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Insure My Food 2017 Mobile Food Conference Schedule
**UPDATED 2/2/17**
2017 is shaping up to be a great year to attend a mobile food conference! Three different states are hosting expos this year. Joel will be speaking at ROAM and the Columbus Mobile Food Conference. He will also be on the panel for insurance, trademarks and employment law at the Capital City Convention.
Columbus Mobile Food Conference and Expo
Taking place February 25-26, The Columbus Mobile Food Truck Conference and Expo is back with new topics and more exhibitors. The conference will have over 20 workshops and seminars including an opportunity to attend a separate Food Manager certification course and exam. The conference will also include some non-food related seminars covering topics such as “Mobile Boutiques”.
Capital City Food Truck Convention
Taking place June 3-4 (NEW DATE!), The Capital City Food Truck Convention is unlike any other conference and trade show in the food, beverage and hospitality industries. This conference gathers together under one roof the industry’s brightest chefs, entrepreneurs, innovators, and leaders for two days of education, professional development and networking. The convention features workshops for aspiring and current mobile entrepreneurs, event and meeting planners and local government agencies who license and permit food trucks.
ROAM Mobile Food Expo
Taking place October 6-7, Roam Mobile Food Conference is the premier industry event for all things mobile food vending. From food trucks to carts to kiosks, and beyond, ROAM is the first of its kind serving North America’s mobile vending professionals. The perfect event to attend if you own or want to start your own food truck! You will learn about best practices, innovations and trends in mobile vending technology and operations. Also, grow your network with fellow professionals. Suppliers are located in the conference exhibit area to support your growing business!
What is the value of your food truck or trailer?
You have poured countless hours and money into getting your mobile food business off the ground, and you want to make sure your investment is protected, right? The first question we will ask you is “What is your food trailer or food truck value and what do you want it insured for?”
…crickets! What a loaded question! Let’s dive into how to find the appropriate food trailer or food truck value for you.
Step one:
To determine what you should insure your food trailer or truck for, you need to know a little insurance lingo in determining your food truck value.
Insurance companies pay property claims two main ways:
1) Actual cash value (ACV) covers your property at the current market value. Meaning what the property worth is today. This takes into consideration the age, condition, and “useful life” left. This is how most insurance companies cover vehicles, trailers, and equipment.
2) Replacement cost (RC) covers your property to buy brand new like kind and quality regardless of age and condition. This coverage is typically only offered on buildings and their contents.
Step two:
Now that you understand how insurance companies value food truck and trailer property at actual cash value, we have a target in mind.
Below is a formula to get you closer.
What you paid for the trailer/truck + What you invested after you bought it (Labor and Parts) = The value.
I know you are saying right about now I did most of the work! However, you do need to add this “labor cost” into the calculation.
To get more comfortable with the value you calculated above; it helps to look on eBay. You can also look at a truck for sale sites such as Used Vending or Roaming Hunger’s Directory of Trucks for sale.
Ross of Ross RV and Food Carts has also offered to help if you want to discuss with him.
Step three:
Now is not the time to round down to the value of your truck or trailer. Insurance companies require you to insure to value. If you don’t, you can be subject to coinsurance penalties, come claim time and nobody is into that!
For example, if your trailer is valued at $35,000, but you only insured it for $20,000. The insurance company will only pay 57% of the claim because you only insured 57% of the value. Ouch!
The reason insurance companies take insuring to value so seriously is without this constant, there is no way to accurately rate insurance cost.
We hope this helps you as you are determining your food truck or food trailer value. As always, we are happy to answer any questions you have in this process. Give Joel a call at (800) 985-7859 or shoot an email to info@insuremyfood.com. With over a decade of experience as a Certified Insurance Counselor, he has seen it all!
About Insure My Food
Joel Paprocki, CIC, CRM, CPCU is founder of Insure My Food. Joel has over 20 years of experience in the insurance industry. He is passionate about helping food entrepreneurs navigate insurance and risk management with confidence. He holds all three top industry designations: Certified Insurance Counselor, Certified Risk Manager, and Chartered Property and Casualty Underwriter. He has served over 5,000 clients in the food industry, including restaurants, food truck, cateriers, If you are looking for a reliable, experienced, and specialized insurance partner, please contact us.