• Scam Alert. Members are reminded to NOT send money to buy anything. Don't buy things remote and have it shipped - go get it yourself, pay in person, and take your equipment with you. Scammers have burned people on this forum. Urgency, secrecy, excuses, selling for friend, newish members, FUD, are RED FLAGS. A video conference call is not adequate assurance. Face to face interactions are required. Please report suspicions to the forum admins. Stay Safe - anyone can get scammed.

Valuating a lathe and end mill?

pmandryk

New Member
Our MakerLab has recently purchased a lathe and an end mill. How do you get the valuation of these items if we needed it for insurance purposes?
 

DPittman

Ultra Member
Premium Member
Our MakerLab has recently purchased a lathe and an end mill. How do you get the valuation of these items if we needed it for insurance purposes?
By end mill I am assuming you mean a milling machine? As Tom suggested above purchase price would be a good starting point, other than that you could use the classified/kijiji listing of similar machines for current market prices.
 

pmandryk

New Member
Using the purchase price was what we thought too. The insurance is fine with this but asked to get a replacement price as well.
 

Susquatch

Ultra Member
Administrator
Moderator
Premium Member
Using the purchase price was what we thought too. The insurance is fine with this but asked to get a replacement price as well.

I had to do that for all my farm equipment, tools, and machinery too. I gave them purchase price, current market cost estimate, and what it would cost to buy new. When I look at my detailed policy, I see that they used the current market price to set my premiums, which is ok by me. I gather they do have policy varients that replace with new.

My market cost estimates were just guesses. If it ever gets to the point I need better than that, I'm sure the insurance and I will have a good argument no matter what number I gave them.
 

PeterT

Ultra Member
Premium Member
Just to throw out a fun fact, the price of a new Taiwan made Bridgeport clone mill essentially doubled within about 1.5 year span for a large tool importer based in Calgary. So new vs replacement cost was a healthy spread depending on relative timing. What all factored into this I cant say. Things were kind of volatile through pandemic, FX, supply/demand... Now they carry Chinese/Taiwan hybrids on the floor, although you can still order whatever you want as long as you sign the cheque beforehand.
 
Top