CDL driver fell asleep and missed curve, hit tree and bush in my yard, T BONED my construction trailer and flipped it on its side, damage corner of my house.
I am self employed, trailer was my tool trailer, all tools are damaged and trailer is totaled. I cant work! Should I exspect wage loss and also a inconveince settlement? I was working at the time in my basement but was not in the trailer at the time of impact.
2006-12-30 09:26:45 · 3 answers · asked by just wondering 1 in Business & Finance ➔ Insurance
You need to put in a claim under your business interruption coverage for your loss of earnings. The insurance for the trucker is NOT going to pay lost wages or business interruption. It could take a while to settle, so you also might want to file with your business insurance carrier for the tools & trailer, if you chose to insure them.
The truck insurance will pay depreciated value for the trailer and tools, that's it. You don't get loss of wages unless your body is injured, and you don't get inconvenience pay.
Homeowners insurance won't cover your business loss - well, it might cover $250 of tools. But not more.
2006-12-30 11:27:08 · answer #1 · answered by Anonymous 7 · 0⤊ 0⤋
You are entitled to be made whole. THe difference of opinion between what that takes is what you are going to dispute.
You also have the duty to mitigate expenses. For example if you go out and rent a replacement trailer while repairing the old one, you will not loose any money on jobs and you would be entitled to the cost of the rental. But.. if you just sit home and wait on the repair or replacement of the trailer you have not made a good faith effort .
If you need to take out a loan to rent the trailer and purchase the tools, the interest is likely a legitimate cost but not the tools until you can establish the actual value of the tools you lost.
Clear as mud - right?
Your homeonwers insurance should be helping you on this but it sounds like you should be contacting the other persons company and finding out exactly what they are proposing. If it is not sufficient then you need to spend a few $$ and talk to an attorney to see what your rights and entitlements are.
good luck...hey.. at least he HAD insurance...
2006-12-30 17:34:14 · answer #2 · answered by ca_surveyor 7 · 0⤊ 0⤋
You might get enough to replace the damage (if you buy used). The lawyers will eat everything.
2006-12-30 17:43:16 · answer #3 · answered by Anonymous · 0⤊ 0⤋