Insurance & collection "protection"?


#1

Has anyone insured their collection? … And if so …how?

The questions could go on. Do you have a rider on your home owners?
(I assume you can insure anything).

I believe my home owners policy has a “jewelry & fur” coverage of $5000 and it makes me think there must be something written about collectibles (I will call my broker and ask)

Just think…folks insure collections; stamps, coins, Hummel’s, Wedgewood, art, etc., etc.

Think of the combined value of your collection (or maybe just the $$$ of rounds you have paid for !)

“DK’s” storage/humidity question spurred me to write about.

Anyone have any special protections, fire, sprinklers, (we probably don’t want to admit too much about alarms …but I have a couple layers

Maybe an interesting discussion to see how the brethren handle “protection” (besides a S & W !!)

Pepper


#2

I know at least 1 IAA member who is an insurance agent, perhaps there are others who can weigh in with an opinion. I’ll ask the one I know. This would be a great subject for a journal article and a permanent piece on the IAA Home Page.


#3

I have included my collection in my home insurance policy, with a rough guesstimate of value, and have taken photos of all it to show what I have.


#4

I cannot speak to other countries, but in the U.S.:
In my opinon riders on homeowner policies are a very expensive and unreliable choice.

I strongly recommend Collectibles Insurance Services http://www.collectinsure.com/ who will insure just about any type of collection. They do a lot with gun collectors, as well as stamps, coins, and just about anything that people are silly enough to collect.

They have been specializing in collectibles for a long time and understand the collector mindset and are eager for our business. They have an excellent reputation, and I use them for both my personal collection and my business inventory (separate policies). I hada to make one claim and it was settled promptly with no hassles.

Obviously insurance will not replace a collection lost, stolen, destroyed by fire or flood or tornado, but the financial aspect will be covered.

Check them out, I think you will like them. They send some of their office staff around the country to various collector shows (including some gun shows), so if you see them at a show, talk to them.


#5

My homeowner’s policy has a given amount that covers house “contents” in general, and with my collection included, I stay just under that limit, but you better have it all documented. I can increase it easily, but the yearly rate goes up accordingly. The trick is to make sure that you are covered for oddball things like floods if applicable. Still, if my collection was somehow lost, I’m not sure that any number of thousands of dollars would fill the void quite right. Storing one of each cartridge duplicate at another location if possible would help preserve anything you have 2 or more of.

Just as pressing an issue I think is making sure that you have a detailed and up-to-date will so that people know what to do with the collection if you meet some untimely / unforeseen end.


#6

We talked about this a month or so ago here with a couple additional responses.
http://iaaforum.org/forum3/viewtopic.php?f=8&t=10896


#7

I store most of my collection in ammo cans in a closet that has a fire sprinkler. Hopefully I’ll never have to find out, but in theory the sprinkler should protect against fire, and the ammo cans should help minimize any water damage.

Given the minimal coverage my homeowner’s policy offers for things like guns and art, it never occurred to me to seek insurance for my collection. I’ll have to get a quote from the agency JohnS mentioned.