Posted on Thursday, February 10th, 2022 at 2:33 pm by LaLonde Jewelers
So, this is an amazing story.
We pay a lot of money for insurance to protect assets that we own. Every year we must go thru the policy and add or subtract things in the policy that we think are necessary. There is insurance for everything fire, theft, building, employee theft, loss of work, cyber-attacks and more. Well after 911 in New York, a new figure came up for terrorist insurance. It was a small amount to pay, like around $125.00 a year to protect against terrorism at our jewelry store.
I got to thinking and thought nothing is going to happen like that in our cozy village. So, we wrote a statement that we declined the insurance.
You must understand these little incidentals add up and the next thing you know your insurance agent has a bigger boat than you do.
So, this terrorist insurance started increasing in price as more incidents happened in the USA and now was up to a whopping $350.00 per year 7 years later. I still turned it down.
Then in December of 2009 a passenger jet flying into Metro Detroit airport was on its approach and circled over Lac St. Clair and a passenger tried to light his underwear bomb. It didn’t work out but if it had it might have brought that Northwest plane down.
The most amazing thing was if it was successful, the plane would have fallen in a one-mile radius of our Jewelry store with us being the epicenter. Now I am quite sure that this would have fallen under a terrorist attack and for not paying the lousy 350.00 dollars, I’m not sure if we would have been covered.
If that cockpit had landed in the middle of our showroom, we would have lost millions.
I know it’s not that much to pay but it adds up and I still think the odds are in our favor.
So, for right now, I say that my insurance agent has a big enough boat.
Written by Dan LaLonde, G.G., G.I.A.
Lalonde Jewelers & Gemologists
The Gem Expert