Do you have collectibles you enjoy but dont display for fear they might be lost, stolen or accidentally damaged?
Maybe you inherited grandmas doll collection or found some neat Civil War relics while detecting, and the value of these items is quite high. How do you go about displaying these items while protecting yourself from financial loss at the same time?
Well, the CIA has an answer for you! Please dont contact the Central Intelligence Agency, because I am referring to the Collectibles Insurance Agency owned by William Walker and found on the web at: http://www.collectinsure.com. This insurance agency has been around since 1966 and currently insures over 18? collectors, giving them added peace of mind by allowing them to enjoy collecting while not having to worry about hiding their treasures!
According to Walker, most people have a huge misconception that their regular homeowners insurance policy will cover collectibles.
However, homeowners insurance is meant to cover everyday items such as home furnishings and appliances, not collectibles that may appreciate in value. Generally a small blanket amount is included in the homeowners policy for collectibles--certainly not enough to replace all the jewelry, coins, furs, or antiques or other accumulated items of value contained in a home, thus these items must be insured under a separate policy.
CIA makes things really easy for collectors by not requiring them to have lengthy descriptions of every item in a collection. A brief one-line description is all that is required, except for items valued at $5, 000 or more.
How is that possible, you ask? How can you insure items without having lots of detailed lists? I asked the same question and found that when the company first started in 1966, they were mainly insuring stamp collectors. It was virtually impossible to keep up with collections numbering in the tens of thousands of stamps.
Requiring stamp collectors to have detailed listings was not practical, given the reality of constant inventory changes due to weekly and sometimes daily purchases and disposals of hundreds of stamps. Thus a new insurance product was born!
The CIA collectors policies have numerous unique features that can be purchased as part of the basic policy. For instance, if your collection is constantly growing, you might opt for automatic coverage increases for new additions. Also worth noting is that the basic burglary and theft coverage can be up to $60,000 or $100,000 if the residence is equipped with an alarm system that notifies a central station alarm company. Avid Ebayers that sell duplicate items and mail or ship them to buyers by other means can be covered automatically up to the mailing and shipping limits of their policies.
Other policy features can cover internet fraud, items borrowed from fellow collectors for research purposes, items sent to auction houses for public auction, and items that may have suffered from smoke damage, including the cost of fumigating. Collectibles transported in a vehicle to a show for an appraisal can be covered if the car is stolen, as well as items stolen from an unattended vehicle. Additional coverage can be obtained for travel, including exhibits and displays at collectible shows, and even for breakage and mysterious disappearance!
Another helpful feature about this insurance product is that you dont need to worry about getting often-expensive appraisals. Instead, you are asked as the collector to determine the replacement value of the collection. An easy way to accomplish this is to assume that if the collection were to be auctioned in a room filled with specialist collectors and dealers, what price would it bring?
I want to make it very clear that if a loss occurs, it is your responsibility to prove a loss! This means that if the loss is due to a crime, then a police report is expected and if by fire then a copy of the fire report. You will be asked to give a written description of the loss, a list of what was lost and your estimate of its replacement value. It can be very helpful to have proof of purchases when filing a claim.
Collectibles Insurance Agency -- http://www.collectinsure.com
Phone Interview with William Walker, owner of CIA