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The Business of Knife Making A forum dedicated to all aspects of running, managing and legal operational issues relating to the custom knife making and custom knife selling industry.

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Old 01-02-2003, 01:40 AM
Tim Adlam's Avatar
Tim Adlam Tim Adlam is offline
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Join Date: Jun 2002
Location: Oshkosh, WI USA
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Insurance Policy: Knife Shows

I'll kick off with a few questions.

1.) How many of you carry "liability insurance" specifically for displaying at knife show?

Some shows require this in their contracts.

2.) Do you consider this a formality of the promoters contract and just ignore it or do you carry a short-term policy...just in case?

and...3.) If you do carry a policy...any recommendations for the best bang for the buck?

Tim

EDIT/ I carried this type of insurance in the past. My ins. carrier recently hiked the coverage, almost doubling the premium for no other reason than the 9/11 disaster. I dropped the policy and am looking for a policy/company with more common sense than that.

Last edited by Tim Adlam; 01-02-2003 at 07:04 AM.
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Old 02-16-2003, 09:00 AM
Coutel Coutel is offline
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Join Date: Jul 2002
Location: NE North Carolina 27909
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Hi Tim.

I have been dropping in on this thread since it started, as I think its a good question and something I would like to know about.

Maybe insurance is a low priority for knifemakers?...I dont know.
It may be that if a knife maker has no liability insurance and is an 's' corp then whats the chance of someone suing them if they have no assets and no insurance to pay out?

On the other hand, if insurance IS important then maybe we should approach an insurance company with a group proposal?

I looked into insurance a year ago, even asked a broker to look into for me but as yet nothing ever happened.

I have not attended any shows as an exhibitor yet , but if some shows DO require insurance, what do you guys do?


Kevin.
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Old 03-30-2003, 10:22 PM
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michael_schaap michael_schaap is offline
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Join Date: Feb 2003
Location: Northville, MI
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I went to our insurance person over here is MI. Explained to her what I'm doing and watched her eyes widen and mouth drop (dont you love seeing that).

ok.... she told me that without having a "massive" manufacturing of knives (and massive seems like such a loose word huh) it would be about $500 to $750 a year, which since this is the first person who did not throw me out the door, I thought it was pretty good.

I asked her about since I'm forming an LLC, why get insurance. She said that forming an LLC is good protection, however this protection is from the Governments rules. She asked me just how much faith do I realy want to put in them....

This insurance would cover the loss/theft/damaged of products, supplies and equipment. It would cover things like a customer at a show going, "Wow... real nice knife!" then a spit second later cutting thier pinky, passing out from the blood and falling on a little old lady in a wheel chair giving her a heart attack that just sends her back to the hospital she should have never walked out the door of in the first place (wow.... what a mouth full that was).

One other thing that she thought of in spacific was if a customer in using the bought knife. If it was to break in some fashion and cause some kind of injury, insurance is needed to cover the cost of the lawyer you are about to hire.

What else did we talk about.....? In transportation to the place of sale and the place of storage if you were to get in an accident and have products or equipment damaged, business insurace does not cover this. This would fall under a business rider that you need to place on your car insurance.

Does this insurance cover you in case of an injury happening to you in the construction of products? Or would that be something else?

Michael


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Michael

What.... just take some metal, grind away anything that does not look like a knife and there you are. Whats the problem now?
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