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Well, good luck on that. You're not "required by law" to have ANY insurance. But the problem is, you're talking about USED GOODS. The values are HIGHLY subjective, and HIGHLY flexible. Most insurance companies are NOT going to want to give you ANY coverage at all. Luckily, you're not asking about "liabiltiy" coverage - only physical damage. Because product liability for "old" stuff is pretty much not available. The lead paint issue, and construction issue, and possible recalls, etc. So, with no coverage if someone gets hurt, only coverage for the "stuff" - it's STILL going to be mongo expensive - maybe 25% of your declared value. The warehouse will have to have fire & theft alarms, and be elevated over flood areas, and have a sprinkler system, and you're probably looking at a $2500 deductible per claim. The LAST time I tried insuring consigned goods, the PROPERTY coverage (with alarm warranty, NO THEFT, and no flood, of course) was $7500 for $50,000 limit. That was on a monthly reporting form, so every month, you have to send in a current inventory. You'll have to contact a local, independent agent for a quote in your area. But expect it to be high. It's very high risk, and companies are NOT falling all over themselves to write this. If you can find TWO different quotes, you're doing great.

Source(s)

agent, 21+ years

by mbrcatz17

1 year ago

Asker's Rating: 

TKE. I found interesting information about your answer here. all-insurance-online ... luck!

by Rony- 1 year ago