fishgate
Active member
Completely false. 'nuff said.
Thinking about making LEDs to sell..
- Thread starter Saltydrip
- Start date
Completely false. 'nuff said.
rtparty
Raise The Reef!
Actually it isn't. Having a cousin who is an insurance broker is really nice. Insurance companies will find any reason to not cover you. Aquariums are one of those reasons.
Sent from my Galaxy S3
fishgate
Active member
You can have the last word on this I won't post after this to avoid getting the thread locked but this is completely false. You could buy a heap of wire, a heap of cheap Chinese lights, solder it all together and burn down your house and the insurance company would still have to pay for it all. If your tank overflows and causes water damage the insurance company would also have to pay. The only way for the insurance company to even try to weasel out of paying would be to prove culpable liability, which is virtually impossible. I suppose they could write a policy that specifically excludes damage caused by aquariums, but who would get such a policy?
I also have yet to meet an insurance agent that knows anything more then where to tell you to sign.
Michigan Mike
Freedom costs a buckofive
Salty,
It could be a great service to any whom are not the DIY type.
I trust you will make a good fixture & would like to see some that you've already made if you can post pics.
I don't know if you would make enough money for your time , especially with people wanting absurdly low priced units but you never know.
It could be a great service to any whom are not the DIY type.
I trust you will make a good fixture & would like to see some that you've already made if you can post pics.
I don't know if you would make enough money for your time , especially with people wanting absurdly low priced units but you never know.
username in use
Sciencing Daily
That's not even remotely true
username in use
Sciencing Daily
I also work in insurance. A standard homeowners policy will cover you if your aquarium explodes, it will cover you for fire (unless intentional) it cover you for water damage (unless a weather related flood), it will cover you for electrical damage to your house because you bought a light that you didn't know would fail.
Your cousin needs to do their homework. I can assure you these are all covered loss's on a standard homeowners policy.
username in use
Sciencing Daily
VoiceInTheDeser
Member
Huh, I must be missing them. I'm currently in the process of ordering one from Reef Breeders and their value fixture is under 200, but like I said is not controllable. The controllable ones they sell start at 300. Mind pointing me at the sponser that has this deal?
Reefnation.Jon
In Memoriam
You can get fixtures from china now for $125. I would think it would be tough to match that pricing.
username in use
Sciencing Daily
The way I see it is, you don't need to beat anyone's pricing. What you are able to sell is customized lights to the users specs. That is actually worth a premium.
It's a tuff market for sure. I have only made a few led setups mounted up under my hood so they aren't anything pretty. I have a very good design in mind that would work well for people looking for a modern art type of hanging fixture. Something that would look sweet over a rimless. But there is a big part of the problem. People with the money for a fancy rimless tank are not going to go cheep on hobby built lighting. I need to get a prototype or 2 together and send them to someone I know would be critical of the design (one of you guys) and point me in the right direction.
Michigan Mike
Freedom costs a buckofive
I agree about the fixture or the appearance.
One of the reasons I buy is because it must look good & be quiet.
No one wants a heavy, ugly & loud light fixture.
You need to make a good looking housing or those with that in mind, and less wires the better.
One of the reasons I buy is because it must look good & be quiet.
No one wants a heavy, ugly & loud light fixture.
You need to make a good looking housing or those with that in mind, and less wires the better.
Let us see your 2.5 million dollar house. Post some pics of your house and your tank, please.
Allmost
New member
artful13dodger
New member
It's already been touched on, but the safest way is to form an LLC. That part is relatively easy. The part where people mess up is after formation: observing the formalities of the separate entity. This is easy enough to find on google for your state, and an attorney can give you a letter advising on what to do to maintain separate entity status. The biggest one to avoid is the commingling of personal and company funds (make sure to document any transaction of you -> company or company -> you).
If you don't observe the formalties, creditors and claimants (like our friend with the questionable $2.5M home) will point it out to show that you never treated the company as separate and will go after your personal assets. They will do this anyway; you will want to point to a strong defense.
You should consult an attorney and get real legal advice if you are serious about it. Yes, you will probably have to pay for an hour or so of an attorney's time, but part of cost of (responsibly) doing business. The first sale or two will likely cover it.
That said, everyone's tolerance for risk is different, and some would roll the dice on no protection. If you're making one or two units for friends/family, that's one thing. If you plan on selling online across the country, that's another (obviously).
Also, whomever made the comment about insurance not covering damage caused by an aquarium is wrong.
If you don't observe the formalties, creditors and claimants (like our friend with the questionable $2.5M home) will point it out to show that you never treated the company as separate and will go after your personal assets. They will do this anyway; you will want to point to a strong defense.
You should consult an attorney and get real legal advice if you are serious about it. Yes, you will probably have to pay for an hour or so of an attorney's time, but part of cost of (responsibly) doing business. The first sale or two will likely cover it.
That said, everyone's tolerance for risk is different, and some would roll the dice on no protection. If you're making one or two units for friends/family, that's one thing. If you plan on selling online across the country, that's another (obviously).
Also, whomever made the comment about insurance not covering damage caused by an aquarium is wrong.
Michigan Mike
Freedom costs a buckofive
Hold up. Insurance experts...
SushiGirl
Premium Member
It's argumentative posts of any kind that make people not want to share. That includes both parties.
Michigan Mike
Freedom costs a buckofive
I'm going to ask our family's insurance company Monday. My family has multiple rentals etc. so I'm going to look into this.
There is a something known as "hobby lights" that don't fall under U.L. or any other guidelines.
There are also "frivolous lawsuits", but I'll be darned to have an idiot judge prove an idiot spilled hot coffee & its the coffee makers fault.
Gun makers are responsible for the finger on the gun. B.S.
Etc...
I'll get back on this.
Subscribed.
There is a something known as "hobby lights" that don't fall under U.L. or any other guidelines.
There are also "frivolous lawsuits", but I'll be darned to have an idiot judge prove an idiot spilled hot coffee & its the coffee makers fault.
Gun makers are responsible for the finger on the gun. B.S.
Etc...
I'll get back on this.
Subscribed.
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My boss is in Vegas at a convention so ill wait to talk liability with him. He has been threw it all. My girlfriend and I both run our own LLC companies already. She owns a large horse farm and I run a part time fab shop. I used to be full time ten years ago but I was too young and had no business running a business. I have kept things going small time but I'm 31 and getting bored. Building these lights are a small, fun, easy way to make a little extra money for my tank and free up some money to get my dreams back up and running. I have a partner of sorts now and entry of ambition on both ends.
