How to Insure Your Collection

[gnishiyama]

I know this topic has been brought up and I saw the previous threads
pertaining to insuring your collection but most posters shared just the
company they were covered by. If anyone that has any experience,
preferably COLLECT INSURE, from what they had to do to obtain coverage
I would appreciate it and I'm sure with the recent natural disasters recently
many here would like to know as well.

I contacted Collect Insure since its the only company I know of
that specializes in collectibles. I used their online quote generator and
gave them a quick call. They told me it might help to have photos/videos of
my items, especially the higher end stuff, but not necessarily every single item.
They also suggested I can scan all my purchase receipts to cover the
"Cost of Goods Sold" and upload it into a online "cloud" storage so in the
event the paperwork gets destroyed or stolen, my records are safe.
However maybe because I was just inquiring, I felt like I received
the " listen, you can do whatever makes you feel better" treatment over
the phone. Its easy to get coverage but a coverage is only as good as how
they handle a claim so to me nothing is more important than
preparing in the event I have to file a claim rather than scrambling after
something happens.

Being that I am a dealer, I am planning to get a blanket coverage so that
I don't have to update my records every time I take in new inventory but
I got an uneasy feeling that coverage is too easy to obtain however it just
may be how the insurance industry works. This whole industry as a whole is
so unregulated I'm just wary it doesn't trickle down to the insurance level as well.

I tried home owners but basically I would have to itemize everything and
create a new schedule but that's doesn't make sense for someone like
me who does this for a business.

I was wondering if anyone has any suggestions or can share their
experience on how they obtained their coverage, what measures they
took to protect themselves in the event they would have to file a claim
(i.e. took pictures, video, kept receipts, etc) and if they ever had to
file a claim.

Any input would be appreciated.
Thanks

[joelsabi]

just to add a question to insurance. i keep hearing that collection a be covered by my home policy. Does the policy from "Collect Insure" cover any more than what a home policy can offer. What forms would I need to fill out under a home policy. Hope this is not stepping over the intent of the thread.

[Jags Fan Dan]

just to add a question to insurance. i keep hearing that collection a be covered by my home policy. Does the policy from "Collect Insure" cover any more than what a home policy can offer. What forms would I need to fill out under a home policy. Hope this is not stepping over the intent of the thread.

If you have a typical homeowners policy, your collection is likely covered up to the amount of your contents limit. But I think that may be an issue for some of you guys with larger, more valuable collections. You have to look at it as "What if my house burned down and I lost everything?" If that happened, do you have enough coverage under your contents limit to get EVERYTHING in your house including your collection replaced? If not, you may need to insure the collection on its own.

[gnishiyama]

just to add a question to insurance. i keep hearing that collection a be covered by my home policy. Does the policy from "Collect Insure" cover any more than what a home policy can offer. What forms would I need to fill out under a home policy. Hope this is not stepping over the intent of the thread.

I was told by a friend who handles home insurance that for my amount
it wouldn't make sense financially nor can he guarantee in the event of a
fire I would be able to file a claim for the full replacement value since
their take on the value may be different than mine regardless of how much
I purchased it for. Not to mention it would be really expensive; way more
than I got quoted at Collect Insure. That is why I am looking to use a company like Collect Insure who specializes in this.

If someone from Collect Insure can comment or explain the process I think
it would great for members and certainly can't hurt their business. I read
their entire website and brochure and everything sounds fantastic if
it is easy as they say it is.

And to be clear, I am not knocking Collect Insure since I have not
began the process but I think my worry is warranted considering
I got this email after submitting my email.

Thank you for contacting Collectibles Insurance Services! You can call our office for more information or a quote, or visit our website 7 days a week. Now available: online quoting for collectors and dealers! You can now also [FONT='Trebuchet MS','sans-serif'][FONT='Trebuchet MS','sans-serif']APPLY ONLINE for Collectibles Insurance, and then just mail us a check or call us with your credit card information. [/font][/font]
[FONT='Trebuchet MS','sans-serif'] [/font]
[FONT='Trebuchet MS','sans-serif']We're looking forward to hearing from you! Thanks,[/font]
[FONT='Trebuchet MS','sans-serif'][FONT='Trebuchet MS','sans-serif'] [/font][/font]
Collectibles Insurance Services, LLC
Insuring today’s treasures from tomorrow’s tragedy
11350 McCormick Road, Suite 700
Hunt Valley, MD 21031
888-837-9537
info@insurecollectibles.com
www.collectinsure.com

You can now also APPLY ONLINE for Collectibles Insurance, and then just mail us a check or call us with your credit card information. When looking to insure a 5,6,7 figure collection or inventory wouldn't
one think the process is a bit more thorough?

Regardless I am planning to use them in the near future so I will update the
thread on how the process works but any input from current users would
be great.

[xpress34]

Their prices have come down considerably...

I just ran an on-line quote for $250,000.00 with no alarm and no safe - late year, the quote was over $3k annually - thsi is what they gave me:

Estimate
General Collectibles Policy:
Coverage of 250,000 Cost $1,038.00

Total Estimated Premium All Coverages: $1,038.00 annual premium.

Estimate includes taxes and fees if applicable. Quote valid for 30 days

That's not too bad if you can do monthly or quarterly payments - less than $100 a month for that kind of blanket coverage.

[stitzerfse]

I've never purchased anything from the company in question but would refer everyone back to previous threads. Collectinsure is NOT an insurance company in any way shape or form. Ask yourself, do you think the auction houses, Taube, PSA, the Steiners of the world, Antiques Roadshow, etc use these guys as a broker? No chance. Are the companies that insure these guys willing to insure private collectors? You betcha.

Anyone looking for more info can email me and I'll be more than happy to answer questions, provide info, and offer a reference for legit coverage. Insurance has been my entire career. And FYI, over a grand for $250k in coverage is extremely high!!

[gnishiyama]

Hey Doug,
Hope everything is well. I just sent you an email to your address listed in your signature.
Thanks