I am going to put one or two pins in a community center near me and I was wondering if any of you guys know what insurance I should take out on the if any. Some sort of theft and damage I expect. Just wanted to know what I am talking about before I ring the insurance company. Thanks.
I'm also interested in this as I am thinking of siting one of my pins to clear some space. However, since it is a Gottlieb System 3, it is too heavy to steal anyway!
Public liability insurance in addition to the existing insurance the premises will have would be first and foremost.
EDIT: As above.
Quoted from pinsanity:Public liability insurance in addition to the existing insurance the premises will have would be first and foremost.
EDIT: As above.
What coverage should the premises have if not the public liability?
What I meant was obtaining your own public liability insurance cover in addition to the community centre's PL insurance.
If the sited machine in an extreme example catches fire and burns the premises to the ground without your own PL insurance you may be found personally liable for the damage caused, not under the community centre's PL insurance which typically only covers damage to third party person or property.
On that note, I would also recommend obtaining additional separate insurance cover for the machines themselves against damage or loss separately as well based on market value.
Has any hobby op successfully found public liability coverage? I am thinking of starting in one location so this would be very small. Interested in any leads on company and information on cost. Please PM if you don't want to share here. Thanks!
Dave
From another thread https://pinside.com/pinball/forum/topic/pinball-operators-need-insurance-advice-please the answer seems to be vending business insurance. See http://vendinghow.com/article/vending-business-insurance
Talked to a vending person.
The pinball machine is really a vending machine. What does it vend? Time and fun.
Recommend GL class code: 49619.
Insurance, for this, is trivial in terms of a liability exposure.
In terms of the property exposure, rates will depend on location of machines. Estimated cost is 10 cents per $100 of machine replacement cost.
Just an update. It seems that they'll insure large pinball businesses but not hobby businesses (eg. people who have a few machines). Maybe it's a gap or underserved market. If someone is interested, I may be willing to see if we can create a insurance business for this type of need.
Quoted from atwong:Just an update. It seems that they'll insure large pinball businesses but not hobby businesses (eg. people who have a few machines). Maybe it's a gap or underserved market. If someone is interested, I may be willing to see if we can create a insurance business for this type of need.
Start investing now to have several million dollars in a regulated account to be able underwrite these hobby businesses.
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