Do you have your tank insured?

[Adam10045]

With so many possibilities to loosing your prized show tank and expensive coral collection to a tank crash, do you have a way of insuring that you don't loose everything you have collected? Do you Have a separate tank for frags? Trade trade with a close friend? What measure do you take to keep from loosing everything?

 

[stacy_vennes]

Unfortunately home owners insurance only covers the equipment if there is a fire or something like that. I keep a separate setup for just in case accidents. I have a 125 display but I have a 15 gallon setup for my coral and a 40 gallon setup for my fish. I don't keep them constantly running, I only set them up when something happens.

 

[FL_Reefer]

The equipment will be covered under personal property but if you were to file a claim it would be paid at a deprecated cost depending on how old it is and what it would cost to replace new.

 

[Zero Nitrates]

I started a frag tank with Rags2riches and share frags with him.

 

[Tradewinds]

One of the local clubs in the area set up a coral donor program. It's basically setup to allow members to share coral with each other and document husbandry practices for the different types of coral within the CDP.

 

[Adam10045]

Sounds like some good ideas!

 

[_Alex_]

A few locals and I trade frags with one another and if someone looses s frag. They get a chunk back from someone.

I like to trade with 2-3 people if I can. This way more around town lol

 

[o2manyfish]

Back in the late 80's I used to have a business building aquariums. I had doctors that would write Aquarium Prescriptions for people with high blood pressure. We would get a portion of the aquarium paid for by the insurance company.

Then once the tank was built and established, we got a couple of insurance companies to insure the custom aquarium, including contents as a piece of art.

We had several tank crashes and the insurance companies made substantial payments (not fully covered but substantial).

While some wouldn't cover the cost of all the livestock, they would cover the labor to breakdown, replace, restock the tank, and they paid with enough graciousness that we could partially restock the tanks.

Dave B

 

[EricTMah]

^That's interesting.

I work for an aquarium servicing company and that might be worth looking into for our clients. Thanks for the info

 

[FL_Reefer]

You may insure anything with the right company if your willing to pay for it. Here in FL you could never get away with that. It would be nice though. As an adjuster, if I was doing a claim on a house that contained a saltwater tank that was ruined, I would hook it up cause I know what goes into it,

 

[aandfsoccr04]

I take a frag of pretty much everything and put it in a close friend's tank a few miles away so most of my stuff and all high end stuff is backed up. He does the same with me and I also keep a generator on hand to try and prevent any unforeseen circumstances.

 

[jokerman826]

My wife had me ask the insurance company and they told me that they only cover the equipment. Even thought they don't cover the livestock, they pay full retail replacement and not the depreciated value.

 

[Fin]

My wife had me ask the insurance company and they told me that they only cover the equipment. Even thought they don't cover the livestock, they pay full retail replacement and not the depreciated value.

They probably would apply what is called "Recoverable Depreciation." That means that if you have a "replacement cost" homeowner policy, they will pay you the depreciated value up front and IF you actually do replace it and provide receipts, then they will pay the difference between actual cash value and what it cost to replace it.

I think the OP wasn't really talking about homeowner insurance, he was more asking what we might do to prevent losing all of our stuff if the tank goes downhill. One thing I did at one time was to take a frag of the SPS and zoanthids that I had in my main display and I placed them in a nano display in another room in my house. I was able to replace a few things that I lost over tme in the main display, but the nano crashed as well, so that was not exactly a fool proof plan. It did help though.

 

[Eienna]

I don't have one yet, but a good tank controller (such as the Apex) seems to be substantial protection against catastrophic failures, especially when you're not home. I want one ASAP.