Page 1 of 2 12 LastLast
Results 1 to 10 of 19
  1. #1
    Senior Member
    Join Date
    Nov 2003
    Posts
    6,316

    contingency fund

    I have been thinking lately that once my tank is up and running and well stocked I will have to put aside some cash for emergencies. A contingency fund if you will. when things do go array one must be in a position to do what is necessary with out fail or delay. Anyone have any ideas as too how much that fund should be? Please don't say "charge it"
    Dose anyone else have a contingency fund?
    Rob

  2. #2
    Senior Member reefmutt's Avatar
    Join Date
    Oct 2003
    Posts
    1,770
    That's a tough question since a blown bulb will cost around $80, but a blown tank may end up costing $8000. I don't really have a contingency fund, but it certainly makes sense...
    Matt.

    Old system torn down to make a playroom.. planning a 62x42x28 high

  3. #3
    Senior Member
    Join Date
    Nov 2003
    Posts
    6,316
    A blown tank is BAD news and I don't even want to think about that sort of emergency. that's more of a wipe out :-( I was thinking more along the lines of things like Susan's mishap... or a flat worm outbreak, disease outbreak, major pump breakdown ... That sort of stuff. Likely be wise to have enough salt to replace the total volume 2 x over??
    Would $500 cover most non catastrophe issues that can arise without notice?
    Rob

  4. #4
    liv
    liv is offline
    Former Moderator liv's Avatar
    Join Date
    Dec 2003
    Posts
    5,646
    well Rob,I was thinking about this also with my next/current project.

    what i'm going to do is have a backup tank..

    I was thinking of having a big hospital in case of emergency, and the worst thing I could think that could happen is a broken tank or broken equipment or both. so I would keep a few G's behind for the glass and another G for pumps and ballasts. lets say 3k to 4k would be nice.

    this is a personnal mather.. but I was always told to keep a few months salary in my account at all times in case I get laidoff and/or other emergencies.. I guess you could just put it under the same acct.

    i guess we could extablish a rule of thumb to keep at least half of the amount it took to build the setup aside.
    if not the full amount.

    what do you think ?

    moving.. so temporarily out of SW :b8:
    planning next tank, possibly 60x30x20 on 2x plasma.
    updated: 2011/05/30

  5. #5
    Senior Member reefmutt's Avatar
    Join Date
    Oct 2003
    Posts
    1,770
    $500 would cover quite a bit, also maybe a slow aquisition of potentially faulty equipment, like buying an extra bulb one month, then another main pump, extra heater etc. The problem I see with the whole concept (for me anyways, and my addiction) is that if I had a contingency fund, I'd find an excuse to spend it...."I need that coral...If I don't buy it, I WILL die." or "I MUST have another 400 mh or ALL of my corals WILL die..." you see what i mean?? I've spent it already and I don't even have it yet.......
    Matt.

    Old system torn down to make a playroom.. planning a 62x42x28 high

  6. #6
    Senior Member
    Join Date
    Nov 2003
    Posts
    6,316
    That would be a little much for me to have laying around. I wonder if insurance would cover "replacement" type catastrophes? I guess I am looking for info on things like . What dose it cost to handle a flat worm outbreak in a 225 gallon setup with say 200 pounds of rock in it. Enough cash for say .. replace the largest pane on the tank as I would hope that not more then 1 would break at a time. I have never had a true emergency in all the years I have been involved with my tanks so I fear that i am out of touch with the costs of handling emergencies. Replaces bulbs, pump seals, ballasts is more of a maintenance thing. Perhaps the best thing to do is start a fund like you should do to manage house maintenance as it comes up. I think they say to put something like 3 % of your mortgage away every month so you will have the cash when maintenance time arrives?
    Rob

  7. #7
    Senior Member
    Join Date
    Nov 2003
    Posts
    6,316
    I know what you mean Matt... there's always something else we "need" when we have cash on hand.
    Rob

  8. #8
    Senior Member papafish's Avatar
    Join Date
    Nov 2004
    Posts
    169
    Matt, if your tank blew out I hope you have at least 6 bathtubs in your house. I have my tank insured for malicious damage. Also, I purchased 10...15gal tanks in the Buy and Sell....got them in the basement...just in case. A long piece of hose poked away and I keep a pail of salt on hand at all times. Money won't help you at 3:00AM!!

  9. #9
    Senior Member LadyP's Avatar
    Join Date
    Aug 2004
    Posts
    175
    I was also wondering about insurance so I asked them...

    There is not insurance that cover "Live stock"...

    Well maybe Loyd's do it but I guess it will be really expensive.

    Normal home insurance (our insurance) will cover the tank, all the material and any water issuer/problem that may occur

    It is sure you still need $ to buy it now...you can't wait for the refund that may takes month

    Originally posted by One Salty Dog
    That would be a little much for me to have laying around. I wonder if insurance would cover "replacement" type catastrophes? I guess I am looking for info on things like . What dose it cost to handle a flat worm outbreak in a 225 gallon setup with say 200 pounds of rock in it. Enough cash for say .. replace the largest pane on the tank as I would hope that not more then 1 would break at a time. I have never had a true emergency in all the years I have been involved with my tanks so I fear that i am out of touch with the costs of handling emergencies. Replaces bulbs, pump seals, ballasts is more of a maintenance thing. Perhaps the best thing to do is start a fund like you should do to manage house maintenance as it comes up. I think they say to put something like 3 % of your mortgage away every month so you will have the cash when maintenance time arrives?
    Rob

  10. #10
    Senior Member papafish's Avatar
    Join Date
    Nov 2004
    Posts
    169
    I have insurance to replace hardgoods and livestock.....but only for malicious damage....not for power outages.....not for tank leaks...and it's part of my home owners insurance. I'll check to see what they charge me for it....but it's not unreasonable or I wouldn't have it.

Page 1 of 2 12 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •