I just learned (I know… shame on ME) that I am woefully underinsured on my shop coverage. The rest of my homeowner’s insurance is great, but in order for me to specifically cover my CNC for more than $1000, I would need to ‘schedule’ it on my insurance. This would require a receipt of sale less than 1 year old (that won’t work at all, since my machine is a few years old), and the fact that so much of my machine has been put together from other sources (frame, machine table, controller, housing, screen, spindle, etc. etc.). My other option is to have it appraised. I wouldn’t even know where to begin, or how much an appraisal would even cost. They apparently won’t just take my word for the value.
So what are you doing to ensure that your machine and other tools/equipment are properly insured in case of loss?