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INSURANCE FOR COLLECTION?


bldrhouse
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Don't know where to post this, so please move if another forum better.

 

Where and how do you insure your collection?

 

Through your regular insurance agent?

A specialized insurance company?

 

thank you.

 

z

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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...

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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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CNY Militaria

I have made two claims with Collectibles Insurance, both related to their postal coverage on lost/damaged items. Easiest and fastest insurance claims I have ever had to make. No hassles whatsoever.

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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.

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