Storage Shed - Who Insures It?

[eolesen]

A troop in my area is considering building a storage shed on the CO's property. Funds and labor for construction are being provided by the unit, and of course, permission has been received from the CO. Until now, troop gear has been stored inside the building.

 

Since it is not a permanent structure, the question came up on whether or not it would be something covered by the CO's current property insurance, or whether or not the troop should/needs to obtain its own coverage on the structure and contents.

 

Just curious to get a few opinions.. most of the troops I've been associated haven't had a shed, so the issue has never come up for me before.

[ScoutNut]

The CO owns the unit.

 

The CO owns the property.

 

The CO owns the funds that were used to build the shed.

 

The shed should be covered under the CO's property insurance. However - If I were the CO I would contact my Insurance guy and make sure.

 

If the CO's insurance goes up because of the shed, your Troop might want to pay the difference just to be helpful, friendly, and kind.

 

 

[Papadaddy]

And, the CO owns the troop gear. The CO should insure it, if it's not already covered (which I imagine it would be). That's part of the CO's obligation in chartering a unit, IMHO. Make sure your Troop Quartermaster keeps a current inventory of what's in there, and the purchase price and date, in case the insurance company wants documentation of the loss.

[Basementdweller]

for the small amount it would cost to insure it I would just have the troop do it. I would imagine for fire, theft and flood it shouldn't cost more than a hundred bucks a year.

 

 

[eagle90]

Our troop is in the process of investigating insurance for equipment stored in our trailer, which is kept on the CO's property in a gated, locked courtyard. Anyone will write a policy for us, but we have been unable to find anyone willing to write the policy for replacement value. Rather they want to insure us for depreciated value. So our 20 year old Eureka's which are in excellent condition would bring us about $25 if they are stolen. Check out what you are being offered carefully. Any suggestions from the insurance people on the forum?

[Tampa Turtle]

I agree with Basement. Unless costs are that critical it is good relations.

[srisom]

Sometimes COs are not directly involved in a unit, but be sure that a member of the CO has a key to the storage area.

 

Several years ago, we had a trailer that was stored on the CO property. However there was no one from the CO that was involved in the unit. We tried to get the COR more involved but no luck. One weekend the trailer was broken into and most of the unit equipment stolen. The CO submitted a claim with the insurance company and it was denied. A lawyer on the unit committee took it to court. The judge ruled in favor of the insurance company and the claim was denied. The unit had to raise funds to replace over $2,500 worth of equipment. The jusges' statement was that he wanted to rule in favor of the unit, but because no one from the CO had access (a key) to the trailer he could not.

 

Lesson learned. Key was accepted by the CO, but the trailer was also moved.

[Basementdweller]

Well get replacement cost coverage.

[eisely]

I am by no means an insurance expert, but in my experience most property insurance will cover either current market value or depreciated book value. If you want full replacement value it will be expensive.

 

It might be smarter to set up a separate "sinking fund" within your accounts to set aside funds to replace property when it is worn out, damaged, or lost. You would be essentially self insuring.