Sort property by ownership
List shop tools, employee tools, stock and customer parts separately. Record owners, identifiers, locations and supported values. Ask which valuation method applies; original purchase price alone may not describe the amount payable.
Match each interest to the terms
Property cover and liability for customer property are different questions. Ask how loose parts, employee tools and replacement costs are treated. Cover for property damage does not itself establish protection for later maintenance allegations.
Track custody and movement
Follow removed components through storage, outside work and return. Include vehicles and off-premises locations. A carrier’s declared shipping value is not a substitute for checking the insurance and contract terms.
Review costs and records
Ask separately about interruption, hire or other expenses when equipment is unavailable. Preserve inventories, condition records and relevant facts after a loss. Follow the actual policy’s reporting instructions.
Prepare the submission
Bring the property register, values, agreements and requested protection to BWI. Explain changes in stock, sites and services. Compare limits, deductibles, exclusions and conditions using the same facts.
A practical review example
For example, one workbench may hold a shop-owned tool, an employee’s toolbox and a customer’s removed component. Record each owner and value. If all three appear in one combined inventory total, the reviewer may not be able to tell which property or responsibility the request concerns. Keep that distinction when comparing offers or documenting a loss.
Keep the comparison record
- Record the parties and interests being reviewed.
- Keep the same values and activities in each proposal.
- List exclusions, conditions and unresolved requests.
- Retain the final confirmation and policy documents.
Contact BWI for an aviation insurance review using your current documents and proposed operation.
Continue Reading
