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INSURANCE FOR COLLECTION?


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Having spent decades in the museum profession, dealing with insurance for multi-millions in artifact monetary value, and having served as an expert witness in court regarding loss claims, the following is respectfully offered:

 

1. Only insure what you cannot afford to lose.

2. There are 2 kinds of policies - i.e. "Scheduled" (inventoried) and "Blanket" (bundled). Blanket policies tend to cost more or cover less.
3. Premiums are based upon "risk exposure" and "appraised value"

4. There are 3 values for every artifact, each of which can be the same or different:

> Appraised (i.e. an estimate of value based upon comparable artifacts)

> Purchase price (i.e. equates with what is called "cash basis" the amount actually spent to acquire the object)

> Fair market (i.e. the price an equivalent object has sold for within the most recent 3 year period)

5. Brokers and insurers are motivated to set premiums as high as possible.

6. "Dedicated policy" coverage, i.e. designed solely to cover artifacts, is usually more expensive than coverage under a homeowner's policy, whether scheduled or blanket in form.

7. Self-insurance is normally far less expensive and ultimately just as effective.

For what it may be worth...

HONORING FAMILY LtCol Wm Russell (1679-1757) VA Mil; Pvt Zachariah McKay (1714-97) Frederick VA Mil; BrigGen Evan Shelby, Jr (1719-94) VA Mil; Pvt Vincent Hobbs (1722-1808) Wythe VA Mil; Pvt Hugh Alexander (1724-77); Lt John R. Litton (1726-1804); Bvt BrigGen/Col Wm W. Russell (1735-93) 5th VA Rgmt; Lt James Scott (1736-1817); Capt John Murray, Sr (1747-1833); Capt John Sehorn, Sr (1748-1831) VA Mil; Pvt Corbin Lane (1750-1816) Franklin/TN Mil; Cpl Jesse D. Reynolds (1750-1836) 5th VA Rgmt; Capt. Solomon C. Litton (1751-1844); 1Lt Christopher Casey (1754-1840) SC Mil; Pvt Mark Adams (1755-1828); Pvt Randolph White (1755-1831) Bailey's Co. VA Rgmt; Capt. John R. Russell (1758-1838); Pvt Joseph T. Cooley (1767-1826) Fort Hempstead Mil; Pvt Thomas Barron (1776-1863) 1812; Capt. John Baumgardner (1787-1853) VA Mil; Pvt Joel Estep (1828-1864) Co B 5th KY Inf CSA & US; Pvt George B. Bell (1833-1910) Co C 47th IL Inf US; Cpl Daniel H. Barron (1838-1910) Co B 19th TN Rgmt Inf CSA; Capt Richard K. Kaufman (1908-1946) 7th PRG/3rd AF CCU; T-5 Vernon L. Bell (1926-95) 1802nd Spec Rgmt; PO2 Murray J. Heichman (1932-2019) HQSB/MCRD; PFC Jess Long (1934-2017) US Army; PFC Donald W. Johnson (1931-) 43rd ID HQ; A1C Keith W. Bell (1931-2011) 314th TCW; A3C Michael S. Bell (1946-) 3346th CMS; A1C Sam W. Lee (1954-2017) 2d BW; AW3 Keith J. Price (1975-) VP-10; 1Lt Matthew Wm Bell (1985-) 82nd Abn/SOC








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  • 4 weeks later...

My advice: go with Collectibles Insurance Agency. They don't require an appraisal and the prices are reasonable. I have had their insurance for about 13 years now, and they are MUCH better than trying to work with my standard insurance carrier. Their website: http://www.collectinsure.com/

 

First, thanks to Dave, above, for his professional experience and advice.

 

My Homeowner's insurance also suggested Collectibles Insurance Agency

 

Who has any experience with claims to them?

 

Seems they are quite relaxed about valuation; while I have absolutely clear documentation of all my items, including photos, I am always skeptical about insurance companies' policies on claims settlements, and even more so on things like ephemera.

 

Thanks again.

 

z

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I guess I got lucky, my homeowners allowed me to cover my collection under our umbrella policy, we have replacement value, and very reasonable premium.

Always looking for uniquely marked helmets, WWI and WWII American Field Service items, WWII and earlier USMC items and named or numbered medals and medal groups.


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