Insurance??? (1 Viewer)

mikemiller1955

mikemiller1955

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Do any of you guys carry any insurance on your collections?

Home, flood, windstorm or personal property?

As my collection grows, I realize how much money I have invested in it.

I worry about robberies, vandalism, windstorm, etc...

Most of my stuff is set up diorama style, so it would be hard to pilfer in a quick theft. Too hard to load up and carry.

A lot of stuff is still in the opriginal boxes with the price on them.

Good burglars know whats of value, bad burglars might just vandalize out of spite.

We had a pretty extensive hurricane recently and the flood waters almost got to the top of my table. I was lucky cause that salt water is unbelievably corrosive.

I mean if a leg off the table broke and they all toppled to the floor, anything could happen.

I'm thinking of calling my agent and asking about a replacement value rider on my personal property attatchment.

Does anybody on here insure their stuff?

Michael
 
Hi, Mike, there was some good discussion on the topic a little while ago in this thread:

http://www.treefrogtreasures.com/forum/showthread.php?t=12298

There seemed to be a consensus among a group of collectors that State Farm was no good (which I can't say, myself, since I don't have my collection covered specifically). I think there was also agreement that insurance companies tended to disallow claims under general homeowner's policies, if I remember correctly. I think Louis or someone else recommended an insurer who handles collections, and art, valuables of that order.

Personally, I don't have enough really valuable figures to warrant a separate policy (yet), but I have been meaning to document my collection in a more organized fashion.

Prost!
Brad
 
If you accurately value a collection it may come to the attention of those most beloved of government departments , the revenue services. One may need to consider that when deciding on specific insurance for a collection. When I die my estate must just write off the collection as "so much old rubbish hardly worth the effort" and my heirs can then dispose of it as they see fit. If there is some huge value attached to it then they may incur duties on it.
 
You bring up a good point Damian, what will happen to them when I die.

I'm pretty much alone in this world, mother , father, brother deceased, I do have a younger sister in Dallas.

She will inherit everything assuming I preceed her.

I would like to see them fall into the hands of my nephews (13/15 one is my godson), who are exceptionally gifted brilliant children.

They might grow to appreciate them.

She has no idea of the value of my collections.

I could see her just scraping them off the table with her hand into a big box.

I will make it a pont to discuss their value with her soon and modes of disposal in the event of my demise.

Of course I have the original boxes to pack and sell them and hopefully she has the patience to handle it correctly.

So what about the insurance, you didn't answer that question?

I'm now worried about Uncle Sam knowing the value, in fact, I want them appraised for as much as I can.

Michael
 
I found the reference I was thinking of, Louis uses Chubb Insurance. He recommended them, and said the product is called fine arts insurance. You might want to check them out.

Prost!
Brad
 
Good work Brad,

I was thinking of a suuplemental rider on my shceduled personal property, which is pretty cheap.

Example:

Homeowner's Supplement Policy 2009

Replacement Coverage.

1986 Rolex GMT Master with gold band (value $5,475.00 replacement)

annual premium is only $107.00 + a 10% discount.

Pretty cheap.

My soldiers are worth way more.:eek:

Michael
 
Brad,

If there was an earlier thread on this, can you direct me to it please?

Michael
 
Mike

I have not insured my collection. SA is quite stable geographically, no tsunami's or hurricanes and earthquakes so I am not too concerned about something like that. Crime is a problem. Our burglars are relatively unsophisticated so would probably take electrical goods and jewelry, which they would be able to sell easily. Toy soldiers would not be worth their while. The same with antiquarian books.They are too heavy to carry and you have to know your stuff if you are going to pinch them. So in short I have not insured my collection.
 
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