Fire

1099, I assume you do a schedule C for business related items, put those not covered on it as losses and it should be deducted.

ALSO if the truck isn't covered for fire, that's their problem - not yours.

 

It IS his problem if that was the only truck available for him to drive. With it not being properly insured, the company won't see a dime for it so they may not have the cash immediately available to replace it. Also, if there was a note on it, the company may not be in a position to take out a note on ANOTHER truck, especially through the same finance company who probably will want to know WHY their collateral wasn't properly insured. In other words, if they don't have a spare truck sitting around to put him in, he may be out of a job.

 

Unless YOU bought a policy to cover lost wages and such, that's not going to happen, especially as a 1099 contractor...you're on your own. Your personal homeowners or renters insurance policy SHOULD cover non-work related items....clothes, TV, cell phone, laptop, etc...but likely WON'T cover business-specific items such as the CB, any special "tools of the trade", etc. Never hurts to call your agent and find out for sure what is covered and what is not on your specific policy.