a new $3000 table saw. 2) Business insurance. Many of us are hobby woodworkers, but we go to the occasional craft fair or a local gallery etc. to sell a few things. If you have made a dollar by using your tools to make something to sell, you are considered a commercial business by the insurance company and you must have a commercial policy. Homeowners insurance won't cover a "commercial" shop - even if you only sell the occasional small project to friends/family/craft fair/etc. 3) Big ticket items may need additional insurance coverage. Look at your policy - what is the single item cap? Mine is $5000 for a single item - everything that is worth more has a rider.

Hope that helps and wasn't too much information!


Jon Mac

[Sam Murdoch]

Good info. Thanks Jon - and others.

[Andrew Kertesz]

Jon is right on the money about the commercial policy. There are a couple of guys that were in the turning club I am in that had major issues trying to collect because of those reasons. Check your theft coverage as well, another guy's shop was broken into and he lost about 10K but the insurance didn't want to pay anywhere close to that.

[glenn bradley]

Memory is so cheap now. I just picked up a spare chip for the camera, take pics of each piece; an overall pic, a pic of the serial number or identifying plate and a pic of the paperwork. If the paperwork won't photograph well, I scan it and dump it on the same chip. Chip goes in the fireproof safe. I keep meaning to make a copy onto disc to leave at LOML's house but, I keep not doing it!?!

[Mike Heidrick]

Take pictures of the tools and of serial numbers and model numbers and keep a copy offsite somewhere.

[ed vitanovec]

Pictures or Video would work and is important for insurance purpose, also make sure you are not under insured.

[Andrew Howe]

We had a lightning strike and wiped.out a bunch of electronics. Even with serial number, receipts and cost replacement guarantee, they still depreciated the cost. My one homeowners claim in 25 years and my rates go up.

[Rich Engelhardt]

Take pictures of the tools and of serial numbers and model numbers and keep a copy offsite somewhere.Google docs works for me. Yahoo works good for my wife.
My wife - bless her soul - tries hard to keep up with a running inventory of all the tools and equipment, not for insurance reasons, but, so we know what we have and where it's at.
I run a sort of "split shop" where my shop tools are also my job site tools.

[Thomas Canfield]

Another reason to keep a list of your tools is to provide your heirs a list and approx. value shoud they have to dispose of your tools. I have seen too many cases where a wife will have no idea of the value of the tools. Just make sure it is in a safe place to be found when you are not around to justify all the investment. Of course, I do not have a very complete list and much of the hand tools and incidentals would make a very long list.

[Kevin McCluney]

I keep a spreadsheet that lists all my shop tools & accessories, including name, brand, model number, serial number, date of purchase, etc. (I'm an engineer - I can't help it ;)), plus I take pictures/video of the shop and its contents (usually updated when a hurricane is nearby).

[Michael Dromey]

Yes that is good info Jon. I didn't realize that about being considered commercial if you just sell minimal items.

Mike

[Joe Scarfo]

Having lost my shop to a fire and having had a comprehensive spreadsheet of tools, incl data purch, amount paid, etc... I know the value of an inventory.

It occurred to me that maybe there is an android or apple app for such a thing... I just did a quick search for an apple app and couldn't find one... anyone else find one?

Tks