A Fatal Insurance Blow: How Theft Undercut One DJ’s Profits
DJ Frank Boxer was fighting mad after talking to his insurance claims adjuster. There was no coverage for last night’s theft of his laptop.
If he had insurance, how could that be possible? Here’s the play-by-play in slow motion:
In October 2010, Frank decided to buy an insurance policy. He hadn’t experienced a theft yet, but he wanted the comfort of knowing he had the right protection. Frank went online and found some affordable coverage options for business insurance. He learned that he could buy property/equipment, liability, and crime insurance. Because theft was a crime and Frank wanted to protect himself from losses caused by theft, he chose the “crime” coverage. He purchased and printed the policy in five minutes flat, and crossed “insurance” off his TO DO list.
On Jan. 8, 2011, his computer went missing while working at the Nirvana Club. He was packing up equipment and turned his back for just a moment, giving the ambitious thief just enough time to make his move. Frank filed a claim with his insurance agency the next day.
The fatal blow:
Unfortunately, things didn’t go as planned for Frank. His claims adjuster said that property/equipment theft was not covered under his crime policy. It turns out that he should have purchased property/equipment coverage. Who knew?
Lessons from the ringside:
It’s important to buy the right kind of insurance. Here’s a general rundown on the differences between property/equipment insurance and crime insurance. However, please be aware that every company’s policy is different.
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