How do you Insure your collection

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How do you Insure your collection

Postby Marc Hess » Thu Nov 10, 2005 3:00 pm

Recently a friend in the insurance business was visiting my home. She commented on my machines and warned me my insurance coverage probably wouldn't pay full replacement cost in case of loss. I have very good coverage ("all risk") with a very good company. When I explored the matter more this week with my agent he confirmed that items such as my RaT's probably wouldn't be covered for their replacement cost because of the technical language of the contract (even though I have replacement cost on contents). I asked about scheduling them specifically and he said I should probably just look for a company that specializes in collectables.
So any advice would be most appreciated. What do you do to protect your collection?
Thanks
Marc Hess
 
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Location: Pa

Insurance

Postby watlingboy » Thu Nov 10, 2005 3:18 pm

Marc,

Some policies can have a floater that can added to cover machines but usually an appraisal is required. Whether or not this is available depends on the company policy. Apparently your's does not offer this. Expensive antiques/collectibles collections such as slots, jewelry, coin collections, etc. have a limit on standard policies so these items must be covered separately. Chubb and Loyd's of London are two companies that insure collections. I'm sure there are collectors who are in the insurance business than can shed more light on this. This is what I have learned out over the years.

Watlingboy
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Collectors Insurance

Postby gumball43 » Sat Nov 12, 2005 5:17 pm

You might check here:

http://www.collectinsure.com/index.html

Hope this helps.......
Steve
Bentonville, AR
gumball43
 
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Location: NW Arkansas

Postby tradestimulators » Sun Nov 13, 2005 10:49 am

heres another place to try and very inexpensive
http://www.collectors.org/General/Insurance.asp
tradestimulators
 
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